The Government has rejected proposals to regulate will-writing, following a written request from the Legal Services Board. This means will-writing will remain unregulated and anybody can write a will, not just solicitors.
The Governments decision looks questionable after it has been revealed that many consumers using will-writing providers are getting a poor service. Often providers are more interested in selling additional services than tailoring the will to the customer’s needs. Many customers also cite a propensity for wills to get lost because 60% of independent will-writing firms close within their first four years of operation. Without regulation, many consumers are not being adequately protected at the point of their will being written or an estate being administered.
Properly trained will drafters know that wills must ensure the right people benefit from your estate in the right proportions at the right time, and your wishes are adhered to after your death. Wills should also make life easier for those you leave behind. Probate, the process of administering your estate, is hard enough with a will. In its absence the rule of intestacy applies, meaning the law determines who benefits from your estate. If children are involved, guardians should also be appointed.
I have spent a great deal of my time assisting clients to make sense of how they arrange their finances. This is particularly true when drafting a will because I have to ensure they understand the financial consequences of their plans. Wills are an exceptionally high consequence transaction.
When drafting a will clients need to consider:
- Is will planning really the be all and end all in terms of proper financial planning?
- Even if you have a will that is properly drafted and executed, what is the end result?
Let me tell you that normally the end result of having a properly drafted will is that your grandchildren will end up paying your Inheritance Tax!
If that is the legacy you wish to leave them then that is fine. If not, you need to see someone who can think outside of the box and draft a will that keeps your money in the family and out of the taxman’s pocket. Contact us to find out more.
Ray Best can help you protect your financial future. To find out more, simply click here!