Have you found your firm being challenged to meet increasing client expectations? If you answered “yes” you’re not alone, as this seems to be a common trend today in the legal industry. The Thomson Reuters 2017 Stats of U.S. Small Law Firms study shares that 59% of clients who demand more for less present a moderate, if not significant, challenge. While nearly two-thirds of respondents recognize this, only about 20% are doing anything about it. This information could give you a great competitive advantage in getting ahead of your peers within this highly competitive market. One way that you can offer more value to your clients without additional cost to your firm is by having partners in your repertoire that offer comprehensive solutions designed to assist you and your clients with estate settlement. Developing a relationship with a partner who has your clients’ needs and best interest at the forefront of every transaction can become an advantage to your firm in more ways than one. Consider these specific reasons that go above and beyond just providing more value to your clients:
As you well know, settling an estate can take nine to twelve months at best to complete. Considering the time, multiple resources required, and the overwhelming process of distributing unwanted and bequeathed items, that timeline is no surprise. This – the sorting and distribution of personal property – proves to be the bottleneck that slows down nearly every estate settlement. And the last, but often most important, part of the process – selling the real property – can be problematic as well. Depending upon the estate situation, the physical condition of the property, the time of year, and the location of the property, careful consideration should be given by the Executor or Personal Representative as to who is best suited to sell the property – especially with respect to a proven track record for selling properties of all types (whether distressed or in pristine condition), the ability to offer multiple methods of sale, and the ability to expedite a sale while increasing the net profit to the Estate.
For many attorneys, time is the most important factor. Mr. Michael Callahan of Thyden Gross and Callahan LLP Counselors and Attorneys at Law states, “From the time we retained them (Trusted Estate Partners) to closing it was about 4 months. I was really impressed with the way they handled everything and the results they got. The clients were quite happy. They are really pros and do a heck of a job!”
Choosing a strategic partner who provides a “single source” solution is one way that attorneys can not only expedite estate settlement but also excel in providing a seamless and less stressful process for their clients. Using a single source solution can significantly reduce time to settlement. For example, Trusted Estate Partners averages only 3 months from the initial consultation with a client through to sorting, sale, and distribution of personal property, and then the sale of the real property. Imagine saving 9 months or more on your clients’ estate liquidation!
2. An enhanced network
Establishing a strong business partnership with a single source service provider who has spent the time and effort to nurture and cultivate relationships with reputable companies to fit your clients’ needs can greatly benefit your firm. Consider the additional peace of mind you could have in knowing that your Client will be presented with the most suitable and profitable options available every time.
For some attorneys and trustees, fiduciary responsibility tops the list of importance. Having strong relationships with those who take their fiduciary responsibility seriously is crucial. Mr. Gerald Gimmel of Gimmel, Weiman, Ersek, Blomberg & Lewis, PA said that “With their (Trusted Estate Partners) help we were able to take care of everything in a very professional and exceptionally beneficial way for the benefit of the children.”
3. Stress reduction
Imagine being able to make a single phone call to engage a team who will then manage all of the minuscule tasks on your behalf – like dealing with every resource needed to provide the solution for your clients’ specific estate situation, goals, and needs. Working with your trusted partner and team can eliminate the stress and unnecessary “time suck” your firm would otherwise experience, by assuring you that your clients’ needs are being met in the most efficient and productive manner. A sense of relief comes when you don’t have to oversee every part of the process. In fact, Mr. Gimmel also shared “I went ahead with my plans to go on my vacation in Florida. I got a telephone call, in Florida, that the son would not allow them (the cleanout crew) to come in … that he needed to sort through things first before anything could be taken out. Andy Spagnolo was at the house within 30 minutes and talked to them and arranged that the cleanup guy could come back the next day and do his work.”
Whether you are part of a large firm, an individual estate attorney, or a bank trustee, you could benefit from an estate liquidation partner. Maintaining a strong relationship with an estate liquidation partner can bring a seamless and orderly process to your clients that can also provide a significant benefit to you (at no cost to the attorney or trustee when you use Trusted Estate Partners).