The importance of making a will and the importance of specialist advice was highlighted in the recent BBC television series “You Can’t Take It With You” which showed common situations that require considerable thought and planning.
The series highlighted situations such as second marriages, business owners, farming families and sharia law issues. The programme showed that these problems can be solved using well thought out estate planning from a properly qualified and regulated will writer and estate planner.
The Legal Services Board Consumer Panel recently requested evidence on whether the process should become a regulated service and received 380 case studies from professionals and members of the public in favour of the move.
Despite comments to the contrary, will-writing is seen as a lucrative business. However, the introduction of a new code of conduct for non-lawyer will-writers is considered ineffective by many.
The recent, large increase in the number of people trying to challenge wills is partly as a result of poorly drafted wills. As society becomes more litigious, the circumstances under which a will is made are very important - anyone looking to challenge a will can now call to see the file and circumstances under which the will was drafted. This makes the process of challenging wills more organised and accurate.
Even greater care has to be taken in drafting a will, not only to ensure it reflects the client’s wishes but that the circumstances under which the will was made are correct and documented.
The call for regulation follows last year’s introduction of a new code of practice for will writers. Our wills team often review wills that have been poorly drafted by people who really aren’t suitably qualified to do so. Even when the will is drafted correctly it is often under the wrong circumstances which could give rise to a potential claim.
As the television series demonstrated, the need to make a will - and to do it properly - is more important than ever. Failure to draft it properly can cause significant problems and increase the likelihood of a possible claim or challenge.
Regulation is long overdue as those organisations drafting wills should be suitably qualified and satisfy requirements not only for their knowledge and skill but also the robustness of their procedures, adequate insurance and after care.
For more advice on writing your will or any queries on inheritance tax planning please contact either John Rouse on 01296 880743 or any member of our Wills, Tax and Trusts team.
