Will Writing Software is great for taking away the administrative burden of estate planning. It supports the busy professional in managing precedents, by formatting documents and auto populating commentary. It also dramatically reduces the need to re-key in data. It helps users when drafting too, by highlighting key areas the drafter might have missed.
But how much time and money does it really save organisations? One of our internal Solicitors has produced this calculator to find out.
Here comes the math:
A little while ago, we asked our friends in the estate planning space how long it would take them to draft a complex and a simple Will. We had two different cases and we found that on average, it takes between 20-40 minutes to draft a complex Will and 6-40 minutes to draft a simple Will. And then we drafted a simple and complex Will using Arken – want to see how fast? Watch our video.
So, for the purpose of this example, let’s say it takes 30 minutes to draft a complex Will and 20 minutes to draft a simple Will.
On a salary of £35k per annum, an estate planner who drafts 40 Wills per month, if 60% of which are simple Wills, would save 14 hours and £294 per month. That’s £13,211 saved per year!
An additional 14 hours per month could mean the team are able to draft more Wills. Or they could spend more time with their clients, better understanding their needs and providing further advice and services, or they could use the time chasing them on invoices! The time saved brings a multitude of opportunities.
Try out the calculator to see how much time and money you could save and apply your own figures by visiting our website.