Cost Justification for Personal Legacy Management Software in Funeral Homes

2024 1 min read

Funeral homes operate in a sensitive and competitive industry, where providing exceptional service is crucial to building trust and loyalty among clients. Personal Legacy Management and Estate Administration software offer a cost-effective way to enhance the services provided by funeral homes, ultimately benefiting both the business and its clients.

One of the primary challenges faced by families after the loss of a loved one is navigating the complexities of estate administration. According to a report by LegalZoom (https://www.legalzoom.com), the average cost of probate in the U.S. can reach up to $14,000, depending on the complexity of the estate. Funeral homes that offer Personal Legacy Management software can help reduce these costs by automating much of the administrative work involved in estate management. This not only alleviates the financial burden on grieving families but also positions the funeral home as a comprehensive service provider.

In addition to cost savings, this software enhances the client experience by allowing families to manage both digital and physical assets seamlessly. For Baby Boomers, who may have accumulated a mix of physical and digital assets, this is particularly important. The software provides an organized, user-friendly platform for managing everything from real estate to online accounts, ensuring that nothing is overlooked. Millennials, who are more likely to have a significant digital footprint, benefit from the software’s ability to handle digital asset management with ease, ensuring that their online presence is handled according to their wishes.

From a business perspective, offering Personal Legacy Management software can lead to increased revenue for funeral homes. The Funeral and Memorial Information Council (FAMIC)(https://www.famic.org) notes that families are willing to pay a premium for additional services that ease the burden of estate management. By bundling this software with traditional funeral services, funeral homes can offer a more comprehensive package that meets the needs of today’s families, while also boosting their own profitability.

In summary, Personal Legacy Management and Estate Administration software provide a strong cost justification for funeral homes. By reducing probate costs for families, streamlining estate management, and offering additional services that cater to both Baby Boomers and Millennials, funeral homes can enhance their offerings and secure a competitive edge in the market.

Richard Sanders, CPA, CA, CBV is a seasoned professional and Partner at a leading global Accounting firm, bringing over 35 years of invaluable experience to the advisory board. With a background in Accounting & Finance, he has demonstrated a keen sense of the challenges to business management and growth throughout his career.

Having held key partnerships with several Accounting firms, Richard has a proven track record of success in advising businesses in areas ranging from Audit to Internal Controls, Tax and Valuations. His strategic thinking has been crucial in guiding organizations through periods of startup and growth.

As an advisory board member, Richard provides strategic counsel and invaluable insights on Audit, Finance and Accounting. His expertise and vision play a vital role in shaping the organization’s strategy and driving sustainable growth over the long term.

Richard holds a Bachelor of Accounting & Business Management from the University of Toronto. He continues to stay at the forefront of the Accounting industry’s developments through ongoing education and professional development initiatives.

Richard’s passion for success and his commitment to guiding businesses make him an invaluable asset to the advisory board.

Bob is a distinguished leader in Software M&A, bringing over 40 years of invaluable experience to the advisory board. With a background in the Canadian & US Information Technology sectors, he has demonstrated a keen understanding of the challenges driving business innovation and fostering growth throughout his career.

Having held prominent roles within the Fortune 500, Bob has a proven track record of success in supercharging business growth. His strategic acumen and forward-thinking approach have been instrumental in guiding organizations through periods of change and transformation.

As an advisory board member, Bob provides strategic counsel and invaluable insights on business development, partnerships and strategic alliances. His expertise and vision play a vital role in shaping the organization’s long-term strategy and driving sustainable growth.

Bob holds a BSc in Physics and Mathematics from the University of Ottawa. He continues to stay at the forefront of the Information Technology industry’s developments through ongoing education and professional development initiatives.

Bob’s passion for excellence and his unwavering commitment to the Software Industry make him an invaluable asset to the advisory board, driving the organization’s mission and vision forward with clarity and purpose.

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