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!
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!
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.