Solicitors are expensive. Solicitors complicate things. That’s just a fact of life. Or is it?

Fiona Dodd, a Partner at Mayo Wynne Baxter, explains how good advice, at the right time can save clients money and gives some good examples when it comes to will writing. 

I have some lovely elderly clients – I saw them a few years ago. We talked about their family, their children, their property, their hopes and fears about what might happen if one of them dies; their priorities. After a good, long talk, they decided that their wills, drawn up a few years beforehand were just fine, and decided to do nothing. They paid me for my time and advice, and we parted ways. I think it cost them around £250.  

I saw them again recently. They were contacted out of the blue by a company selling asset protection products and Wills. After spending £2,800 up front, they received some very sloppy documentation that they didn’t really understand. They called the provider but found it increasingly difficult to get hold of anyone in the office other than a receptionist. The family were worried and called me in. They cancelled the contract. They have lost their money. 

Having looked at the product they were sold, it’s clear that it would not have achieved what they thought it would. We discussed everything once more, and they have decided to do something that we are all confident will achieve their aims and that they understood. They have paid around £400 for this advice and they, and their family, are much more comfortable with their choice now. 

When we were talking, I mentioned that, if I get it wrong, they can sue me. We all laughed, but I have more than 20 years’ experience as a solicitor, I belong to a profession that is heavily regulated, that requires all its members to have significant insurance and an easily identifiable complaints and redress process. I also give advice. I do not sell a product. I do not have a vested interest in whether a client proceeds with a document or not. I am paid to advise.  

As part of a regulated profession, I am not allowed to stray into areas of law where I do not have any demonstrable knowledge. Because I advise on the administration of estates, as well as writing wills, I know what works in a practical sense, and what doesn’t. I once saw a will that was 26 pages long, looked good on the surface, and clearly had a lot of legal phrases in there, but which on closer inspection turned out to be utter nonsense. The good thing was that we were able to put it right before my client died. Had we not, it would have been extremely expensive for them to sort out.  

A great part of my job is to understand exactly what my client wants. In will writing, I am the expert, but in their family dynamics, and relationships, my client is the expert. We work together to help them make an informed choice about their wills, and what will be best for their family after they’ve gone.    

I regularly have clients ask me about “Asset Protection Trusts” which they have found out about through cold calling, a leaflet through the door, or other advertising. Often the advertising suggests that these can be used to protect against care home fees. This is not true.

If a client comes to us to ask about this, we can provide specialist advice and discuss all the possible consequences before they decide what to do. It is worth repeating. We are not selling a product. We are there to advise.  

There are some great will writers who are not solicitors, and not all solicitors are great will writers. But sadly, at the moment, will writing is not a regulated profession.  

When you are considering making a will, or checking if your present will is still ok, ask these questions: 

1. How much experience do you have?

2. Where will my documents be stored – and do you charge for that?

3. What if I decide not to proceed?

4. What if things go wrong?

5. Are you insured?

6. How are your charges calculated?

7. Am I paying for the advice or the product?

8. Can I appoint anyone as my executor?

This last question is very important. You should not be tied to appointing the will writer as your executor if you have a choice. Administering an estate can be very complex. It is sometimes extremely advisable to have a professional involved, and we will certainly discuss this with you if you feel it may be appropriate. But a professional will writer, solicitor or not, will charge for their services, and if you paid a lot at the start, your estate may end up paying even more later. At least if you can choose your executor, you get to choose who is in control. 

Solicitors are expensive? Solicitors’ complicate things?  

I don’t think so. 

www.mayowynnebaxter.co.uk
0800 84 94 101