Why you should be careful with unregulated wills
The major rise in the number of unregulated will writing companies is a cause for concern across the industry. With a pricing structure designed to undercut most regulated legal firms, these will writers are producing wills as if they were on a factory production line. As a result of this, they do not cover the appropriate detail that is necessary when a will is drafted and, because of this, many people face problems later on when the wills finally get read.
The over-riding issue that people encounter when have had had their will written by an unregulated will writing company is that they will have no legal recourse should anything go wrong. In many cases, these companies are often uninsured so if a will is disputed because of inaccuracies, the chances of getting any legal compensation are very doubtful.
The kind of mistakes that happen with unregulated wills include:
– Discrepancies with the will being witnessed – there always needs to be two independent witnesses who will not be beneficiaries of the will. They also need to have seen the testator sign the will for it to be legally valid.
– Problems with the descriptions of assets and beneficiaries – lack of important detail and clarity leaving the will open to be disputed.
– Legacy issues – problems with wording in the will that can be open to many different interpretations
Unregulated will companies account for around 12 -13% of the wills market and it’s estimated that a similar percentage of people prepare their own wills using off-the-shelf will writing kits. That’s over a quarter of the population playing fast and loose with their assets. This is a risky business.
Clearly, a will is not something that you should leave to chance because the consequences on the family after you’ve gone can be potentially devastating. You should always speak to solicitors who are regulated to perform the task correctly in order to protect your interests and those of your loved ones.
If you are worried about an unregulated will or looking to create a will that is tailored specifically to your needs, please contact us now on 0121 525 2555.