A Survey Suggests....90% Do Not Have A Will

The industry regarding wills in Britain has been accused of not being regulated properly by a Scottish minister

. Cheap will offers with hidden costs are partly to blame along with lots of beneficiaries having their payouts stolen.

The Scottish government is now creating new legislation in order to offer people more protection but they have warned that the same level of consideration needs to be given to the rest of the UK. In response to this the LSB Legal Services Board of England and Wales have stated that they will review the current process.

The Will Writing industry has grown quickly over recent years. However, there are currently no requirements for non-solicitor Will writers to be regulated, or to have indemnity insurance in the event of something going wrong, a point that was clearly shown by the Panorama programme, along with the issues this can cause to surviving relatives, and the additional distress on top of the bereavement.

Solicitors are fully regulated by the Solicitors Regulation Authority (SRA), which has the power to sanction individuals or firms in the event of providing negligent advice. Solicitors are also required to have Professional Indemnity Insurance to cover the cost of rectifying mistakes, in the unlikely event that something goes wrong.

Shockingly the report showed how one firm had lost a will even though they had initially charged a fee for it to be kept safe. Another firm 'wills of distinction' stole thousands of pounds from beneficiaries.

Solicitors are required under Law Society regulation to provide up front costing of work to be done, meaning that you cannot be caught by hidden fees. Most solicitors will charge a fee of between 75 and 100 for a simple single will.

A Will can be a relatively straightforward legal document. It must however comply with various rules in order to be valid. These rules make a Will a very easy document to get wrong. It is therefore advisable to seek professional advice to ensure that all of the issues concerning your estate are dealt with correctly, even in the event that you draft the Will yourself, to ensure that YOUR Will carries out YOUR wishes in the way that YOU would want it to.

by: Paul Myers.

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