What Are the Different Types of Estate Planning Software?

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  • Written By: Malcolm Tatum
  • Edited By: Bronwyn Harris
  • Last Modified Date: 05 December 2019
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Estate planning software is a type of software product that is formulated to aid consumers in creating and managing finances to best advantage, up to and including how assets held by the estate are distributed among heirs and other beneficiaries after the estate owner passes away. With so many options to choose from, it is important for consumers to be aware of the different types of software that may be helpful in the estate planning and management process. Examples of products that will aid in the process of estate planning include legal software as well as investment management software.

Estate planning often focuses on arranging assets today in a manner that will make settling the estate an easier task down the road. Part of that process involves creating legal documents that clearly state the wishes of the asset owner in terms of the distribution of his or her assets after death. This involves the use of estate planning software that can be used to create a last will and testament that will be recognized in a court of law. Along with the will, the software can help in the creation of other end of life documents such as a living will that identifies the limits of medical treatment if the party is unable to do so, the designation of an administrator or executor for the estate, and other crucial documents.


Estate planning software will also involve addressing the issue of how to create trusts that aid in providing for loved ones or a non-profit to which the individual wishes to allocate all or a portion of the personal wealth. Asset management software of this type makes it possible to look into what is required in order to set up a family corporation with a trust that invests in specific assets and disburses interest payments to beneficiaries, as well as aiding setting provisions in place that must be met in order for the funds to be disbursed. A high quality software product can help make these arrangements and minimize the potential for overlooking some critical aspect of the process, effectively minimizing the possibility that the arrangements could be successfully contested.

While many of the estate planning software applications focus on what happens with the estate after the owner dies, there are also software packages designed to help grow the estate in the interim. Investment management software can help the user to identify specific goals, develop a plan of action to achieve those goals within a specified period of time, and then aid in the implementation and tracking of those plans. While high-quality estate planning software can be somewhat expensive, making use of this type of estate planning resource can save a great deal of time and money, even as the product increases the chances of meeting those stated goals.


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