The Legal Services Board (LSB) provides regulatory oversight of the legal sector. Recently, the LSB proposed restricting the range of people who are authorized to write wills, specifically stripping financial advisors of this ability. It will have to ask the Lord Chancellor to agree to its plans, which are aimed at giving greater protection to consumers. If this restriction actually occurs, clients will likely have to pay more to have lawyers write their wills because lawyers are usually not as interested in will-writing as they are in the probate work that follows that.
See Donia O’Loughlin, Regulator Could Strip IFAs of Power to Write Wills, FT Adviser, Oct. 3, 2012.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
