Unregulated Will writers: A false economy?

In these times of rising living costs and constrained household budgets, it is understandable that many are looking to make their money go further. However, when it comes to making your Will, do you sometimes get what you pay for?

While unregulated Will writers can offer a cost-effective and convenient service that suits many, recent findings suggest that they do not come without risk. A July 2023 investigation by the Competition and Markets Authority (CMA) identified unregulated Will writing as a potentially high-risk sector for consumers, prompting the body to urge caution when selecting a Will writer in its guidance released last autumn.

In addition, a 2023 survey by the Society of Trust and Estate Practitioners (STEP) found that 79% of respondents had encountered Wills containing errors. At Edwin Coe, we have seen first-hand how costly these mistakes can be. For example, we have recently come across:

• Will trusts which failed to secure the spouse exemption from inheritance tax on the first death between a married couple, leading to avoidable inheritance tax of up to 40% instead;
• Clients who were recommended to create trusts without guidance on the registration requirements, potentially exposing them to penalties of up to £5,000 for trusts that need not have been established in the first place; and
• Wills that, despite appearing to meet the clients’ wishes, did not address their true concerns after a full review and appropriate advice. Recent examples include:
  • a client who was unaware that half their child’s inheritance may go to the child’s spouse, from whom the child was undergoing a long and acrimonious divorce; and
  • another client whose Will could have resulted in the children of their first marriage being effectively disinherited.

The fact is that anyone can become a Will writer regardless of their qualifications and experience. For the general public, it can be difficult to know what good advice looks like in an area of law that can be both complex and highly technical.

It is essential to remember that Wills only take effect after death, when the person who made it is no longer able to clarify their intentions, and when circumstances may have changed drastically from when the Will was made. Given that it is grieving loved ones who are left to bear the consequences of potentially avoidable tax, assets falling into the wrong hands, or distressing Will disputes, the true value of good advice may be worth far more than the short-term savings.

At Edwin Coe, we pride ourselves on getting to know our clients, their assets and their objectives comprehensively. We identify areas of risk and opportunity, and guide our clients through the intricacies of tax mitigation, wealth protection and avoiding post-death disharmony. Our goal is to empower our clients to make informed and confident Will decisions.

If you are considering making or updating your Will, please contact Denise Li Gates or any member of the Private Client team.

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