• March 29, 2024
 The time conundrum: Probate is inefficient and full of delays

The time conundrum: Probate is inefficient and full of delays

In the lead-up to our awaited first annual Bereavement Index we are offering the first 50 sign-ups before the 11th of April 2021 a free printed copy, delivered directly to you, register today for first access to our Bereavement Index here. The following is an excerpt from the Bereavement Index 2021 Report:

According to two thirds of legal professionals, at least 25% of probate cases are delayed, and the main cause is financial institutions. Most firms have to wait at least four weeks to get the information they need from asset and liability providers.

On average, it takes around three months to complete probate, but in one in 14 cases, it takes at least a year. According to legal firms, finding all the relevant assets related to an estate is a major cause of delay, which is perhaps why it takes two months (60%) longer on average to complete the process if the person did not have their affairs in order.

More than half (51%) of those who recently handled someone’s probate said it took longer than they’d expected, rising to two thirds where not all assets were known at the start.

And while legal professionals are also frustrated by the process, with 88% saying it is ‘slow and complicated’, of those, 25% are resigned to the fact and say that ‘it’s just the way it is’, however, 75% think they could handle probate better.

To read more from our first annual Bereavement Index sign-up here for first access. We have spoken to those involved in the administration processes related to death – from the recently bereaved to legal firms and financial institutions – to capture the state of the nation when it comes to the associated legal and financial responsibilities and their impact on the time, money, and emotional state of those involved.

Death is a difficult time for everyone. And sadly, as we have discovered in our report, the processes that comes with it can be lengthy, repetitive, and complicated, dragging things out for everyone involved. Legal professionals themselves admit that the probate process is not fit for purpose, with most suggesting that better communication with financial institutions and easier access to asset data could be the solution.

Exizent believe estates administration should be simpler, and that modern technology solutions can make this a reality. Our new platform puts everything in one place, making it easier for legal services firms and institutions to work together to sort out what is needed, easing the burden on executors and families.


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.

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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.

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