There are many software options that assist with the creation of an estate plan. Trust & Will is one such service, but there are many others. These products service an important need and are sufficient for the intended purposes but of course are not for everyone and cannot appropriatly address every situation. The following is a non-exhaustive list of situations that an app-generated estate plan is unlikely to be able to appropriately address:
- Naming co-fiduciaries and defining how co-fiduciaries can act
- Terms and conditions required by a professional fiduciary
- Estate tax mitigation or any irrevocable trust planning
- Supplemental needs trust provisions and planning for a disabled beneficiary
- Protective, lifetime trusts for beneficiaries
- Disinheritance of a natural heir or spouse
- Income tax planning
- Maintaining separateness of assets in a mixed family
- Ensuring proper execution of the documents
- Ensuring proper trust funding and updating of beneficiary designations
- Updating an estate plan after a recent divorce
- Asset protection planning
- Medicaid planning
- Restatements or amendments of existing trusts
- Exercising powers of appointment
- Closely-held business succession planning
- Allowing a spouse or other current beneficiary limited use of trust assets in favor of a future beneficiary
- Dealing with beneficiaries unable to manage money, addicted to drugs, etc.
- Premarital or postnuptial agreements
