Estate planning is essential to future planning and ensuring that your loved one is cared for after passing. One of the key weapons in your arsenal for estate planning is a simple trust and will. These documents used to have to be completed with an expensive lawyer in the office until best will and trust software became available, allowing you to quickly and easily create this essential paperwork at home and at a far more realistic price than using a lawyer would allow.
In this definitive guide, we will cover what best will and trust software is, how it works, what options you have available, and what you need to consider when selecting the best will and trust software.
What Is Will and Trust Software?
Will and trust software is a tool that enables users to create legal documents that govern their estates, such as wills, trusts, power of attorney forms, and living wills. These documents are critical for ensuring that your wishes are honored after you die and that your assets are distributed as you would prefer.
Put, Best Will and Trust software is a user-friendly online or downloadable tool that allows you to create, store, and update legal agreements without the help of a lawyer. The process typically involves answering a series of questions about your personal and financial situation, and the software uses your answers to generate a customized will or trust document. Many of these software tools have a step-by-step guide system to walk you through the process while also ensuring the documents are legally binding and meet your state’s requirements.
While you’ll still want to consult a legal expert for more complex estate planning scenarios, these software solutions can be invaluable for someone with a straightforward estate who wants their wishes down on paper. More complex scenarios could include having a blended family, owning a business, or having significant assets in multiple states or countries.
The Best Will and Trust Software: Why You Need Them
Create a Cost-Effective Plan for Your Estate
In the past, hiring a lawyer to create a will and trust might’ve cost hundreds or even thousands of dollars, depending on how straightforward the documents are. But the best will and trust software provides an accessible route to ensure that you can still draft professional documents for a minimum spend. This affordability empowers everyone, regardless of income, to plan their estate the right way.
Convenience and Accessibility
Convenience is one of the primary benefits of the best will and trust software. You can set up your will and trust at your own pace, from home, without the hassle of scheduling in-person meetings with an attorney. With many software platforms, you can save your work and return to it, so you don’t feel rushed and can consider each decision carefully.
In addition, most of these software tools are available online, which allows you to build and save your documents aggregately online in the cloud. This will enable you to quickly access and edit your estate planning documents from any device at any time.
Customization and Flexibility
The best-will and trust software will be able to customize to your needs. Whether you have minor children, own a sprawling estate, or have particular wishes for your wealth, you can prepare your documents as you prefer to ensure that the ball is handled your way. This flexibility puts you in control of your estate planning.
It has Legal Validity and Peace of Mind.
One of the primary concerns most people have regarding online will and trust is whether they are legal. The best will and trust software solutions are built to create legally competent documents in your state. Many software platforms have lawyers on call to review your records to ensure they are legally sound, providing you with the peace of mind you need.
Different Kinds of Will and Trust Software
Different types of will and trust software address different needs. Here are the most common types:
Online DIY Software for Wills and Trusts
DIY will and trust software is meant for men and women who want to create their estate planning paperwork without an attorney. These platforms walk you through the process of providing information by asking questions and giving you pre-written templates for wills, trusts, powers of attorney, and more. Many DIY tools offer suggested categories, legalese explanations, and prompts for customization.
Here are a few popular diy platforms:
- LegalZoom
- Trust & Will
- Quicken WillMaker
However, these tools are best suited for people with relatively simple estates who want to make a legally binding will or trust without hiring a lawyer.
Will and Trust Generators Online
Agree your trust in inFuture Online will and trust generatorsCloud-based platforms where you can generate legal documents quickly and effectively. These tools are typically subscription services that provide templates for wills, trusts, and other estate-planning documents. Online generators have the advantage of being continuously updated to incorporate the newest legal requirements and changes in estate planning law.
Some of the most popular online will and trust generators are:
- WillMaker Online
- Rocket Lawyer
- FreeWill
These tools are best for consumers interested in preparing their estate planning documents in a simple, low-cost, low-effort way.
All-in-one Estate Planning Software
Comprehensive estate planning software offers more advanced features for individuals with more complex estates. These platforms typically offer options to create wills and trusts, powers of attorney, health care directives, and tax documents. Some software even provides financial calculators to help you compute the dollar value of your estate and minimize taxes while ensuring your assets go to the proper beneficiaries.
Some examples of all-in-one estate planning software include:
- WealthCounsel
- Estate Planning Tools by Xero
- LawDepot
These are also useful for people with larger or more complex estates or who want a more holistic approach to estate planning.
Legal Service Providers
Most companies that provide some will and trust-making software also provide legal advice and services. These platforms enable you to create your will and trust with the guidance of legal professionals via live chat, over the phone, or via email. This can be the perfect option for someone who wants the benefits of DIY software but also wants an attorney to review their documents for peace of mind.
Some popular legal service providers are:
- LegalZoom
- Rocket Lawyer
- LawDepot Premium Services
These options are ideal for most people who want some guidance with their estate planning documents but want an inexpensive, online solution.
What to Look for in Software Will and Trust Best
This is what to consider when choosing the best will and trust software for you. Here are some essential factors to watch for:
User-Friendly Interface
The best software tools are intuitive and easy to use. You should be able to follow the instructions and complete your documents without requiring much legal knowledge beforehand. Search for software that provides step-by-step guidance and a glossary of legal terms.
State-Specific Customization
Estate planning laws differ widely from state to state, which means the software you pick should offer state-specific templates and other guidance—the software you choose must produce documents suitable to your particular state’s legal premise.
Document Storage and Access
Cloud-based document storage: Some software platforms offer cloud-based storage for your documents, so you can securely store your will and trust online. This allows for convenient access, modification, and sharing of your documents anytime.
Do you have more questions or need additional support?
Choose software that provides customer support via phone, email, or live chat. If you have questions about navigating the software or have legal queries, it’s helpful to have customer service representatives or even legal professionals to guide you.
Cost and Value
Various software tools have different pricing plans. When selecting the best will and trust software, be sure to keep in mind your budget. DIY solutions, of course; most of them allow you to access basic plans for a one-time fee or annual subscription, and more complete platforms charge a higher fee for their premium features.
Best Will and Trust Software Comparison Table
Here’s a list of some of the highest-rated will and trust software platforms according to users and expert reviews:
LegalZoom
One of the biggest names in the game, LegalZoom provides an extensive range of estate planning services, from will and trust creation to powers of attorney and living wills. It gives state-specific legal guidelines and offers access to experts for review.
Trust & Will
Trust & Will provides a simple online platform for creating valid wills and trusts. It’s also one of the best options for people who want a quick and inexpensive way to make a customized estate plan without paying a lawyer.
Quicken WillMaker
Quicken WillMaker is another familiar name. It is also a paid option that provides straightforward software for drafting wills, trusts, and a host of other legal documents. It’s an excellent tool for those requiring a complete solution that is reasonably priced and easy to obtain.
Rocket Lawyer
Rocket Lawyer provides several legal services, such as creating wills and trusts. It is best for people who need access to legal professionals but who want to use an affordable, easy-to-use platform.
Conclusion: The Benefits of Choosing the Best Will and Trust Software
All in all, the best will and trust software can dramatically change the approach to your estate planning.LinkedIn78.8K Shares Regardless of the complexity of your estate, these are inexpensive and flexible solutions that will ensure your final wishes are respected. The best will and trust software offers an easy way to get a full estate plan tailored for you at a fraction of the cost of traditional legal advice.