Creating a Will is a crucial part of estate planning, but opting for unregulated Will writers can pose significant risks; potentially jeopardising your estate’s integrity and your heirs’ rights.
Recent findings by the Competition and Markets Authority (CMA) highlight the dangers in the unregulated legal services market, particularly concerning Will writing and pre-paid probate services.
(Read Time: Approx. 5 minutes)
Topics Discussed:
- The dangers of using unregulated Will writers and the lack of professional accountability.
- The potential financial and legal consequences, including misleading practices and data protection issues.
Lack of Professional Accountability
Unlike solicitors regulated by the Solicitors Regulation Authority (SRA), unregulated Will writers are not bound by statutory frameworks.
They are not required to hold formal qualifications, adhere to professional standards, or maintain professional indemnity insurance.
This absence of oversight means there is often little recourse for clients if mistakes are made or if the service provided is inadequate.
For instance, unregulated advisors may include unfair contract terms, such as excluding liability and lacking cancellation rights, leaving clients unprotected.
The quality of Wills drafted by unregulated writers is often questionable, as they may not thoroughly understand the client’s personal circumstances or the intricacies of tax laws.
Some even use simple online forms or email exchanges to draft Wills, which can lead to significant errors, such as invalid Wills or unintentional disinheritance.
This can result in lengthy and costly legal disputes.
Misleading Advertising and Aggressive Sales Practices
Unregulated Will writers often lure clients with promises of low-cost or free services, only to later upsell more complex, unnecessary Wills at much higher prices.
This practice can be particularly exploitative towards vulnerable individuals, especially those without close family support, who may be subjected to high-pressure sales tactics.
The CMA’s draft guidance has highlighted these issues, advising Will writers to clearly disclose all costs and avoid misleading comparisons with solicitor-provided services.
Data Protection Concerns
Handling sensitive personal information is another area where unregulated Will writers can fall short.
Without the stringent data protection measures that regulated professionals must follow, there’s an increased risk of data breaches, identity theft, and misuse of personal data.
This can be particularly damaging when the data involved includes details about an individual’s assets, beneficiaries, and personal wishes.
Cost vs. Value: The Financial Risks
While unregulated Will writers may appear cheaper initially, the long-term costs can far outweigh these savings.
Mistakes in Will drafting can lead to expensive legal challenges, probate delays, and potential tax penalties due to improperly structured estates.
These issues can significantly deplete the estate’s value, leaving less for the intended beneficiaries.
Summary
Choosing to create a Will with the help of unregulated writers can seem like a cost-effective option, but the potential pitfalls are significant.
The lack of professional accountability, coupled with aggressive sales tactics and inadequate data protection, can lead to serious financial and legal repercussions.
To safeguard your assets and ensure your wishes are respected, it’s crucial to seek advice from qualified, regulated professionals.
They provide the assurance of professional indemnity insurance, adhere to strict conduct codes, and offer clear guidance on costs and legal matters.
Protect your estate and ensure your wishes are honoured by choosing regulated professionals for your Will-writing needs.
Contact us at Help Me Legal for expert advice and comprehensive legal support.
Don’t leave your estate to chance—secure peace of mind with professional guidance.
Call us at 01772 282768, fill in our contact form here, or reach out via our 24 hour WhatsApp at +447816848188.