STEP reveals sharp practice in UK will-writing market
Published: 27/01/2011
Incompetence and dishonesty in the UK will-writing market is widespread, according to a new report by the Society of Trust and Estate Practitioners (STEP). In a survey of STEP members, three quarters of professional trust and estate practitioners questioned had encountered cases of ‘incompetence or dishonesty in the will-writing market’ in the 12 months prior to our survey.
The findings showed hapless consumers were subject to invalid wills, false claims, disappearing wills and will-writing companies, hidden fees and fraud in estate administration. The results highlight the need for those will writers who charge money to be qualified and insured.
Examples of shoddy practices include one consumer who was charged £12,000 up-front for executor services only for their family to find the firm involved had gone out of business not long after, vanishing with their wills and money.
There were reports of high incidences of will-writing companies going out of business and their clients’ wills subsequently disappearing. This is despite many of the clients paying substantial sums for the safe storage of their wills. In another example of sharp practices, one company approached young mothers in shopping malls, telling them their children would be taken into care after they died if they failed to make a will, frightening them unnecessarily.
STEP believes that the public should be better protected by requiring minimum standards of qualification and effective insurance.
Chief Executive David Harvey said: “This research shows how widespread shoddy will writing has become and it is clear those who charge a fee for writing a will must have appropriate qualifications, and they must have proper indemnity insurance. The Scottish government has gone some way towards protecting consumers with the regulations of will writers but people will remain at risk until regulation is extended to include estate administrators across the UK."
Source: STEP Journal
Content correct at time of publication