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Are you looking for estate planning software that fits you? When it comes to estate planning software, there are plenty of them on the market. Having a lot of options is nice, but it might make choosing which to use confusing. We are here to help. We will talk about Interactive Legal vs WealthCounsel.
We will compare the two estate planning products. While we can’t decide for you which one to use, as each attorney has different needs, we will tell you what each product offers. That way, it will be easier for you to decide which one is the best.
Interactive Legal vs WealthCounsel: The Products in Brief
Interactive Legal’s estate planning software is called Essential Estate Planning while WealthCounsel’s is called Wealth Docx. Both of these are cloud-based drafting solutions, which makes them quite convenient to use. If you have a device and internet connection, you can draft anywhere and on the go.
1. Interactive Legal Essential Estate Planning
The software is specifically designed to prepare documents for clients of modest wealth. The system of Essential Estate Planning helps an attorney manage a large amount of transactional estate planning work.
It provides the essentials needed to elevate an attorney’s practice and keeps them up-to-date on the changes in the law.
The software has a collection of ancillary documents and forms, Wills, as well as Trusts. Each one features a wide range of options to meet clients’ planning needs. It makes custom drafting much less time-consuming.
2. WealthCounsel’s Wealth Docx
Wealth Docx is a comprehensive and robust drafting solution. As it is cloud-based, you can use the software to draft estate planning documents anywhere and on any device. You just need an internet connection.
Wealth Docx offers interactive templates for drafting basic to complex trusts and wills. It also offers the most comprehensive suite solutions for asset protection, retirement, as well as charitable planning. It has everything an attorney needs to draft competently, efficiently, and confidently.
Features
Both Interactive Legal vs WealthCounsel is a cloud-based estate planning drafting solution. However, they come with different features, which may or may fit your needs.
1. Essential Estate Planning
Legacy Planning Strategies
- Structuring of Martial, Descendant, and Family Trusts.
- Balancing family access, tax efficiency, and creditor protection.
- Tax planning in states with independent state death taxes.
- Asset protection strategies using Revocable Trusts and Wills.
- Customized estate planning for non-traditional families and relationships.
- Redirecting property through powers of appointment.
- Maximizing downstream wealth transfer.
- Creating individual cash legacies in trust.
Revocable Trusts
- Executive Summary
- Funding Instructions
- Separate and Community Property
- Different options of fiduciary powers
- State-specific options and language
- Practitioner Action Steps Checklist
- Options for unmarried partners available
- Separate Certificate of Trust
Irrevocable Trusts
- State-specific options and language
- Practitioner Action Steps Checklist
- Executive Summary
- Separate Certificate of Trust
- Fiduciary powers options
- Crummey Notices
Power of Attorney
- State-specific forms
Wills
- Executive Summary
- State-specific options and language
- Options for unmarried partners available
- Fiduciary powers options
- Separate and Community Property
Agreements
2. Wealth Docx
Customized Drafting
The needs of an attorney’s practice and their clients vary. Wealth Docx makes it easy to create and customize drafting templates to fit those needs.
Individualized Documents
Each client has unique circumstances. This feature enables an attorney to design documents that meet their client’s circumstances using guided interviews.
Common Scenarios
Although each client has unique circumstances, fact patterns do exist. Using the Scenarios feature, an attorney can create a design template based on fact patterns.
State Documents
Users can incorporate recommended statutory references or preferred provisions for selected states.
Automated Updates
Wealth Docx helps attorneys to stay up-to-date. The automated updates feature ensures that the user can draft confidently knowing that the software not only keeps up with the latest legal language but also enhanced functionality.
WealthCounsel and Interactive Legal Pricing
Next, let’s talk about Interactive Legal vs WealthCounsel in terms of pricing. Neither companies mention the price of their estate planning software. This is not necessarily a bad thing.
Both companies understand well that each law firm has different needs. Instead of offering flat pricing for their products, Interactive Legal and WealthCounsel enable clients to request or schedule a demo.
A demo lets clients know how the product will benefit them and in what way. Plus, the pricing is tailored to each client. For example, WealthCounsel’s pricing is based on the number of users in the firm. This means the price of the product may vary from one law firm to another.
So, Interactive Legal vs WealthCounsel, which is the best? It depends on your needs. For example, if you need estate planning software that focuses on structure, WealthCounsel is the best option. Likewise, if you need one that excels in managing large numbers of transactional works, Interactive Legal is the best.
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