Will Writing - January 2012

Published by Financial Adviser | Jan 26, 2012

Combined with the decline of the mortgage market, advisers are constantly looking for new sources of income. One area could be will writing, and many clients are coming to advisers for assistance in their estate planning needs.

Whether advisers train to become will-writers or outsource to a one stop-shop, the opportunities are there for advisers to branch out. An outsourced service can mean a referral from an IFA, but an adviser can also become qualified as well, and develop a whole line of estate planning. But will writing as an occupation is not an easy choice for an adviser - there are a number of pitfalls. For example, the will-drafter has to make sure the testator is not being unduly influenced. It is also important to establish the difference between the terms of tenancy in relation to property.

Overall, the route for clients to gett a will sorted is opening up and advisers are becoming a source of advice for them.There is a system of self-regulation, that attempts to instil some professionalism into the sector. Ultimately an adviser has to decide whether to refer a client on to a solicitor or whether to incorporate will writing into a holistic estate planning business. Either way as clients look for a more professional service they will be resorting to their adviser more and more.

Melanie Tringham is features editor of Financial Adviser