For legal and tax professionals, probate and executry work can be a complex and prolonged process. Chapter One of Exizent’s Bereavement Index 2024 reveals a widening expectation gap between bereaved families and professionals in the UK. Many families expect the probate process to be swift, yet this year’s report reveals that 56% of respondents felt it took longer than anticipated, with 70% of cases taking up to 90 days to complete. This gap is largely driven by fragmented estates, a lack of digitisation, and misaligned expectations.
The Challenge of Fragmented Estates
One significant cause of delays is the growing fragmentation of estates. Individuals today hold assets across multiple platforms—traditional banks, investment platforms, and even cryptocurrencies. This makes asset discovery time-consuming for professionals, with 35% of legal experts citing asset collection as the most challenging aspect of estate administration.
Furthermore, 25% of families report difficulty locating essential financial documents, contributing to delays. The complexity of managing these fragmented estates, combined with the manual nature of many processes, exacerbates the expectation gap.
The Urgent Need for Digitisation
The Bereavement Index 2024 highlights the limited adoption of digital tools within the legal sector, with only 30% of professionals using digital platforms to manage probate. Yet, digitisation is key to closing the expectation gap. A report by PwC found that 85% of law firms view digital transformation as essential for improving efficiency.
Legal cloud-based platforms, such as Exizent’s, provide an effective solution by centralising estate data, streamlining document preparation, and auto-populating key forms, such as Court and Inheritance Tax forms and Estate Accounts. This reduces administrative bottlenecks and shortens probate timelines, aligning them more closely with family expectations.
Improving Communication and Transparency
Another major issue is poor communication, with 50% of families feeling inadequately informed about the probate process. Clear and frequent communication from the outset can help set realistic expectations and alleviate frustrations.
By implementing client portals, where families can access real-time updates, professionals can improve transparency and manage expectations. The PwC report found that 80% of legal clients prefer firms offering digital communication tools, indicating that these solutions are not only efficient but also client-friendly.
Key Strategies to Close the Expectation Gap
Legal and tax professionals can take several steps to address the challenges highlighted in the Bereavement Index 2024:
- Adopt Cloud-Based Software: Exizent’s platform centralises probate data and streamlines communication, making it easier to manage complex estates.
- Embrace Digital Tools: Automating asset discovery and documentation through digital solutions can significantly reduce delays.
- Set Realistic Expectations: Professionals should provide clear timelines at the start of the process to manage family expectations.
- Improve Client Communication: Regular updates and digital client portals help keep families informed and reduce uncertainty.
- Strengthen your value propositions: Be more transparent with pricing and demonstrate why engaging help is a sensible step (time, risk, complexity vs cost).
Chapter One of the Bereavement Index 2024 underscores the growing expectation gap in probate work. By embracing digital tools like Exizent and improving client communication, legal and tax professionals can reduce delays, streamline estate administration, and better meet the expectations of grieving families.
With Chapter Two of the Bereavement Index 2024 due for release in October 2024, receive it straight to your inbox and discover more about our recent findings into the world of probate and executry, subscribe now.
This article was published by Exizent as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.
