Will the industry ever change?
2011 – What a year for the Probate and Will industry. It saw intense media scrutiny, a mystery shopping exercise, a Legal Services Board (LSB) report and a ‘call for evidence’ regarding the industry’s activities.
The need for regulation is being examined with serious intent. And importantly the consumer benefit of alternative non solicitor providers is now widely accepted.
But where does this leave us now, what is the fall out and what do you need to look out for?
2012 – We wait for the results of the LSB’s call for evidence to confirm whether they will make recommendations for regulatory protections. And we also have the Legal Services Act set to shake up the legal industry like never before.
Pavilion Row’s view is that the industry should be and will be regulated but while we wait here’s a check list to help ensure you get the right and best advice.
- Make sure the appointed professional is a fully qualified member of the Society of Trust & Estate Practitioners (STEP). This is an absolute must. Not all solicitors are members of STEP and not all STEP members are solicitors
- Check that the firm has professional indemnity insurance with a reputable firm
- In a Will don’t appoint a professional executor unless you have written confirmation that they will stand down if requested
- For probate, get confirmation of the fees and how they are calculatedRequest a fixed fee for probate. This will be possible in many cases but if not the firm should be able to explain why
At Pavilion Row all client advisors, will-drafters and probate administrators are qualified through STEP. We continue to offer a Will review service for anyone who is concerned.
Also, give us a call before committing to another provider. We are happy to give a quote and provide initial advice without charge.