Have you
made a will?
This is a
matter we all think about but put off to another day. Me included!
Now I’m not
writing this to say you should. I assume that is obvious to most of us. But the
real question is - who does it for you? Will writing is not an activity which
is presently reserved to lawyers. This means that anyone can set themselves up
in business writing wills even if they have no legal qualifications.
This can
lead to major complications. In fact it is a minefield.
There are
very strict rules concerning the proper execution of a will. The reason is
obvious – by the time a will is found out to be ineffective it is too late to
correct it. So errors such as having the incorrect number of witnesses, or
having a beneficiary as a witness, can make the whole document worthless. This can
have a devastating effect keeping many from inheriting what the deceased person
intended.
So let’s
say Mr. Blogs has fallen out with his close relatives and wants to leave all of
his money to a neighbour who has looked after him for years. He makes a will
that effect but it turns out that the will is not properly executed, or has
been lost altogether because the will writer has disappeared. The neighbour may
get nothing and the estranged family inherit everything.
In a recent
report the Legal Services Board – the overall regulators for legal services
have called for this work to be far more closely monitored. This is not before
time. Making a will is the only opportunity a person has to say who will get
what they leave behind. If shoddy work ruins that intention the ones at fault
should be accountable.
Anybody can
make a mistake. So just because a will writer is regulated, that does not make
them perfect. But what regulation will provide is protection for the consumer.
Law firms are subject to strict regulation. It is also compulsory for lawyers
to have indemnity insurance. So if they do mess up a will they can be held to
account. The problem with entirely unregulated will writers is that there may
no comeback at all if something goes wrong.
So this is
very good news for all consumers.
And I really
must get round to making a will.
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