• February 28, 2024
 Trust Drafting, Made Easy: Why You Should be Using Software to Build Trust Documents

Trust Drafting, Made Easy: Why You Should be Using Software to Build Trust Documents

Trusts are a complex area of the law and professional advisors, like yourselves, often spend hours researching, checking, and updating clauses and tax treatments. It’s another level of administration, on top of re-keying in data into multiple documents, multiple times for multiple people!

With the advent of technology, traditional methods of Trust creation have evolved. In this blog, we explore the reasons why some of the leading brands in your industry are now using software to create even the most complex documents.

Reason 1: Precision

As human beings, we all have good days and bad days, no one is immune from making mistakes. Drafting software supports the professional by highlighting areas that need addressing, using consistent language, and noting areas where bespoke work has been applied.

The precedents, clauses and Trust tax treatments are monitored by a Legal Advisory Board too. Removing the hours of research required to keep abreast of changes and providing an up to date precent bank that uses best practice wording.

Reason 2: Time Efficiency

The traditional process of manually drafting Trusts can be time-consuming, involving numerous revisions and edits. Drafting software significantly speeds up this process, allowing estate planning professionals to create comprehensive Trusts in a fraction of the time. This increased efficiency not only benefits your business, but it also expedites the overall estate planning timeline for the client, who expect faster turnaround times.

Reason 3: Document management

Storing all your documents in one place helps with version control, audit histories and collaboration. It also means you can print all documents from one place, saving you time in compiling the document pack for your client. Misplacing important documents becomes far less likely and helps keep client data in a secure system.

Reason 4: Risk Mitigation

Arken’s Trust drafting software incorporates built-in checks and balances to identify potential errors or inconsistencies in your documents. By detecting and rectifying issues during the drafting phase, these tools contribute to risk mitigation and help prevent legal complications that could arise from oversights or mistakes.

Reason 5: Complexity is Supported

Arken’s Trust software is very comprehensive and covers a wide range of Trust documents. In Arken Professional, you can draft Testamentary Trusts as part of your subscription, you can draft:

  • Life interest in property Trust
  • IPDI (immediate post death interest) Trust
  • Discretionary Trust
  • Vulnerable person’s Trust
  • Nil rate band discretionary Trust
  • Flexible life interest Trust
  • Age contingent Trust
  • Bereaved minors Trust
  • 18-25 Trust
  • Charitable Trust
  • Right of occupation Trust

The Lifetime Trusts are available in an add on piece of software called Arken Lifetime. It contains all the Trusts you can draft if you have the right to carry out reserved activity, these are:

  • Interest in Possession Trust (General)
  • Flexible Life Interest Trust
  • Discretionary Trust
  • Pension Death Benefit Trust
  • Charitable Trust
  • Pilot Trust
  • Bare Trust
  • Expression of Wishes (Lifetime Trust)
  • Vulnerable Person’s Trust
  • Declaration of Trust
  • Life Insurance Policy Trust

In the changing landscape of estate planning, leveraging drafting software provides businesses like yours with so many benefits. From precision and time efficiency to document management and risk mitigation – this software significantly reduces your administrative burden and helps meet the turnaround times expected by clients.

Read how Thursfields Solicitors are using Arken Legal’s product suite to drive efficiencies into their Private Client department.

Contact our team to find out how Trust software could benefit your business.

This article was submitted to be published by Arken.legal as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.

