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| TrusTerminator Post Mortem System | Practice Specific |
TrusTerminator divides into four main categories: creation of initial correspondence and documents to terminate a trust, creating an inventory of assets, preparing the trust accounting and distributing the assets to beneficiaries. Within each category, a plethora of documents is available — disclaimers, correspondence to trustees, to beneficiaries, to a variety of institutions. Cowles’ distinction from other document generating products is its inclusion of the extras, details that separate this product and the professional using it from the rest of the pack. There is a critical dates tab on the setup screen, allowing you to immediately calculate the imperative due dates for returns or disclaimers. Other details include the many types of correspondence that can be generated. For example, letters available after the first appointment include not only the usual, such as transmitting an SS-4 request to the IRS, but the extraordinary, such as a letter to the Postmaster to obtain a forwarding address for a missing beneficiary, or a letter to the auto insurance carrier to notify of death. The letter to the homeowner’s insurance carrier includes an option to include language that the premises will or will not be vacant, so that insurability remains unaffected. There are letters to trustees and to beneficiaries, keeping them advised of the status of the estate. Including these sorts of features reminds the practitioner of the need for client contact, and utilizes the Cowles’ law practice management theories by making that client communication virtually effortless. The beauty of this program is in its many details, and TrusTerminator has plenty. Like other Cowles’ products, TrusTerminator works seamlessly with the major word processors to create the myriad of documents requisite to efficiently terminate a trust. The features to edit correspondence and templates seemed less daunting here than in the Cowles2000 Comprehensive Planning System, probably because the templates were shorter and simpler, with less intimidating formatting and merge codes to work through. Because so much of the termination process involves corresponding with the trustees and institutions maintaining assets, the language of the templates is more business-like than legal. For those who prefer more formal correspondence, however, the setup screen includes an option to select a formal style. Another integral step in the trust termination process is the preparation of an inventory of estate assets. TrusTerminator provides for an accurate and complete method of not only listing the assets included in an estate, but for tracking such vital information as valuations and the ultimate distribution of the assets (for example, a jointly held asset being disclaimed can be readily identified on the maintenance screens). The inventory process also includes a report screen to preview and print these imperative inventories. Since you also can print only those items that have not yet been appraised, you can use the reports as checklists and reminders as well. TrusTerminator utilizes its detailed inventory features to track asset transactions for generation of the accounting and, as necessary, tax returns. Assets entered into the inventory will be integrated into the accounting. From within the accounting features, one can transfer all or part of an asset to another asset — for example, when a stock account is liquidated or a life insurance policy pays out. Naturally, the accounting feature tracks gains and losses, making the accounting expedient for the preparation of the tax returns. A summary feature allows you to promptly review the status of the account at any point. Reports generated by the accounting feature were concise and accurate. The final step in trust termination would be the distribution of assets. Again, the program’s finely honed document generation process makes this important process facile and cost effective. Qualified disclaimers, renunciations, creation of testamentary trusts if necessary (including the SS-4 and other IRS forms and correspondence), are readily prepared. The liquidation and distribution of assets to beneficiaries are prompt, linking to the status of the accounting. Multiple documents can be generated with ease, including letters to multiple brokers and banks to liquidate accounts, letters to life insurance companies, transfer agents for the sale of securities, preparation of stock powers and affidavits of domicile, receipts and releases, letters to beneficiaries transmitting distributions and a closing letter to the trustees with a checklist of relevant documents. TrusTerminator is truly a complete package, encompassing all of the steps requisite to efficiently and professionally terminate a trust. |
Cowles Legal Systems Inc. (800) 366-1730 www.cowleslegal.com Windows 95/98/2000 $2,990; also sold with Cowles2000 Comprehensive
Estate Planning System Reviewed by Denise Ward, Esq., Grean & Ward, Port Chester, N.Y. PROS CONS VERDICT |
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Cowles Legal Systems Inc.’s
TrusTerminator is a post mortem estate valuation and distribution software intended to
streamline the termination of a revocable trust. The system reflects the vision of the
company’s dedication to the revocable trust as an estate planning method, and
carefully integrates suggested marketing strategies into the practitioner’s use of
the program.