• December 5, 2023
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Sneak peek into the 2023 Bereavement Index

Sneak peek into the 2023 Bereavement Index

Earlier this year, Exizent began their research for their annual Bereavement Index report by conducting a comprehensive survey involving individuals who navigated the intricate pathways of bereavement, coupled with the consequential administrative protocols following the loss of a loved one.

As per their previous reports, their research extended not only to individuals but also involved legal professionals managing bereavement cases and financial institutions safeguarding critical information about the deceased’s assets and liabilities. Their primary objective was to gain insights from firsthand experiences, highlighting the paramount hurdles encountered throughout this journey, thereby enabling compelling parallels with their findings from 2022 and 2021, to get a true state of the nation surrounding bereavement.

Below you will find an exclusive teaser, offering a sneak peek into a selection of the revelations from Exizent’s forthcoming 2023 Bereavement Index report, scheduled for unveiling this September. For those keen to delve further, grab the opportunity to register below, ensuring the sought-after report finds its way directly to your inbox upon its initial release!

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Youthful executors on the rise

A remarkable 78% of individuals responsible for managing probate now fall within the 18-34 age range, a significant jump from 71% last year and 56% in 2021. With this generational shift comes challenges – knowledge gaps, tight timelines, and financial strains. More than half of individuals in this age group faced financial difficulties during the process, impacting their mental wellbeing. Industry experts must step up, bridging gaps, reducing costs, and understanding the digital generation’s needs for a smoother probate journey.

Enhancing Legal Efficiency

2023 brought a striking 15% surge in legal professionals believing their firms can improve probate case management, up from 2022. A remarkable 94% share this belief but this heightened awareness of existing inefficiencies also breeds a sense of frustration and urgency among legal experts aspiring for improvements. Key fixes include better communication with financial institutions, improved consumer interaction, and implementation of dedicated software. Notably, despite the awareness to implement specialised software and the potential swift wins which could come from this, tech investment continues to rule the agenda for the second year in a row, leaving many to question the commitment to improving the process.

Tackling resourcing woes

As we dig into the statistics, a revealing truth surfaces – a significant 65% of legal professionals report grappling with resourcing challenges within their firms, fuelling their quest for solutions. With law firms juggling heavy probate workloads and industry-wide resourcing shortages, 26% admit being under-resourced and 39% highlight the ongoing struggle of retaining and recruiting staff for estate administration roles. Among three potential fixes – longer hours, bolstered recruitment and training, or embracing new technological avenues for improved efficiency – the software alternative emerges as the most accessible and prompt solution. Yet will this trigger a cascade of improvements for the delay-prone probate process?

Eager to delve into the challenges experienced by consumers, legal professionals, and Financial Services experts within the realm of bereavement? Curious to see how 2023 stacks up against our past findings? Secure your free copy of the 2023 Bereavement Index now – simply subscribe to receive it directly in your inbox on our release date!

Sign up today

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

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 design for legal teams, our straightforward cloud-based platform allows you and your team to start your probate or confirmation journey, without the need for intensive training or complicated configuration.

  • 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 Address 1/3, 14 Mitchell Lane Glasgow G1 3NU Key Contact Name: Sabina Konradova Email: sabina.konradova@exizent.com Linkedin Acc: Sabina Konradova

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