Chapter 8: Software Selection and Lists and Reviews of Trusts and Estates Software If you were starting from scratch with a reasonable budget to create a complex of
software and Internet references for assisting with an efficient Trusts and Estates practice, what should you include on your wish list? Do you want to organize and analyze client data, make tax calculations, compute the results of charitable and other split-interest trusts,
generate reports for client communication or display numerical and graphic presentations of estate-planning techniques? The references in this treatise will selectively discuss a number of software solutions and web-based systems that can help address these needs.
This Chapter will address general principles and tips for selecting software for the trusts and estates practice, settling on electronic assistance that is important to your practice, the
importance of learning about what you already have, comparing software packages and conducting Return On Investment analyses. It includes a detailed checklist for software evaluation.
A helpful article on balancing the potential benefits from new software against the costs and risks of adopting it is, Beckman & Hirsch, On Software: Move It or Lose It? (Knowing when to be an early adopter may just save your firm), 93 ABA J. 60 (June 2007). You may find Dennis Kennedy’s, Seven Legal Technology Trends for 2007: Widening the Digital Divide in Law Practices (LLRX) to be helpful in analyzing your office technology.
Lexbe litiReviews is a collection of free software reviews including legal specific and generic software. It organizes, summarizes and links to full-text reviews have been published in legal magazines, journals, websites and blogs and that are available on the internet, or hosted by litiReviews at the author's request. (Note that Lexbe is a publisher of case management
software.)
For comprehensive information on law related software see the Law Office Technology volume of ”The ABA Legal Technology Survey Report for 2012”.
Lists and reviews of T & E software
You may find it helpful to peruse the discussion of Trusts and Estates related software and web-based services available in this treatise, and the many lists of such facilities available elsewhere, as you consider the purchase and application of software and web-based services to various tasks required in your practice. See other chapters under Electronic Facilities for the T & E Practice discussing specific software and web-based facilities for the trusts and estates practice and Chapter 21, Will and Trust Drafting Programs and Their Evaluation discussing Document Assembly Software. The following are lists that you may find to be of help:
See New Technologies To Deliver Better Client Services, A Practitioner's Perspective, including appendices on software selection, comparing hand tool software and list of T & E blogs & current comments prepared for the 2012 Heckerling Estate Planning Institute by Joseph G. Hodges Jr.(PDF format).
The latest developments in trusts and estates computer programs are discussed in Technology Tidbits (North Carolina Bar Association) of the 2010, 2011 and 2012 Heckerling Institutes, moderated by Joe Hodges.
A selective list of estate planning software with brief descriptions and procurement information is published by AdvisorTek.com.
Daniel B. Evans’ lists of all types of software useful in the trust and estates practice, with detailed procurement information (at Practice Management and Technology) are at http:// evans-legal.com/ dan/. Supplements to Appendix A of: Software for an Estate Practice for D. Evans, Wills, Trusts and Technology, An Estate Lawyer’s Guide to Automation (ABA, LPM Section 1996—updated 10/25/2007) are at
http://evans-legal.com/dan/wtt-new.html.
Jason Havens, Legal Research for Estate Planners (LREP) webpage at ”D.3. Select EP Technology Vendors” contains a comprehensive list of trusts and estates drafting, actuarial and fiduciary accounting vendors.
Havens & Toman, ”Technological Tools for the Estate Planning Professional," (PDF format) edited by Joe Hodges (February/March 2004 issue of CCH Journal of Practical Estate Planning) is a dated, but useful, discussion of calculating and word processing programs for the trusts and estates practitioner.
Jason Havens, ”Technological Tools for the Estate Planning Professional” (So. Cal. Tax & Estate Planning Forum 2004) (PDF format) covers drafting software, law office management software and the Internet for estate planning professionals, including a comparison of drafting software and a comparison of trusts and estates calculating software products. This discussion is dated, but the analysis of the types of software covered is still useful for decision making.
Ernest Svenson’s “Digital Workflow – Technology I use to practice law” (4/22/2010) lists software he likes, some Mac-centric, and discusses data storage.
Check out the lists and information in later Technology-Probate Columns from the ABA/RPPT Section Probate and Property magazine. Examples are:
Joe Hodges has written Technology Columns for CCH, first in their Journal of Practical Estate Planning and then later in Estate Planning Review - The Journal. Most of these are currently posted in PDF on Joe's website at http://www.jghlaw.com.
Although the prices of computer hardware continue to decline, the same is not true of software. Software packages tend to accrete from version to version and to increase in size, complexity and price. In the world of trust and estates software, no package is all things to all users trying to perform a given task. So, when looking to buy software, focus on what works for you. Don’t hesitate to take advantage of publishers’ downloadable demos or 30 day trial and return offers. To select the best software for your applications you need to select examples of cases you have worked on in your office and run them through the software to test for
adaptability to the software and accuracy of result. Your style of handling a planning case will inevitably fit better with some software packages than others.
Checklists and Questions to ask
Some salient questions in software selection that you should consider with reference to any software purchase you are contemplating are:
• Does the program clearly direct your activity on screen?
• Is it easy to move from one component of the program to another? • Is common data shared by components?
• Are the reports clear and informative?
• What are the publishers' procedures for product updates customer communication? For a discussion of these issues see Kinard, "Is Your Software Vendor Your Friend?"
(Practical Compliance).
