Wills and Lasting Powers of Attorney - The Importance of using a Regulated Legal Advisor

Many people are unaware that unregulated advisors are legally able to prepare important documents, such as Wills and Lasting Powers of Attorney, on behalf of others. Many of these unregulated advisors are unqualified and uninsured meaning that there

Using a regulated legal advisor for Wills and Lasting Powers of Attorney is very important to ensure that the advice that you receive is accurate and the documents produced are legally valid and reflective of your true intentions. These documents carry significant legal and personal implications, so engaging a qualified professional protects both your rights and the interests of your beneficiaries.

Firstly, a regulated legal advisor ensures that your Will or Lasting Power of Attorney complies with the law. Mistakes, such as improper witnessing of a Will or unclear instructions in a Lasting Power of Attorney, can render these documents invalid. In the case of Wills, this could lead to intestacy, where your estate is distributed according to statutory rules rather than your wishes. With a Lasting Power of Attorney, errors can result in the appointed attorney being unable to act on your behalf when needed. A regulated legal advisor has the training and experience necessary to identify and avoid such issues.

Errors within these documents can lead to costly disputes, delays, or administrative complications for your family. By investing in professional assistance upfront, you minimize the risk of these issues, sparing your loved ones unnecessary stress and giving you peace of mind.

A regulated legal advisor can also provide advice and assistance beyond simply drafting the documents. For instance, they can advise on tax efficiency of your Will or the implications of appointing certain individuals as attorneys. They can also guide you on how future changes in your circumstances may affect your Will or Lasting Power of Attorney and plan for these, ensuring that your documents remain effective. 

Everybody’s situation is unique, and documents such as Wills and Lasting Powers of Attorney should be tailored to your specific needs. Regulated legal advisors are able to draft bespoke documents to achieve your specific aims. For example, in a Will, they can address complex family dynamics, blended families, or specific bequests, ensuring there is no ambiguity that might lead to disputes. They can also protect Inheritance Tax allowances which may otherwise be lost as a result of poor Will drafting. Within a Lasting Power of Attorney, they can help define the scope of authority granted to the attorney, specify limitations or preferences, and include provisions to safeguard your interests.

Regulated legal advisors can also provide advice and suggest ways to avoid potential disputes. Wills and Lasting Powers of Attorney can be challenged on grounds such as undue influence or lack of capacity. A regulated advisor will ensure that you are aware of any potential challenges and take the necessary steps to limit the risks posed by these, including assessing your mental capacity and ensuring your instructions are freely given. A regulated legal advisor will also keep a detailed record of your instructions, which can serve as evidence in court if the document’s validity is questioned.

Most importantly, a regulated professional offers the reassurance of oversight by a governing body i.e. the Solicitors Regulation Authority (SRA). These professionals must adhere to strict ethical and professional standards, including maintaining confidentiality and acting in your best interests. In the rare event of negligence or misconduct, you have access to complaint mechanisms and compensation schemes. It is important to note that, despite being able to prepare Wills and Lasting Powers of Attorney on behalf of others, this is level of accountability is absent with unregulated or informal advisors.

Unfortunately, this lack of accountability can sometimes lead to unregulated advisors abusing their clients financially as recently reported by the BBC - Click here to access the BBC Article .

Given the importance of documents such as Wills and Lasting Powers of Attorney, it is crucial that you receive proper advice from a trusted regulated legal advisor. B&W Legal Limited are regulated by the Solicitors Regulation Authority and our experienced advisors can offer tailored advice and assistance regarding Wills and Lasting Powers of Attorney. If you wish to discuss your Will or Lasting Power of Attorney with us, then please contact our Private Client Team on 01226 733533.