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Law Firms Should Welcome the New Practice Note on Will Writing and Probate Services, says Flint Bishop
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The Law Society, the body that represents solicitors in England and Wales, has issued a practice note advising that law firms should not actively persuade clients to appoint themselves as executors, unless it is in the client’s best interests to do so.
This comes after recent revelations that an increasing number of banks and will-writing firms are engaging in this practice order to charge hefty administration fees on the estate when the client passes away.
Yet, many estates can be dealt with by friends or family with the help of a solicitor - and at a reduced cost, advises Claire Rudkin, head of wills and probate at leading Midlands law firm Flint Bishop:
“Whilst this latest practice note is directed at Wills and probate solicitors, it is also relevantfor members of the public seeking these services, or people who may have already made a will.
When someone makes a Will, they appoint executors to handle their estate after they pass away. Recent research has shown that more and more banks and will-writing firms are guilty of putting themselves in as executors so that they can charge on the administration of the estate when the client passes away.
It is estimated that a staggering 90,000 people a year find themselves forced into accepting executors specified in their relatives' wills. Consumers are lured in by cheap deals on Wills, then the bank or firm will appoint itself as either sole or joint executor of the Will and charge bereaved relatives large sums of money for executing the estate.
Under the new guidelines issued by the Law Society, firms must now provide clients who are considering appointing an executor with sufficient information to make an informed decision about the appointment and its related costs.
If you are considering appointing a solicitor/executor, it is worth bearing in mind that an executor does not have to be a solicitoror other professional– an executorcan be a lay person - and firms should make consumers aware of the choice available of using either a professional or lay person when appointing an executor.
It should also be made clear that if a lay person is appointed, then he or she is free to engage the services of a professional to assist with the administration of the estate on the death of the client.
These new requirements will apply to all methods of Will writing services, including face-to-face, online and postal packs.
If you have already made a Will, it may be worth checking it over to make sure that you have received the best possible advice.
For further information about Wills and probate, contact Claire Rudkin at Flint Bishop on 01332 226117.
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