If you're interested in taking your practice to the next level, consider introducing estate planning to your practice. Comprehensive financial planning also includes estate planning. It goes beyond just the management of investments and budgeting practices; it sets up your clients' success for the long-haul and beyond. They'll be impressed that you're thinking holistically about their legacies and future generations to come. Follow this guide to find out how to choose the best estate planning software for you and your financial advising clients.
Why Holistic Financial Advising Also Includes Estate Planning
It's no secret that estate planning can intimidate; the process can be perceived as daunting if they've never been exposed to it or the right set of tools. That's where you come in!
Choosing the right estate planning software provides two key advantages for your practice:
Bolster a Holistic Approach to Financial Planning
Expedite & Simplify a Complex Legal Process
Holistic Financial Advising with Estate Planning
Estate planning is an integral part of holistic financial planning. It may seem intimidating or unnecessary to some, particularly to those in the early stages of wealth accumulation. Yet, it's crucial to remember that estate planning isn't merely about distributing assets after you pass away.
It's a strategic process that caters to diverse financial needs and life circumstances. It includes planning for incapacitation - ensuring your clients' financial affairs and healthcare decisions are taken care of if they're unable to do so themselves. It helps in mitigating unnecessary probate costs and delays, thereby preserving the value of the estate for the intended beneficiaries. Moreover, a well-crafted estate plan can ensure a smooth transition of business interests and minimize potential disputes among heirs.
For clients with substantial assets, estate planning also involves tax strategies to reduce the estate's tax liability, preserving more wealth for their loved ones and generations to come. Incorporating estate planning into your list of offerings will not only provide a more comprehensive solution to your clients, it holds the potential to deepen your client relationships. You're assisting them in securing their families' futures, and that goes a long way.
Simplify a Complex Process using (the right) Software
Choosing the right estate planning software is the key to streamlining and enhancing your estate planning offering without cutting any corners.
Organization and Efficiency: Estate planning software typically offers document storage, making it easy to find, update, and manage key documents. This reduces the time and hassle involved in managing physical papers.
Document Creation: The process of creating estate planning documents has become much easier thanks to software and technology. While the specific steps will vary from software to software, most provide templates, multiple choice, question-and-answer prompts, or a combination to help individuals create their legal documents. This saves time but also improves accuracy.
Accessibility: With digital storage, important documents can be accessed securely from anywhere and at any time, allowing clients to review or amend their estate plans as their circumstances change.
Collaboration: Estate planning software enhances collaboration between advisors, lawyers, and clients. It facilitates seamless sharing of information and documentation, making it easier than ever to work together on complex estate plans.
Cost-Effective: The use of estate planning software reduces the need for repeated consultations, leading to significant savings in terms of time and money.
Security: Estate planning software provides robust data protection measures to ensure that sensitive information is securely stored and transmitted. This gives clients peace of mind, knowing that their information is safe.
Why Millennials and Gen Z are Embracing Estate Planning Software
Thanks to these reasons, estate planning is becoming increasingly popular amongst younger generations, namely millennials and Gen Z. These digital natives expect services to be offered online, and will likely balk at any traditional pen-and-paper process. If you want to attract younger clientele, then it's in your best interest to choose the right product.
There are several reasons why younger generations, particularly millennials and Gen Z, are gravitating towards estate planning software for their financial planning needs.
1. Convenience: These generations value convenience and instant results. Estate planning software allows them to access, review, and update their estate plans whenever they please, right from their digital devices.
2. Tech-Savvy: As digital natives, millennials and Gen Z are comfortable with technology and often prefer digital solutions. Estate planning technology aligns with their preferences, helping make traditionally complex and time-consuming processes easier and more intuitive.
3. Value for Money: Younger generations are often looking for cost-effective solutions. The affordability of estate planning software, coupled with its efficiency and convenience, provides great value for their money.
4. Transparency: Millennials and Gen Z value transparency and prefer to have direct control over their affairs. Estate planning software allows them to be actively involved in the process and makes the information readily accessible.
