Preparing for Inheritance Tax Changes? How Document Drafting Software Helps You Adapt
The estate planning industry continues to grapple with the effects of Rachel Reeve’s recent budget changes. Existing clients require new estate plans and in 14 months, the market for clients requiring Wills and other services is set to increase significantly. For estate planning professionals, this presents a huge opportunity. Market demand will be soaring and firms will want to adapt and digitise processes to seize on it.
Drafting Tools Are Now a Competitive Advantage
Legal document drafting platforms, like Arken Professional, create significant efficiencies for advisors and places them head and shoulders above the competition. Here’s how they help:
Keeping Precedents Updated
Arken Professional’s precedents are monitored by a Legal Advisory Board and are updated with the latest legal changes. This saves time and effort for whoever is responsible for keeping them up to date.
Streamlined Client Assessments
Digital data capture tools like Arken Acquire help to streamline the information gathering process. Software like this helps to ensure all relevant factors, such as the value of businesses, property and more are considered when calculating inheritance tax liabilities. Users can also add their own questions, perhaps around the value of agricultural land, so they can create more bespoke questions for clients with differing needs. All of this ensuring you are better informed before the client interview.
By reducing misunderstandings, misspellings, and errors, these tools improve turnaround times and enhance the client experience.
Efficient Document Drafting
With Arken Professional, advisors can draft legal documents in a fraction of the time compared to manual processes. The software ensures consistency in formatting, wording, and branding, safeguarding your firm’s professional image. By reducing administrative time, your team can focus on serving more clients, growing the client base and delivering high-quality advice.
Enhanced Risk Management
The introduction of mandatory fields and built-in checks within Arken Professional helps ensure no critical details are overlooked. This reduces the likelihood of errors that could lead to costly mistakes, embarrassing back-and-forths with the client or compliance issues in the future.
Why Act Now?
The clock is ticking toward the implementation of these changes in April 2026. To prepare your business to take full advantage of the increase in demand and regulatory changes, start now to make the move less stressful.
Get the systems and process in place so your team can enjoy delivering tailored advice and less time on administration and enhance efficiency and profitability.
Book a demo today to find out more about how our software can help you.