Estate planners exist to answer the one question that everyone will have to face at some point: What happens to my assets when I’m gone?
More than ever, UK citizens are turning to expert legal counsel to take inventory of their assets and create a customized plan for distributing their things at the end of their lives, whether that be delivering assets to family members, creating a trust, or donating to beloved causes.
Most importantly, estate planners aid the primary estate beneficiaries by offering support and guidance after the loss of a loved one, and maintaining client satisfaction often hinges on their ability to navigate complex issues quickly and effectively.
At TrustDocs, we know firsthand how devastating the probate process can be for clients, especially if probate solutions weren’t a key component of their estate plan. That’s why our team is here to act as an extension of your estate planning staff, creating streamlined solutions for the probate process and eliminating the risk of conflicts during asset distribution.
If you aren’t already offering probate solutions as part of your estate planning package, here are a few reasons to start as soon as possible.
Why Your Clients Need Probate Solutions
Estate planning is often a stressful endeavour, but no aspect of the process elicits as much pain and frustration as probate. Probate, which refers to the act of collecting assets and administering the decedent’s will after their death, typically begins with the appointment of an executor to oversee this process.
However, without the right knowledge and skillset to navigate the complex probate system in the UK, your clients could be faced with substantial setbacks that hinder their ability to administer their loved one’s will and move forward with the healing process. By choosing to offer streamlined probate solutions, you give your clients access to:
Fewer Disruptions
Administering a will can be an emotionally charged process, especially if there are disagreements among family members. Having an actionable probate solution allows estate planners to quickly distribute the assets as set forth by their client, removing the emotional burden of a drawn-out conflict.
Less Emotional Stress
Administering a will can be an emotionally charged process, especially if there are disagreements among family members. Having an actionable probate solution allows estate planners to quickly distribute the assets as set forth by their client, removing the emotional burden of a drawn-out conflict.
Streamlined Administration
Most critically, probate solutions allow you to streamline the entire process from start to finish. Many clients fail to realize that creating a will is just the beginning of the estate planning journey, and providing them with expert probate insight gives you the freedom to accelerate your turnaround times and maximize client satisfaction.
How To Navigate New Probate Legislation
As if probate wasn’t already a complex process, new procedures in England and Wales have added an extra layer of work for burnout estate planners. Under new guidelines, estate planners must submit their IHT400 form directly to HMRC, rather than submitting it along with their IHT421.
From that point, HMRC will advise the applicant on their estate’s net value and offer recommendations on the next steps to take through a unique probate code, regardless of whether their application has been approved.
While this might not seem like a substantial change, this updated process has led to backlogging throughout the region, particularly for clients who aren’t working with a probate service. On average, the HMRC has up to 30,000 applicants waiting to be processed at any given time, leading to wait times of up to 15 months.
The solution?
Working with an experienced probate service who understands how to fill the application in the most effective way will diminish your client’s wait time and reduce your team’s workload.
In fact, the need for probate solutions is so great that many experts believe outsourcing could play a key role in improving the UK’s processing time since many of these backlogged applications have been filled without the proper knowledge or expertise. Whether you work independently or you already have an in-house team of estate planners, outsourcing your probate solutions is one of the most sure-fire ways to take your client satisfaction rates to the next level.
Frequently Asked Questions:
How long does probate take?
As of now, the probate process can take anywhere from 4 – 15 months, depending on the size and scope of the estate. TrustDocs works to reduce this timeframe by creating custom-tailored probate solutions that make collecting and organizing your assets fast and efficient.
Can you track a probate application, UK?
Yes, you can. Through the HM Courts & Tribunals online platform, you can check the status of your probate application, but only if you already have access to the probate or inheritance online service. We keep our clients up to date on every aspect of their probate application, so they never have worry about the status of the estate.
How does TrustDocs work?
TrustDocs is a leading provider of outsourced probate services, and we work hand-in-hand with estate planners to facilitate and administer their clients’ final will. Before probate begins, we take a comprehensive look at every aspect of the estate, allowing our team to create bespoke solutions that address any potential issues in the probate process.
When the time comes, we’ll complete and file the necessary documents, taking added work and stress away from your team. Most importantly, we stay on board until all of the assets are rightfully distributed, acting as an invested partner in the well-being and satisfaction of your clients.
Better Client Satisfaction Starts Here
Navigating the probate process doesn’t have to be a burden. If you’re ready to streamline your estate planning process and improve your client satisfaction rates, connect with a member of our team to schedule a risk-free consultation today.
