Accessing the correct legal advice is always essential, especially around Wills.
Often clients come to Wake Smith with concerns about the details of Wills and Trust documents put together by Will writing firms.
Some have been pressured into taking extra documents and want further advice.
Private Client paralegal Zoe Watson advises clients on how documents work, the advantages and disadvantages of these documents and whether they are right for the client’s particular set of circumstances and the options available to clients going forward.
These cases highlight the importance of getting sound, professional legal advice on these important documents.
Zoe Watson said: “People make a Will or set up a trust for their own, and their loved ones’, peace of mind. They need to be confident they are getting sound advice for such an important decision and fully understand the implications of what they are putting in place.
“Otherwise, grieving families have to deal with the financial and emotional consequences of bad advice, which can be devastating.
“Many people are promised the world and not advised properly. We can solve any nagging doubts through our professional legal advice at Wake Smith.
“It’s very common for Will writers to go in to do one job, such as a Will, and then try to sell other products on top.
“They also tend to be more expensive than solicitors. The common misconception is that people will save money by not coming to a solicitor, but they often end up paying more.
“We go through all the details, so clients can understand every part of their estate management, with no pressured environment and give sound, clear advice on the options.
“Solicitors are regulated and insured, unlike will writing companies. It is an unregulated industry and so you don’t need a qualification or any prior experience.”
Leading global network of trust and estate professionals STEP has long been concerned that unqualified or incompetent advisors in the UK are taking advantage of their clients or letting them down because they lack specialist skills and knowledge.
It regularly hears from people whose loved ones have inadvertently chosen wills that mean that substantial parts of their estate are spent on legal fees or unnecessary tax bills.
It first surveyed its members in 2011 about their concerns. In May 2023, it sent out a new survey to STEP’s UK members. The report found that:
- 79% have come across cases of wills with errors.
- Over half (54%) highlighted their concerns about rogue firms making false claims about wills leading to increased tax bills.
- The majority of respondents (63%) have come across cases where a will writing company has quoted a fee for writing a will, but then charged additional costs not covered within the terms of business.
- Just over half of those surveyed (54%) have come across firms making false claims about the wills they are selling to clients. Of those, 71 people mentioned that advisors had wrongly told their clients that they could avoid care home fees by putting their home and other assets into a trust during their lifetime. Some clients have been advised to gift their house during their lifetime. Both of these are considered to be deliberate deprivation of assets and are ineffective for care assessment, which can lead to serious problems.
For further information on Wake Smith’s private client services click here or to book an appointment to review your Will and estate planning please call 0114 266 6660.