Exizent: The time conundrum – Probate is inefficient and full of delays
The following is an excerpt from the Bereavement Index 2021 Report, click here for your access to the full 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 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.
