A Will is one of the most basic and valuable estate planning tools that an individual can have. It provides a simple yet effective way to determine how assets and an estate are distributed after death.
It is possible, albeit rarely advisable, to prepare a Will yourself, but for the large majority of people specialist and expert advice is sought. For many years, it would be a solicitor who would prepare that Will, but today many people turn to a will writer.
It is important, however, that individuals understand the difference between a solicitor and will writer before they choose.
Regulation
Perhaps singularly the most important point to keep in mind is that will writers are not regulated. It means that anyone can set themselves up as a will writer, even if they do not have any legal qualifications or experience.
Solicitors, on the other hand, are regulated by the Solicitors Regulation Authority and are governed by strict rules and a code of conduct. Solicitors must be qualified to practice and must undertake continuous professional development each year.
Solicitors are also required to hold extensive professional negligence insurance policies that offer a further degree of protection for the clients.
Will writers can choose to be a member of a recognised professional body, such as the Institute of Professional Will Writers (whose members are required to hold professional indemnity insurance), but unlike the regulation of solicitors, membership of a professional body is optional for will writers.
Regulation matters should problems later arise. There is a clear and well-established process to follow with firms of solicitors which allows individuals able to take comfort from a regulator that carries real weight.
Cost
It is often claimed that will writers are cheaper than solicitors, and at face value they may well be. But it pays to look at the small print.
Will writers will typically charge an annual fee for the storage of a Will whereas solicitors do not. Those costs should be taken into account.
Additionally, many will writers will include in their terms and conditions the expectation to act on the estate administration on death, with fees typically based on a percentage of the estate value. This can mean fees can quickly escalate, particularly on high-value estates.
Solicitors do not expect or require that they should be instructed to deal with the probate application and estate administration following the death of a client who used the firm to prepare their Will. The executors and family of deceased clients are free to use whomever they wish. But if instructed, solicitors will typically charge a fixed fee or a fee based on time spent, rather than a percentage of the estate.
Tax planning
In addition to providing direction on the distribution of assets within an Estate, a Will is a valuable tax planning tool. Where an estate is large, families are fragmented, assets are held overseas, or where a business is involved, it is important that the wider tax implications are considered when drafting a Will.
Solicitors preparing a Will will typically bring a detailed understanding of the Inheritance Tax landscape and any other taxes that might arise. In larger firms, such as Bishop & Sewell, they can draw on wider expertise across the firm on matters involving property or a business.
Will writers may be a suitable cost-effective approach for low-value and very simple estates. But for high-value estates or complex family circumstances, individuals are better served by a specialist solicitor.
Contact our Private Client Solicitors
If you are in need of advice or assistance on any of the legal issues mentioned in this article, please contact Olivia Meekin, Partner, or any member of our experienced Private Client team on 020 7631 4141 or email privateclient@bishopandsewell.co.uk
The above is accurate as at 06 February 2025. The information above may be subject to change.
The content of this note should not be considered legal advice and each matter should be considered on a case-by-case basis.
