Exizent: Law firm feedback identifies six ways the probate process is not fit for purpose
6 ways the probate process is not fit for purpose – as told by Legal Professionals
From unknown assets and hefty fees, to delays from third parties that lead to lengthy case timescales, the probate/confirmation process is far from simple. This is why, in 2021, 52% of legal professionals felt their firm could handle probate more efficiently.
Exizent’s annual Bereavement Index demonstrated, last year, ways in which the process is not sufficient for driving business efficiencies and supporting consumers and has helped highlight key areas for development.
To have your say in the 2022 Bereavement Index and be in with a chance of winning a £100 Amazon voucher, click here.
Below are 6 areas Legal Service professionals should be focused on now.
- The time conundrum – probate processes are lengthy and inefficient
The average time taken to administer an estate is 5 months; this extends to 6 when assets are unknown and in 9% of cases, surpasses a year. Yet, when coming to terms with the loss of a loved one, constant stress and reminders about their passing will only have an adverse impact on their mental wellbeing. Clearly, it’s time to start looking at ways to speed up case resolution by uncovering assets faster and more reliably, and working more closely with institutions like banks to ease the stress on the bereaved.
- The financial imperative – 1 in 4 people suffer financial difficulties when administering someone’s estate
The processes surrounding bereavement are not only upsetting and time consuming, but can be expensive too. While the deceased’s estate can be used to pay for any expenses, the costs surrounding the bereavement process still cost those left behind £1,630 on average – a hefty sum for many.
Shouldn’t we be looking at ways to drive down costs within firm processes to find ways to ease the pressure on grieving individuals?
- The not-so wellbeing – the true cost of bereavement
The pressures of the admin involved when someone dies can become all-consuming. It’s therefore not surprising that for two in five of us dealing with the process leads to mental health problems. However, our 2021 Bereavement Index found that only 21% of firms have people trained to help clients who suffer mentally. It’s clear, legal professionals must do more to find ways to provide a more personal service to their clients that lets them give support and empathy at one of the most crucial times in our lives.
- The reliance on third parties – at least a quarter of probate cases are delayed
31% of law firms have admitted that the main cause of case delay is financial institutions – a stressor that impacts 64% of consumers. Among the top reasons for these delays are slow responses to the legal service that naturally, leads to case delays, as well as the institution providing a lack of information that forces back and forth between all parties.
As said by Director Jim Evans of CapGemini, “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.” Evidently firms must start looking for solutions elsewhere that help solve the issue.
- The internal knowledge gap – firms think a simpler asset discovery process would improve case efficiencies
97% of solicitors have to rely on the knowledge of the executor and the physical documentation they provide to verify assets and liabilities – 80% of those either mostly or entirely. If the executor is unable to provide that information, this causes delays. A concern when considering that 59% of executors are not confident that the will of the person they are executor for is up to date. But if not delays – what’s the alternative? Law firms now are looking for new ways to attain information about a deceased that doesn’t always rely on the knowledge of an often, grieving executor.
- The communication struggle – 36% of firms think better communication with clients would improve the probate process
Keeping customers in the loop with where you’re at with their case is crucial to reducing uncertainty and improving their customer experience but it’s not always that simple when juggling a multitude of cases and awaiting information from various sources. In a technological world, it’s sometimes surprising that firms still opt for the traditional letter communication – particularly considering the efficiencies of transferring information over the internet, not to mention the risk-reduction from storing such information in the cloud.
Isn’t it time firms shifted their methods online, to start putting their clients first?
Last year, 87% of consumers found probate stressful. However, legal technologies like Exizent are helping bring this number down significantly by improving asset discovery functionalities in today’s law firms, strengthening communications with third parties to combat delays and speeding up probate processes on the whole to give professionals more time to support bereaved individuals.
Are you making strides to enhance your probate processes? We need you!
Help us identify the work being done in the sector now, and the areas that require more focus to reduce the stress on consumers – have your say in the 2022 Bereavement Index now.
Source: Bereavement Index 2021
