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Quicken Estate Planning Software Review

Quicken Estate Planning Software Review

Quicken is a platform you can use for various financial services, including estate planning, as we will see in this Quicken estate planning software review. 

I will explain what estate planning is, its components, and how much it will typically cost you.

This review will also show you why using Quicken Willmaker is the best choice for you compared to other options.

Overview of Quicken

  • The Name: Quicken.
  • Owner: Quicken Inc.
  • Headquarters: Detroit, Michigan in the United States.
  • Used as: Finance Management Software.
  • Willmaker Pricing: It starts at $99 or less . 
  • Customer rating: 9.2 out of 1O.

What Is Quicken Software About?

The people behind Quicken have developed this software to help individuals, families, and small businesses manage their finances adequately.

This software includes tools to track everything related to your financial accounts, such as account transactions, balances, personal budgeting, loans, estate planning services, and lots more.

It works similarly to Intuit Quickbooks, which is Quicken’s main competitor in the finance industry.

You can read my review of Quickbooks for more information if you wish so.

In summary, Quicken software is so compelling that you can use it to manage almost everything related to your financial life,

However, this review will not explain everything you can do with this powerful financial software because they are too many.

Its scope will be limited to Quicken as a tool that you can use to manage your estate planning and will aspects.

Understanding The Estate Planning

Before showing you how the Quicken platform can help you make estate planning and protect the people you love, allow me to give you a brief overview of estate planning.

Indeed, estate planning consists of an individual owning some assets and properties to designate what will happen to his belonging when he has passed away.

You can also foresee what will happen to your properties when you cannot manage them properly due to certain circumstances such as physical or mental incapacity.

The aspects you can include in your estate plan can vary from clothes to cars and furniture in your current home.

You can also include houses or buildings, jewelry, life insurance policies, retirement savings, etc.

In a few words, an estate plan must foresee financial subsistence for your family when you die or are incapacitated.

It is also better to designate the people who will look after your minor children and foresee the best way to reduce estate taxes for people who will succeed you. 

Key Components of An Estate Plan

Now that you understand what an estate plan is let’s see the basic components to make it unique.

Component # 1. A Will

Your estate plan will first require you to sign a legal document called “a will,” specifying the people who will inherit your belongings when you disappear from this world. 

Many other peculiarities may also prevail in this case, but I will not go into them further. The successor service you will address will provide you with the details.

Component # 2. A living Trust

In addition to your will, there will be the competent court’s intervention to initiate the distribution of your belongings between your heirs (the probate).

This process is public and can sometimes be long and costly, but you can bypass it by creating a revocable living trust.

A revocable living trust is the best way to protect your heirs from unforeseen issues related to your estate.

Component # 3. Copies of The Beneficiary Forms.

Despite the designation in your will of those who will succeed you when you disappear, it could be that your retirement accounts, 401(k) plans, beneficiary forms for your IRAs, etc., override your will.

Unfortunately, many people don’t know this element or fail to talk about it when planning their estate.

That being said, it is always better to remember filling your beneficiary forms to avoid that your estate becomes your default beneficiary.

Component # 4. Power of Attorney

A power of attorney is another essential aspect to consider when making your estate planning.

It gives the right to your trusted representative to act on your behalf if you can’t do it yourself.

This legal document can, for example, relate to appointing someone who will manage your finances when you are unable to do so.

It can also relate to “a healthcare proxy,” in which you will designate the person or organization that will ensure that you get proper healthcare when you become incapacitated.

# 5. Other Crucial Aspects

Other components of your estate planning are “A living will,”‘ in which you can specify the do and don’t medical procedures to be performed when you no longer have the capacity to do it yourself.

Do not confuse a living will with a healthcare proxy because this one aims to clarify the things you would like to happen.

A healthcare proxy must also specify what to avoid in case of incapacity, but it will not provide someone the right to make your medical decisions.

The last document I want to talk about is “a letter of intent,” which is a non-legal document containing personal requests and instructions not related to your will.

Why Using Quicken Willmaker? 

Using Quicken willmaker offers many benefits, including money-saving compared to what you will pay when using other services.

For example, lawyers charge hourly or flat fees that can lead to huge amounts compared to what you will pay when using a trusted willmaker software.

Indeed, statistics show lawyers charge a flat of $300 to $1,000 or between $150 and $200 an hour, while software like Quicken’s bundles cost between $89 and $199 only.

This software will show you how to make a will conveniently, make healthcare directives, make a living trust, give power to the attorney, write a letter to your survivors, etc.

In a nutshell, the Quicken will maker software features everything you need to make a complete estate from the comfort of your home and leave your successors in good hands.

Quicken Willmaker Pros and Cons

Pros 

  • This sofware is easy to use; you don’t need prior special knowledge.
  • You can return at any moment to make the changes you like: it is your right.
  • The Quicken will trust software will enable you to make legal documents valable in your state.
  • You will live in peace of mind knowing that you have put everything in order before leaving your loved ones.
  • In case of incapacity, the person you have designed will make important decisions on your behalf or ensure that you get proper healthcare.
  • Your will have protected your heirs from any form of family or legal hassle after your death.
  • This software offers the best services at great prices.

Also, the owners of this platform offer good customer support.

You can get in touch with them at any time if you have questions, need assistance, or for any other inquiries. They will assist you quickly. 

Cons

You must first download and install this software on your device before its use.

It will also be better if you are used to the internet and know the basics of computer manipulations. 

The Final Thoughts

This is the end of the Quicken estate planning software review, and I thank you for reading it.

I have started by giving you a brief overview of Quicken software and have introduced estate planning.

I then described what must be included in your estate and showed the benefits of using Quicken willmaker instead of an attorney or lawmaker who can be costly.

The owners of this software make regular updates to make it more powerful, compliant, and user-friendly. Their last version is Nolo Quicken willmaker trust 2021.

Thank you for your time in reading this post that I hope it will be of great help. I will also appreciate reading your comment at the bottom of this page. 

2 thoughts on “Quicken Estate Planning Software Review”

  1. I had never heard of Quicken before, and I thank you for sharing this review. For as long as I remember, people around me have only used Quickbooks for their accounting needs.

    I am also happy to learn that there is an estate management function in Quicken. It can be challenging to plan for your own death, but there is nothing else one can do with it.

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