Sarah Manuel, Head of Professional Standards at STEP, comments on the impact of bad will advice from unqualified advisers and the financial and emotional issues it can cause grieving families.

STEP, the professional body for inheritance advisors, has published a report today, Wills and Trusts: Buyer Beware: uncovering the impact of unqualified advisors in the estate planning sector.

It draws on the experience of 329 of STEP’s members, mainly in England and Wales. They draft wills and regularly advise clients that have previously been given bad will advice. The report found that:

• 79% have come across cases of wills with errors.
• Over half (54%) highlighted their concerns about rogue firms making false claims about wills leading to increased tax bills.
• The majority of respondents (63%) have come across cases where a will writing company has quoted a fee for writing a will but then charged additional costs not covered within the terms of business.

Sarah Manuel, Head of Professional Standards at STEP, comments:

These findings are sadly not surprising. There is no regulation of will writing in England and Wales. Anyone can set themselves up as a will writer leaving unsuspecting members of the public without protection. All too often, people don’t realise that they have been a victim of rogue will advice until it is too late for themselves and their families.

STEP members have reported many examples of rogue firms and cowboy will writers charging hidden fees and even appointing themselves as executors to exploit vulnerable clients for financial gain.

Full report and release: STEP warns the public against ‘cowboy will’ promises and unqualified, incompetent will writers

Media contact: Ellen Carroll, Nellie PR, 07790 631 547 / ellen@nelliepr.co.uk