Here are some frequently asked questions about the Will & Trust Report:
1. How long does it take to process a request?
Turnaround is up to 3 business days. Will & Trust reports include a 4-step process by Estate Specialists.
2. What happens if a wrong or incomplete document is uploaded?
Errors are flagged during initial review. Users can edit submissions before the review begins. Service levels are based upon when a user resubmits.
3. Who reviews the documents?
U.S.-based estate professionals with backgrounds in law, planning, and trust/estate administration. Our proprietary logic supports the process, but does not replace our Estate Specialists.
As the client's financial advisor, you should also review the documents you submit and the Will & Trust report in accordance with your policies and procedures.
4. How do I get the most out of my request?
Include as many documents as are applicable to your report request in the single report request. For example, it is recommended to use a single report request for a Will and a Living Trust when the client is the same-client.
5. What documents are supported?
Generally, we support Wills, Living Trusts, and Inter vivos Irrevocable Trusts, as well as documents that amend or modify their terms. Below is a KB article that goes into more detail!
Estate Supported & Unsupported Documents.
6. Can draft documents be submitted?
Yes, but the review output will be limited to what is available in the draft.
7. Can I upload a Will, Living Trust, or Inter vivos Irrevocable Trust document signed by non-household members?
No, those are considered third-party estate planning documents and are not designed to be ingested under other households.
8. Can I include multiple household members as part of a single report request?
Yes! Holistiplan Estate offers consolidated Will & Trust summaries for up to 2 household members.
Be sure to select both household members within the Will and Trust module’s upload modal.
9. Can Advisors customize the report?
Yes, Advisors can edit and hide system-generated insights and add additional insights to the report. Advisors may also use the client informational modal to further customize system-generated insights by providing information that is not available within the four corners of the documents, including tax, asset, and heir and agent information.
10. Are citations linked to report insights?
Not currently, but we're exploring hover-over highlights and advisor-facing “next step” reports!
11. What fiduciary roles does the tool identify?
- Wills: Executors/personal representatives and guardians for minors.
- Trusts: 12 roles including:
- trustees
- trust protectors
- investment trustees
- administrative trustees
- distribution trustees
- trustee appointers
- designated representatives
- committees (investment and distribution)
- and advisors (investment and distribution)
12. What is identified in summaries?
Trusts intended to be created under the documents (resulting trusts), including specifically identified fiduciaries, beneficiaries, and distribution provisions.
13. How are illustrations generated?
Descriptions and order of disposition are taken directly from the documents. Illustrations are created by Holistiplan Estate Specialists using our custom-designed software.
14. What are some limitations of available illustrations?
A maximum of 3 distribution events are available within an estate illustration (for example, death of first spouse, death of surviving spouse, and termination event of trusts created upon the surviving spouse’s passing).
Most commonly, estate illustrations for spouses include a surviving spouse and a predeceased spouse visualization with two distribution events each.
Illustrations are limited in the amount of typewritten characters available and may result in the exclusion of a beneficiary’s middle name or the exact listing of long-entry specific gifts of real or personal property being abbreviated.
Illustration notes and badges include funding information (e.g., dollar amount, fraction, percentage, remainder, formulaic funding), and contingency treatment (e.g., per stirpes, per capita, alternative named beneficiary, or lapse), where applicable.
In most scenarios, family disaster provisions are unavailable for illustration.
15. Are custom disclaimers available?
Yes, firm administrators may set firm-level disclaimers for the estate documents by going to Settings > Customization > Estate Planning.