• April 23, 2024
 Probate: The paper heavy industry

Probate: The paper heavy industry

The insights that we gained from The Bereavement Index highlight just how manual and laborious this industry can be.

With the world becoming a more digitalised place and organisations having to adapt to remote working, it’s difficult to understand how a process surrounding something as inevitable as death is still so far behind in efficiency.

Excessive letters and prolonged response times

We learned that astonishingly, in 80% of probate cases handled by legal professionals, at least 10 letters are sent, while in 33% of cases require up to 50 letters. This is a huge volume of manual and paper-driven efforts. Not to mention that the response time to this will also be much longer than if it were communicated digitally. 1 in 10 cases require over 50 letters to be sent. This statistic is quite unbelievable in the world we appear to live in yet explains why most probate cases can take up to 6 months to complete, 51% longer than people who have had to execute a will expect it to take.

From our research, the top reason for delay in probate cases is largely due to delayed responses from institutions in almost all instances. We could assume that it is because it’s largely paper-based that these lengthy delays with that essential information are caused.

Is technology the answer legal professionals have been looking for?

Given the current climate of social distancing and remote working, more is being moved online yet 35% of executry teams still have no software to manage their workload. Of the legal professionals we surveyed, 67% would consider a dedicated software, so does this suggest a gap in what is on offer already?

With 52% of legal professionals admitting their firm could handle probate more effectively, is a new technology platform the answer they have been waiting for? The top way in which professionals think the process could be improved, is a simpler asset discovery process, followed by a better relationship with those financial institutions.

“Managing bereavements remains a significant challenge for retail financial services companies. They’re under pressure from the exceptional rise in pandemic related deaths and with the FCA’s renewed focus on bereavement as a potential trigger causing vulnerability. Customers need to be dealt with efficiently and fairly – a technology-based solution which enables access to relevant data is key to firms administering all customer funds and accounts.”

– Jim Evans, Director, CapGemini

Our goal at Exizent is to provide legal professionals with specialist software to achieve greater efficiencies and time savings. Ultimately, we want to become the industry platform, connecting legal professionals and financial institutions to make the process of probate and estate administration better for everyone involved, especially the bereaved.

While development is underway to achieve this goal, some leading UK Legal Firms are already using Exizent’s technology platform to transform their Probate Services for their clients. They are benefitting from:

• Reducing manual effort spent on data entry, re-keying information and other administrative tasks.
• Utilising dedicated storage areas for core case documents and evidence that can be saved at an individual asset/liability level.
• Performing skilled work with specialist tools.
• Making the process easier & faster whilst reducing risk.
• Contributing to the future development of the platform via our user community

Learn more about the Exizent Software Platform, or even better, get in touch and see it in action through a free demo with our team!

Download the full Bereavement Index 2021 for insights into our research.

 

This article was submitted to be 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.

Exizent

http://www.exizent.com

Exizent is the industry platform for professionals involved with managing the bereavement process.

Learn the ins-and-outs of Exizent in this quick introductory video: Exizent connects the data and services used by legal services firms, institutions and executors when someone passes away, to make the journey for the bereaved an easier one. Exizent’s mission is to help everybody reduce uncertainty in the process, increase the speed to resolution, and make the bereavement process more straightforward for everyone involved.

Specially designed for legal and accountancy professionals, Exizent’s straightforward cloud-based platform allows probate professionals and their teams to streamline and efficiently deal with the administration of a deceased’s Estate, without the need for intensive product training or configuration.

Exizent platform users can save over 3 hours per case with automated features such as Court and Inheritance Tax forms pre-populated with your case data, and Estate Accounts, allowing you to produce full Estate Accounts designed to industry standards at the click of a button.

What's more, Exizent is continually developing their offering and are working hard to connect the data and services used by legal services firms, banks and financial institutions, and executors to reduce the administrative burden on those grieving – and those professionals helping them. Improving the process for all.

  • Collaboration and remote working
Easily create and manage all your cases in one place, assigning members of your team to work together with more clarity and efficiency. Capture all estate information in easy to navigate cases, adding details on people, assets, and liabilities.
  • Simplify Estate discovery
Access a deceased individual’s financial information in real time, from bank accounts to mortgages, directly on the platform at the click of a button, simplifying your estate discovery.
  • Quickly generate legal forms
Automatically produce fully or partially completed Court and Inheritance Tax forms from the data within your case, reducing rekeying and the potential for errors being made. From complex financial calculations to reformatting data, our platform greatly reduces the time taken to complete your forms.
  • Dedicated support
We ensure your team have the support they need. Our knowledgeable Customer Success team have the training and knowledge you need to take advantage of industry changes and digitisation within your existing workflows and processes.

CLICK HERE to book a zero-obligation demonstration today

Key Services  Address 1/3, 14 Mitchell Lane Glasgow G1 3NU

Key Contact Name: Sabina Konradova Email: sabina.konradova@exizent.com Linkedin Acc: Sabina Konradova