A key challenge for legal services practitioners is accurately identifying the complete set of assets belonging to an estate. In many cases, legal experts have to rely on family members sharing financial documents like bank statements. But as we continue to move towards a paperless and all-digital environment, this becomes quite messy or inconvenient and very challenging as well.
The integration should offer Exizent clients with an accurate picture of the deceased’s total assets based on their financial history. The platform will be carrying out an asset search based on key financial information and related documents, returning details on assets pertaining to the case.
This should help reduce the dependence on family members. It may also significantly reduce the time required to identify those assets in stressful situations, thus making estate administration a lot more efficient and not as prone to human error.
The partnership between Exizent and Experian will begin development to provide functionality to Exizent clients in Q2 2021. This helps form a key part of Exizent’s goal to improve the overall bereavement experience.
By bringing together the best technology solutions, the process of handing probate should become clearer, and more efficient for executry teams, financial institutions and the bereaved.
Nick Cousins, Founder and CEO at Exizent, stated:
“Asset discovery can be one of the greatest administrative challenges to handle in the event of the death of a loved one – an arduous and sometimes fruitless process. We understand the true value of aggregating financial information and connecting the parties involved in handling probate and this is a clear example of where technology can make the experience more thorough, simple, and efficient.”
Grant Giles, Director – Partnerships & Alliances at Experian, remarked:
“The process of asset discovery is a perfect example of something that can be made better through integrated tech solutions, and even more so by collaboration between institutions. We have already seen the value in automated financial information and account history, so we’re particularly excited to see this utilized to ease the burden of estates administration, a typically stressful and complex process.”
In September 2020, the UK-headquartered Exizent secured £3.6 million in capital in order streamline the way that the legal and financial services sector addresses bereavement by bringing together all the details required to deal with probate cases via its online platform.
Experian, which is a leading global information services firm, has an established track record in dealing with asset discovery, having introduced an improved Unclaimed Assets Register (UAR) back in 2011.