How Technology Has Innovated Estate Planning

How Technology Has Innovated Estate Planning
How Technology Has Innovated Estate Planning

Estate planning is an uncomfortable topic for many people. For this reason alone, people tend to procrastinate on dealing with the matter, says Ted Nappi, Partner and Co-Leader of Private Client Services at Withum.

Furthermore, Nappi claims that people often give other reasons for not creating wills, citing lack of education, cost, difficult subject matter, and disagreement over plans or people. When people take steps to settle their estate plan, the hoops they are forced to navigate by law firms sometimes cause them not to complete the process.

Thankfully, the rise of technology has done wonders in improving numerous fields, including law. Here’s how technology has innovated estate planning in particular:

It Streamlines the Process

According to Daniel Velez Vasquez, CEO at Home Security, email and chat modules have revolutionized communication between estate planners and clients, but there are more ways to be efficient than ever before. There’s potential to broaden the client base with the software solutions available to lawyers and estate planning professionals. Instead of struggling to manage a small number of clients, you can use software to keep a large number of clients happy and organized.

Any business professional knows how difficult it is to organize an office. Technology can help attorneys and estate planners stay coordinated because they have a lot of clients and a variety of issues to consider. You may assign unique clients to your team, forward all necessary documentation, and make it simple for them to hop in and out of projects.

Your business will develop and take on new clients with the help of software. You can use your software to make serving clients easy once you’ve established standards and routine methods. Setting up, processing, and upgrading a will in a seamless manner will keep clients happy while also making it easier for you to manage.  

It Makes it Accessible and Affordable

Estate planning is now accessible and affordable, and always there to help when needed. Renee Fry, CEO of online estate planning company, Gentreo says that while many lawyers will no longer keep documents, at Gentreo, they not only let users create their documents like a will, trust and more, but provide users with our Gentreo Digital Vault so all documents and other important information like doctor’s information, insurance paperwork and more can be stored and accessed by whomever you choose with just a few clicks. 

Updates are always free and users are kept aware of legal changes, get help with what documents might need to be updated due to life inflection points and more.

Expounding on this point, Head of Marketing at In Motion Marketing, Bryan Philips says that technology for estate planning allows individuals without attorneys to create their own wills and trusts online at a fraction of the cost of hiring an attorney in person or by phone. It can help to use an online estate-planning tool like LegalZoom to help with some of the legal paperwork. Blockchain and E-wills are also coming to the fore to upend the current market in estate planning services.

It Makes it Efficient and Organized

As the Director of Communications at JotForm, Annabel Maw claims that one of the biggest innovations in estate planning is moving the questionnaires from paper to online forms. With online forms, it’s simple to collect clients’ personal and beneficiary information, will details, and much more. Once the questionnaire is filled out, data is automatically sent into a spreadsheet or online storage app of your choice. Online forms reduce tedious manual data entry and keep client data organized in one place – it’s a win-win solution.

It Makes it Smarter

No doubt, the legal industry is undergoing transformation daily as a result of technology. In the area of estate planning, the blockchain technology which has taken over the entire world has made it easier for law attorneys to manage client’s assets with ease, says Alina Clark, Co-Founder and Marketing Director at CocoDoc. The use of AI has almost taken over the industry as individuals no longer need professional help to manage their affairs.

It Keeps Things Secure

Understanding the importance of security, David Reischer, an attorney at LegalAdvice.com hammers in how estate planning software has assisted us to be well organized because our clients’ legacies depend on it to manage contacts, property information, and other financial assets. Estate planning software keeps our clients’ estate details in a secure place with files and estate planning specific forms accessible to our lawyers and staff. The software allows us to view documents from anywhere, even making it easy to visit our elderly clients in their homes with access to secure documents in the cloud.

In Conclusion

In dealing with such sensitive information, it makes sense that developments in technology have made estate planning safer and more secure. Aside from this, the arduous process has become more streamlined with digital transformation, making estate planning both accessible and affordable.