August 2010 - Thinking of saving money by using a will writer?

  
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Thinking of saving money by using a Will writer?
August 2010
In this issue:
July 2010 - We know we need wills be we cannot agree on Guardians
June 2010 - Capital Gains Tax Update
May 2010 - How can I avoid the anticipated Capital Gains Tax Increase?
 

Welcome to the Wansbroughs Private Client - Wills, Tax, Trusts and Probate update for August 2010.

A firm of solicitors is always going to tell you to instruct them over a cheaper alternative, but this time we have independent backing! You may have seen the recent BBC Panorama programme looking at Will writing companies. Will writers frequently advertise lower fees for preparing your Will than a firm of solicitors but, as the programme concluded, there are concerns that the services of a Will writer could prove far more costly in the long run, and reduce the value of any inheritance you might be leaving.

Badly drafted Wills
Anyone can set themselves up as a Will writer, with no formal training and no need for any qualifications. Solicitors often end up trying to sort out a badly drafted Will after a death, incurring time and fees that could easily have been saved had a qualified solicitor drawn up the Will in the first place.

Charges for executorships and probate
Many Will writing firms recommend that they be appointed as executors, and this is often where they look to make their money, having prepared the original Will at a discounted price. The costs charged by the Will writer for acting as an executor and dealing with the estate administration may be far, far more than you or your family ever anticipated.
 
Further, there are concerns that Will writers who offer estate administration services may not always hold client money in a proper ring-fenced account, as solicitors must do.
 
Lack of regulation
Will writers are not regulated in the same way as solicitors. So if something does go wrong, you do not have access to any independent complaints panel and you may find that the Will writer has inadequate insurance to cover your claim.

Here at Wansbroughs, our solicitors are qualified and regulated. We can advise you in relation to your Will and give you the peace of mind of knowing that your wishes have been properly recorded.

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As widely predicted, the Chancellor increased the rate of capital gains tax in his June Budget. As from 23 June 2010 a new 28% rate has been introduced. Individuals For...

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The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.

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