5. Security: While they may be comfortable leading a primarily digital life, younger generations don't like to compromise on security. Estate planning products that offer top-level security offer users peace of mind regarding the safeguarding of their private information.
These factors combined make estate planning software an appealing choice for millennials and Gen Z, reshaping the landscape of financial advising and estate planning.
Top 5 Estate Planning Tools to Introduce to your Clients
When introducing estate planning options to your clients, they'll want to be informed of the types of tools that are available to them. There is no such thing as a "one size fits all" estate plan, as the tools used are highly customized to meet the needs of the individual's unique circumstances. With that being said, there are 5 key tools that we recommend introducing to your clients?
1. Wills: A Will is a legal document that outlines an individual's wishes regarding the distribution of their assets after they pass away. It's fundamental in any estate plan and can help avoid potential family disputes.
2. Trusts: Trusts are legal entities that hold assets on behalf of Beneficiaries. They can provide more control over asset distribution, protect against legal actions, and even help minimize potential taxes.
3. Power of Attorney: This legal document allows an individual to appoint someone to manage their financial affairs if they become unable to do so.
4. Healthcare Directive: Also known as a Living Will, a Healthcare Directive specifies what actions should be taken for an individual's health and wellbeing if they are no longer able to make decisions due to illness or incapacity.
5. Beneficiary Designations: These instructions outline who will receive specific assets such as life insurance policies and retirement accounts. They supersede any directives in a Will, emphasizing their importance in estate planning.
While there are many additional estate planning tools to explore, these five are often thought of as the core documents that are essential to any estate plan. Be sure your clients are aware and equipped to set up their estate plan with them, and they'll be off to a phenomenal start. To learn more about essential estate planning documents, learn more in our guide here.
How to Choose the right Estate Planning Software
When selecting the right estate planning software for your practice, it's important to consider several factors that will not only benefit you as a financial advisor but also enhance the experience for your clients. Below are essential features to look for:
Ease of Use: Choose software with a user-friendly interface that both you and your clients can navigate with ease. It should simplify the process of creating, updating, and managing estate plans.
Security: The platform should offer robust security measures to protect sensitive client information. Look for software with end-to-end encryption and compliance with industry standards.
Document Storage: Good estate planning software should provide secure, cloud-based storage options, making sure your client's documents are accessible anytime and are safe from physical damage or loss. This will also make it easier for your clients to manage, review, and share their documents.
Pricing: Affordability of estate plans will be a key determining factor for both you and your clients.
Resources & Customer Support: A wealth of educational resources and responsive customer support can be invaluable, especially when dealing with complex estate planning scenarios.
Integrations & Partnerships: Another way one estate planning software can stand out from others is the integrations and partnerships it may offer. Do they offer discounts or special programs for certain clientele? Do they offer seamless integrations to make your and your clients' lives easier? Be sure to consider how these types of offerings can add value.
Keep these points in mind as you explore estate planning solutions like Trust & Will to ensure a great fit for your practice and your clients.
Trust & Will for Financial Advisors
If you've been thinking about incorporating estate planning into your financial advising practice, take this as your sign!
As you weigh the various options for estate planning software, remember that the choice you make should align with your commitment to client service, security, and efficiency. The ideal software, like Trust & Will, will not only offer an intuitive platform that addresses legal complexities with ease but will also deliver a seamless experience for both you (the advisor) and the client, complete with competitive pricing, comprehensive support, and beneficial integrations. Taking the time to choose wisely will not only enhance your practice's offerings but will also strengthen the trust clients place in you to guide them through the journey of estate planning.
At Trust & Will, we pride ourselves in empowering individuals to get their estate plan into place, and the same can be done for your clients. Through our seamless integrations, affordable price point and user-friendly interface, you'll be so glad you came across our platform. We invite you to find out about what our product can do for your advising practice here.
Is there a question here we didn’t answer? Reach out to us today or Chat with a live member support representative!
Trust & Will is an online service providing legal forms and information. We are not a law firm and we do not provide legal advice.
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