A report published by genealogist company Title Research has revealed that the number of Grants of Probate issued to professionals has fallen.
During last year 55% of applications were made by individuals. The figures have also revealed that there had been a rise of 5% of Wills which had failed to appoint executors or where no executor was able or willing to act.
Against the backdrop of the Legal Services Board’s recommendations for the regulation of Will writing and administration of estates, concerns have been raised that costs may increase in the regulated marketplace leading to an increase in DIY applications and the potential for errors in the administration of estates.
Head of Research at the company, Kevin Cole, said “Even with regulation, the risks of DIY probate will remain, such as undervaluing the estate, under paying tax or missing out entitled heirs.” He continued “These figures highlight the need for the regulation of willwriting.
Thousands of people every year end up with poorly drafted wills which do not even name an executor or do not make sufficient provision in their will for a substitute executor if their executor dies or is unwilling to act.”
David De Menezes, Head of Communications at Title Research, pondered the effect of the Legal Services Board’s recommendations in light of these statistics “Currently, only preparing papers for a grant is reserved. If further regulation does come into force, it will be interesting to see what impact this has on the number of consumers using professional advisers to assist with probate. Will more regulation encourage consumers to put their trust in professional probate advice or will it drive up costs creating a barrier for consumers and a rise in mal-administration of estates?”