Arken.legal

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  Transforming the global estate planning industry through advanced technology Arken.legal provides expert digital solutions for the private client and estate planning industry. Its solutions deliver business efficiencies and consistency across a practice, while enabling client acquisition through an improved customer experience. Built by private client solicitors, Arken.legal products are used by more than 500 firms including Legal practices, Accountancy practices, Will writers and Legal services businesses in the UK, as well as Trust companies in South Africa, Australia and New Zealand. With 29 years' experience and more than 6 million Wills having been created using its products, today Arken.legal is a software as a service business offering secure, cloud-based solutions. The Arken Product Suite Businesses are turning to technology to enable change, increase efficiency and futureproof their incomes to suit upcoming generations and demand. The Arken product suite is designed for just this – to maximise productivity, provide interactivity and lead generation, and manage risk. It can suit any business process – whether instructions are taken virtually, in an office, remotely or via telephone. For increased efficiency, reduced re-keying and a delighted client, book a demonstration today to find out how we can help your practice. Key Services Arken Professional: A comprehensive, up-to-date and secure document generation solution built specifically for the Private Client Sector. Built by lawyers, its industry-leading software has produced over 6 million Wills. Arken Professional is the only software solution specialising in Wills that is accredited by the Institute of Chartered Accountants in England & Wales (ICAEW). All the products on this scheme have satisfied a robust technical evaluation and are from companies that are financially sound and offer strong customer support, giving you that extra peace of mind. Arken Intestacy: The new way to increase leads and grow your business remotely.  A handy customisable tool for your website that demonstrates the circumstances if your prospective client were to die without a Will – they can then fill in their details and ask for you to help protect their estate. Arken Online Wills: A secure, online Will service. Will packs – which include a client’s Will, a Will commentary, and signing instructions – can be sent to the client immediately or reviewed before delivery. Arken Acquire: A digital fact find and lead generation tool. A tool that captures data from your clients, which is then used in the drafting of key estate planning documents. Simply email a link to your client and they can input key information that seamlessly flows into Arken Professional for drafting. Arken Lifetime: Create Inter Vivos Trusts in a fraction of the time. Trust Referencer: Get the latest on tax treatments and specific Trusts. Access the most up-to-date information to generate a personalised report for your clients, outlining the tax treatment that are relevant to both Testamentary and Inter Vivos Trusts. Arken Anywhere: The power of Arken on-the-move. Access an offline version of Arken Professional that will synchronise with your account once you’re back online. Arken API: A seamless transfer of data and reduction of re-keying. Details shared between your case management solution and Arken Professional.       Dave Newick, Chief Executive Officer of Arken.legal, said:
“We work in partnership with our clients to understand their key processes and provide the most efficient digital solutions for their Private Client business. The industry has begun its digitisation journey – it’s time to consider the best route within it for your business. Can you use technology to be more adaptable, more engaged, to provide a better customer experience? Can you use technology to automate low-level tasks, enabling you to focus on what really matters? It’s time to take the digital leap and benefit from the efficiencies it provides.”

          Testimonials Sophie Yates, Director, Fodens Solicitors Limited
“Arken is an absolutely fantastic tool. It is extremely easy to use and has helped our practices in Will drafting to a huge extent. I could not be without it now. I would recommend to any legal specialist looking to invest in Will writing software. Very cost effective too.”
Gemma Garen, Director of Quality and Compliance, Ellisons Solicitors
“We did a careful review of available solutions and chose Arken, as it has a very user-friendly and intuitive user experience, helped us with an improvement in our working practices, introduced time efficiencies and facilitated our ability to standardise our processes and mitigate our risks. The support team at Arken are excellent – very responsive and invested time to understand our needs. We had extensive support before and after going live. Arken is very easy to use, the templates are consistent and we have reliable support.”
Craig Webb, Head of Legal Operations, Brethertons LLP
“…Our staff have found Will drafting in Arken very easy to use and enjoy the questionnaire format which guides them through the process from beginning to end. It is very reassuring to know that our lawyers are all following the same process, producing Wills with a good level of consistency and that all clauses used are up to date. Preparing ‘mirror’ Wills is now particularly easy using Arken, and the systems’ intelligence to amend third person singular pronouns (he, she, his, hers), has eradicated these type of typographical mistakes. We have recently added Arken Acquire to our subscription and are looking forward to the further streamlining of our processes that this service can offer.”
Matthew Field, Director, SMR Solicitors
“We have found Arken to be a valuable tool for our private client team in terms of efficiency and consistency and we would highly recommend it to law firms looking for a professional solution.”
Eric Britt, Executive Consultant, Integrity Wills & Legal Services
"I have been using Arken Will writing software for a number of years, and have found it excellent, and easy to use. The support from the office has been exceptional whenever I have needed it, with a quick response and great patience at times. I would certainly recommend the software and also the company without any hesitation."
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Address: Arken.legal (UK) Limited General Wolfe House 83 High Street Westerham Kent TN16 1PG
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