Profession Sees Sharp Dip in Share of Probate Market
There has been a marked dip in the profession's share of the probate market, with grants issued to solicitors dropping by 30% over the past 5 years, the Law Society Gazette has reported.
The figures, released by the Probate Service - part of HM Courts and Tribunals, show that the majority share in the probate market is no longer commanded by the legal profession, who only received 44% of probate grants issued in the last year, but by private individuals to whom 56% of grants were issued.
The concern lies in the fact that the increase in wills not professionally drafted comes with a commensurate increase in the number of faulty wills - the number of wills coming to probate in 2011 that had failed to appoint an executor or had appointed an executor who was unable or unwilling to administer the estate had risen by 5% on 2010 to 15,553.
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These figures highlight the need for regulation in the will-writing profession, to eliminate the mis-drafting of wills. Until the event of such regulation, however, for peace of mind that your beneficiaries are properly cared for after your death it is vitally important that professional advice be sought from a qualified will-writing professional.
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Regulated Will-Writing a Step Closer
Following investigations by the Legal Services Board (LSB) which found will-writing and estate administration services to be below par, recommendations are to be made to the Lord Chancellor that these be made "reserved activities."
Proposals would result in all providers of such services being regulated to provide greater consumer protection in the light of "consistent patterns of sloppiness, simple errors and poor communication," often resulting in an "unacceptable service".
Additionally, regulation would protect consumers against unfair sales practices, fraud and deception, which were uncovered "all too often" in the investigation.
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The LSB has said its proposals are designed to ensure a baseline of protection for consumers, effective regulation, and to enable competition and innovation.
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