Obtain a demonstration copy, or limited time trial, of the latest version of the program, if possible, run through the The Kelley Software Purchasing Checklist, as adapted from the Trusts & Estates magazine Wealth Technology Newsletter (April 2005) at Appendix 8A - Software Selection and weigh your results against the initial price, and cost of updates. Then make the purchase—or find another program that suits you better!
For additional helpful information on software selection take a look at Kinard, “What You Should Know When Selecting Software, Part Two,” (Practical Compliance).
For an excellent summary of the factors to consider in the selection and purchase of law office software in general see, ”Picking the ’Best’ Law Office Software” by Jim Galloway, Director, Oklahoma Bar Association Management Assistance Program. Knuttgen, ”Knowing What You Need is Half the Battle – A Guide to Understanding Legal Software” (HighBeam, trial required) discusses types of legal software and how to select law office software.
The AdvisorTek.com list of Financial Planning Software and AdvisorTek’s Financial Planning Software Evaluator (useful for other types of software, as well) may helo with evaluation. See, John Olsen, ”Financial Planning Software: Demystified” for helpful tips on software evaluation.
The Human Side of Software Procurement
Technical evaluation and cost analysis is not all there is about purchasing and installing new software in any firm. Achieving acceptance by your users is critical to successful
implementation of new software, whether back office or substantive. This process is discussed in Gialanella, “NewTech, Old Problem” 94 ABA Journal 35 (Aug. 2008) emphasizing the need to “treat employees as customers.”
Online Help Systems and Documentation
We all would like to be able to just install and run programs out of the box, without spending time with written or on-screen study materials. Unfortunately, it doesn’t usually work that way. The software packages you buy should supply documentation, appropriate online help information and some manner of online tutorial to explain the programs’ operations. Documentation should include substantive background material orienting the program to the area of your practice that it is designed to serve.
There is an increasing tendency to furnish documentation in the form of a PDF file, rather that in written form. PDF documentation may be printed out or examined on screen. Two advantages of PDF documentation is that it can be skipped through easily on screen by means of bookmarks and may be searched by key words. For more about working with PDF files see Chapter 19, Adobe Acrobat and PDF File Creation and Application.
The help systems furnished with software packages are increasingly being composed in Adobe Robohelp, Microsoft HTML layout. Such systems typically have a left hand Contents pane that lets you select topics to view, a right hand pane in which the topics appear and a top menu bar, thus rendering navigation throughout the help system convenient and quick.
Computer Software Cost Analysis
Planners can evaluate the return on their investment in software, or, put another way, the realistic monetary return that results from acquiring and implementing new technology in their practices. As stated in the discussion of applying Return On Investment analysis to practice applications of software in Legal Technology News, 4/13/2005:
When evaluating vendors for any new software, such as for a new accounting and practice management system, Return On Investment (ROI) is always a consideration. Even more important, however, is Total Cost of Ownership (TCO). TCO includes all costs over the entire life of the investment, typically over a seven year life, not just the initial up-front costs. The up-front investment includes the software and implementation, and the project
management fees, conversion and the first year’s maintenance. You may even have added in the costs for seven years of maintenance. To determine the true TCO, however, you must consider the additional staffing and hardware required, associated hardware maintenance fees, custom reporting fees, any third-party vendor support fees, and perhaps, even upgrade fees. After including these costs, the ROI may change drastically.
For an introduction to the ROI concept see “Return on Investment: What is ROI Analysis" (Solution Matrix) discussing this concept in the business context that includes a discussion of simple return on investment principles, with a free spreadsheet tool, and an E-Learning course on ROI and business case basics. Registration is required for the free
downloads. A basic analysis on the purchase of information technology, together with graphic illustrations, is Return on Investment (Resource Management Systems).
For an article discussing the Total Cost of Ownership (TCO) concept see the article ”The Real Cost of Software” by Tony Valatis. The author stresses that indirect costs such as training, support, other software upgrades, installation, hardware and network upgrades often make up the largest part of a software purchase.
The AdvisorTek.com ”The Real Cost of Software Calculator” is an online calculator for estimating the real cost of software, including indirect setup and training costs. Another example of a calculator to assist with ROI analysis is Financial Metrics Pro.
Learn more about what you already have
From Prism Legal Consulting ”Adopting New Technology - Choices and Issues:” ”Most lawyers have more software than they already know how to use effectively. And I am not talking about esoteric stuff either." Some examples:
a. Spreadsheets: Learn at least enough about spreadsheets to know when, if you can’t use one on your own, you should get someone to use one for you. See Chapter 2, Help for Excel.
b. Presentations: PowerPoint is how many business people communicate. Learn how to use presentation software effectively and at least be aware of some of the more advanced features (e.g., how to use ”animation” so that bullets appear one at a time). See Chapter 20, PowerPoint Opportunities for Communication.
c. Task Management: Figure out how to use the features of your personal information software (e.g., Outlook) to manage and track your many tasks.” See Appendix 3A, Get More Out of Outlook.
This is good practical advice. Before procuring any additional software or access to web-based applications, first do a careful inventory of what you already have in your office or at home and take a fresh look as to whether you are using your existing software to the fullest extent of its abilities to facilitate your practice.
Summary
”Look before you leap” is sound advice in purchasing software as in other areas of life. You can approach software procurement in an organized manner by taking listing all the software and web-based packages that will do the task you are seeking help with, taking advantage of the available reviews and commentary on these packages, obtaining or otherwise
operating demos of the packages you are considering and ranking them based on the checklists and return on investment analyses suggested in this Chapter.
