STEP warns the public against ‘cowboy will’ promises and unqualified, incompetent will writers

Dishonest, unqualified and incompetent will writers are costing people millions in extra tax, causing significant distress and leaving grieving families to deal with the financial and emotional consequences of bad advice.

STEP, the professional body for inheritance advisors, is publishing a report today, Wills and Trusts: Buyer Beware: uncovering the impact of unqualified advisors in the estate planning sector.

It draws on the experience of 329 of STEP’s members, mainly in England and Wales. They draft wills and regularly advise clients that have previously been given bad will advice. The report found that:

• Over half (54%) highlighted their concerns about rogue firms making false claims about wills leading to increased tax bills. 
• The majority of respondents (63%) have come across cases where a will writing company has quoted a fee for writing a will but then charged additional costs not covered within the terms of business.
• Just over half of those surveyed (54%) have come across firms making false claims about the wills they are selling to clients. Of those, 71 people mentioned that advisors had wrongly told their clients that they could avoid care home fees by putting their home and other assets into a trust during their lifetime. Some clients have been advised to gift their house during their lifetime. Both of these are considered to be deliberate deprivation of assets and are ineffective for care assessment which can lead to serious problems.
• A third of respondents had come across cases where incompetence has led to significant tax bills, with examples of tax charges in many instances in the tens or hundreds of thousands of pounds and in a few cases up to £2 million.

Further independent* research commissioned by STEP, which surveyed 2,000 members of the public in the UK aged 18 and over, found that:

• 49% of those surveyed do not have a will, increasing to 65% among people aged 45-54.
• Of the 51% who have a will: 
  • 55% got their will from a qualified solicitor/will writer.
  • 22% got a low cost will online (only 3% of people checked that the online will writer was qualified) – increasing to 32% of people aged 18-24.
  • 22% wrote their own DIY will – increasing to 34% of people aged 18-24.

Sarah Manuel, Head of Professional Standards at STEP: ‘These findings are sadly not surprising. There is no regulation of will writing in England and Wales. Anyone can set themselves up as a will writer leaving unsuspecting members of the public without protection. All too often, people don’t realise that they have been a victim of rogue will advice until it is too late for themselves and their families.

‘STEP members have reported many examples of rogue firms and cowboy will writers charging hidden fees and even appointing themselves as executors to exploit vulnerable clients for financial gain.

‘False promises about avoiding care home fees and misleading advertising are commonplace. Far too many people are lured into thinking getting a free or cheap will online will save them money when this is not always the case. Our members have seen cases where unscrupulous will writers have added in thousands of pounds worth of hidden charges, and people have been left with huge tax bills.’

Drafting a will can be complex and it is crucial that will writers are trained, and have a recognised specialist qualification with proven experience and insurance.

STEP has written to the Competitions and Markets Authority (CMA) as part of its investigation into the unregulated legal services market – putting the case forward for regulation alongside the need for high-quality training and greater recognition of specialist will qualifications.

STEP warns that in the absence of regulation, people need to think carefully about who to choose to write their will. It recommends that you:

• Check qualifications and credentials and shop around.  
• Watch out for red flags such as false claims about avoiding care home fees or saving your family members time and money. 
• Always read the small print and watch out for hidden fees with cheap or free wills.

People can find a STEP member in their area who specialises in writing wills by visiting Advising Families.

To download a copy of Wills and Trusts: Buyer Beware: uncovering the impact of unqualified advisors in the estate planning sector with its full findings and advice on how best to avoid cowboy will writers and rogue firms, visit https://www.step.org/research-reports/wills-and-trusts.

ENDS

For more information, interview and case study requests, please contact Liz Skinner, Communications Manager, STEP, email [email protected], call + 44 20 3752 3706 or please contact Ellen Carroll at Nellie PR. Email: [email protected] Tel: +44 (0) 1392 927746 or Mob: +44 (0) 7790 631 547.

*Research conducted by Censuswide, on behalf of STEP, the professional body for inheritance advisors, with 2000 general consumers (18+) between 10.08.2023 and 14.08.2023. Censuswide abides by and employ members of the Market Research Society which is based on the ESOMAR principles.

About STEP, the professional body for inheritance advisors

STEP is the global professional association for practitioners who specialise in family inheritance and succession planning. We have more than 21,000 members in 96 countries. STEP works to improve public understanding of the issues families face in this area and promotes education and high professional standards among its members.

STEP members help families plan for their futures, from drafting wills to issues surrounding international families, protecting the vulnerable, family businesses and philanthropic giving. Find out more at www.step.org