Beware The Cowboys

5th May 2011

The Society of Trust and Estate Practitioners (STEP) has just published a report on the will writing market. Amongst other findings, the report states that 75% of solicitors have come across incompetence or dishonesty from unqualified will writing companies within the last 12 months. As well as being a qualified solicitor, George Persson is also a member of STEP so he therefore has a keen interest in the report’s findings.

Amongst other results, the STEP report reveals that up to two thirds of unqualified will writing companies have hidden fees in the documents that they produce and that 63% of these companies have gone out of business, disappearing with the wills that they are supposed to be storing. The level of incompetency is such, that of the wills drawn up by these unregulated will writing companies, it was found that up to a third lead to significant increased tax bills.

For George, the most alarming thing is the downright level of dishonesty.

‘For example,’ says George, ‘there are instances of these will writing companies citing (wrongfully) that they must be nominated as executors and demanding up-front administration and storage fees are rife. One solicitor reported that she came across a non-solicitor will writing company with a stand in a shopping centre telling mothers with prams that unless they made a will then their children would be taken into care!’

The depressing thing is that all these tales of dishonesty and incompetence come as no surprise to George.

‘I spend much of my time trying to sort the mess and distress left by incompetent will writing companies,’ adds George.  ‘It is often the vulnerable such as the old and the ill that become the victims of these companies. Often, their families have no idea that they have made a will with an unregulated will writing company until it is too late. The resulting emotional and financial wreckage left behind is often distressing.’

The real shock for many people is that there is little or often no recourse against these companies. Unlike solicitors and other professionals, they can trade without insurance. Further, there is no sanction against an incompetent or dishonest individual. Solicitors, like other professionals, are subject to disciplinary proceedings by their professional body. The unregulated will writers however can continue with the cold calling, the knocks on the door and chasing the prams in the local shopping mall.

The warning from George Persson is blunt.

‘No one would ever consider receiving medical treatment from someone unqualified and unregulated. Yet, until promised legislation comes into force, peoples’ hard-earned life savings and legacy to their families continues to be put at risk by the unregulated will writing companies. My advice therefore is simple. If you are considering making a will then contact myself or one of my colleagues here at Thatcher & Hallam. Our initial advice is always free and our prices are readily available elsewhere on our website.