Why a CMA investigation into the Will industry is long overdue

A man dies at 79, leaving everything to his only daughter. A few years before, he'd written his Will for free with an online firm. His daughter now discovers this firm is named as her father's professional executor. She calls them, and they tell her how much they'll charge for probate services - incredibly expensive, way above the going rate. She says she'd rather do probate herself. Not possible, they say, because her father has legally appointed them as his executors. She has no choice but to pay through the nose for services she doesn't even want.

Extortionate probate fees are all too common

It's a shocking fact that this kind of practice is happening every day across the UK. This blatant exploitation of grieving families is entirely pre-meditated.

How do they get away with such bad practice?

There are two main reasons: the Will industry isn't properly regulated (anyone is legally allowed to write a Will), and it's very hard to litigate if you're dead.

What prompted the CMA investigation?

We can only assume the number of complaints has risen so much that the Competition & Markets Authority have finally smelt a very big rat. They say they're responding to concerns of misleading advertising, which offers an extremely low initial fee for advice, but does not indicate the final costs can increase significantly. They also mention reports of pressure selling and coercion of vulnerable customers.

Don't be fooled by free or cheap Wills - get proper advice

A Will involves more than you might think. Look for estate planners who train and qualify with STEP - the Society of Trust & Estate Practitioners. This is the gold standard for Wills in the UK.

At Kinherit we go one step further

All of our advisers are either STEP qualified or affiliated with STEP. We also recommend our clients appoint trusted family or friends as their executors, instead of opting for a professional executor in advance, so loved ones can choose the best probate option when it's needed.

We wait with anticipation to hear the results of the CMA's investigation, and will keep you posted.