Many people don’t realise that the Will writing sector is unregulated. This may come as a surprise as we all know what an important and critical document a Will can be when someone passes away.
With energy bills, food, and fuel at all time high – millions of households are feeling stretched with their finances, so people might put off making their Will or be looking for cheaper alternatives. This does come with risks to be aware of and families may find that paying for legal advice and properly drawn up Wills is less expensive than you think, especially when the pros and cons are weighed up.
Because the market is not regulated, many businesses and individuals can become Will writers without undertaking any legal training and because everybody should have a Will, they can become quite an easy ‘hook’ to sell around other services. All too often people are drawn in to discounted Wills or ‘free Wills’ offered as part of their mortgage, or insurance deals, without understanding that the ‘advice’ they are receiving is potentially dangerous.
The alternative to instructing a Solicitor or a Will-writer is to write your own Will using a template purchased from high-street shops such as WHSmith or buy using an online Will service or writing your own from scratch.
Our specialist Will Solicitors at Lamb Brooks share 5 major pitfalls of using an unregulated Will writer or a DIY Will:1. Your Will Could Vanish
If a business goes bust or stops trading, then there is no guaranteed safety of your Will. A regulated firm of Solicitors will have a legal obligation to pass your matters onto another firm that follows the same regulatory practices or clients would be able to trace their legal documents through the SRA. However a Will writer or business that sells Wills has no protocol for this scenario. Because Wills tend to be written many years in advance of them being put to use, you need to be certain of the company’s longevity.
2. You Miss Out on Bespoke Advice
If you create a DIY Will by using a high-street brought kit or an online template, then you may not be considering all eventualities and could be overlooking issues that could impact the family you leave behind. Families tend to be more complex nowadays and it is vital to ensure that no stone is left unturned. Solicitors are trained to cover all bases and can spot potential pitfalls or complications. Many templates that Will writers use are simple, tick box exercises that don’t allow for much creativity or for the Will to be tailored to your own personal circumstances. You could be overlooking complications or missing out on tax reliefs that Solicitors can help you with.
3. You Could be Overcharged in Other Areas
When something sounds ‘too good to be true’ it often is! We have come across many firms who offer incredibly low-cost or even free Wills, but they then charge additional fees, which, when all added together means that you are paying over and above what a Solicitor would charge. One example is a company that charge less than £100 for the Will, but have an annual Will storage fee, meaning that clients could be paying thousands over time. Other firms draw clients in with a ‘cheap Will’, but charge extortionate fees for writing a Lasting Power of Attorney or other legal documents.
Should there be any disputes or disagreements on your estate after death, then families could bring claims questioning the validity of your Will. If professionally written by a regulated Solicitor, then you are more likely to have a Will that stands up and properly expresses your wishes.
5. No Insurance if Things go Wrong
If for any reason there were issues around your Will, then an unregulated firm will not have any insurance to cover themselves. A law firm only employs screened, qualified individuals whose practises are audited regularly to ensure the quality of advice and compliance is to a very high standard. If a Will was deemed invalid or mistakes needed to be put right, there is no assurance that this will be taken care of under the firm’s indemnity insurance.
Cost Efficient Alternatives
Understandably, many people may find themselves in a situation where paying for professionally written Wills is a luxury they cannot afford at this point in time.
As Solicitors, we would urge everyone to use a regulated law firm for all the reasons listed above. If your circumstances are straightforward, then a single Will may not cost as much as you think it might do. It would be sensible to get an idea of costs and then save towards your Wills rather than using a cheaper option which may not work in the way you had intended or may cost you more in the long run.
Many law firms take part in free will fortnights or other similar initiatives for charities. If you are keen to instruct a Solicitor but cautious of costs, then it would be worth looking out for a regulated firm that are taking part in one of these charity schemes. Most firms are only able to offer a small number of free or discounted wills and these do get snapped up, so it is sensible to act quickly.
If using a Will-writing service; ensure that you have done your research carefully and that you have shopped around to get a comprehensive quote which is comparable to a quote from a Solicitor.
Making a Will
If you would like to speak to someone about making a Will or would like to understand the costs involved for your circumstances, then please get in touch with our specialist team today. Call us on 01256 844888, email enquiries@lambbrooks.com or speak to our online chat assistant who can take your details and arrange for someone to contact you.