As solicitors will be all too aware, delays in the probate process can have profound effects on both the estate and its beneficiaries. These delays have become a significant concern for both solicitors and their clients. Recent data reported in Today’s Wills and Probate suggested that the number of probate cases taking over a year to be granted had risen by 65% over the past three years, highlighting the growing challenges in estate administration. While data from His Majesty’s Courts and Tribunals Services point to recent improvements, there is little to suggest it is time to hang out the bunting.
Delays can leave their clients facing genuine financial hardship as they wait to access their inheritance – hardship made potentially greater still by expenses that invariably occur after a death. It can lead to emotional distress and create tensions within a family unit that can result in avoidable disputes. And it can see the value of property and assets fall, leaving the beneficiaries with less to inherit, and cause issues with inheritance tax and possible late payment interest charges.
Solicitors play a pivotal role in navigating the complexities of probate and mitigating potential delays. Your expert guidance gives clients clear instructions as to the documentation they require and procedures to follow that can expedite the application process. Creating open channels of communication means clients are kept up-to-date with the status of their case, managing expectations and reducing anxiety. And by being proactive problem solvers, you can address potential issues early, such as incomplete paperwork or disputes among beneficiaries, and prevent unnecessary delays.
Supporting you in delivering a best-in-class experience is a suite of digital tools and solutions that can help streamline the probate process.
These include legacy planning tools, such as LegacyNOW, which support a more efficient process after a death as a digital vault that securely stores important documents that are quick and easy to access (with any necessary passwords) when they are needed. This will include not only financial documents (bank statements, tax returns, investment policies etc) and property documents, but also the basics like copies of a driving license and passport.
They also include death notifications services such as Settld and NotifyNOW, which allow executors to notify multiple institutions of a death simultaneously, reducing administrative burdens and accelerating the process. They also comprise inheritance loans such as InheritNOW, to enable beneficiaries to access part of their inheritance before probate is granted to help with both expected and unexpected expense. By integrating these tools into their practice, solicitors can enhance efficiency, reduce delays, and provide better service to their clients.
Probate delays present significant challenges and cause multiple frustrations, but with proactive strategies and the integration of digital tools, solicitors can navigate these complexities more effectively. By leveraging the digital tools and financial services like those offered by The Estate Registry, solicitors can expedite the probate process, alleviate client stress, enhance customer service and therefore client satisfaction, and ensure a smoother estate administration. It’s a strategy whereby everyone wins.
Phil Hickson is SVP, Global Partnerships at The Estate Registry
This article was submitted to be published by The Estate Registry 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.
