Another successful and engaging Today’s Wills and Probate roundtable took place yesterday with professionals discussing the challenges associated with the coming year.
The event was held at the ICC International convention centre in Birmingham where we welcomed experts from across the sector in anticipation to hear their views and opinions on an ever changing industry which continues to thrive in challenging and economic times.
Delegates in attendance were made up of an expert array of legal firms and professional organisations from the sector seeking to tackle issues of today and potential challenges ahead.
Among the attendees who contributed to the success of the roundtable were Countrywide Tax and Trust Corporation, Legacy Management and Lawyer Checker.
Following the introductions, the first discussion of the day revolved around the probate fees increase which gripped the sector in November last year when it was announced. Delegates talked about the effects of the increase and how it will work in practice.
It was unanimously agreed around the table that the probate fee increase announced by the government has been ill thought out and could be to the detriment of many grieving families.
However, the changes could offer huge opportunities for those companies quick to adapt. Companies willing to fund the fees upfront to secure probate clients could increase their work in the months ahead. Similarly, insurance companies could offer services that help to fund the fees. In the hope of avoiding the issue entirely, some around the table expect to see an increase in the number of trusts.
Overall, there was a shared consensus of confusion around the payment of new fees. Where estates are asset rich and cash poor, is the bill expected to be paid on the date of application or the date of death? Others were worried that an additional cost in such a price sensitive environment will lead to a reduction in people instructing professionals for these vital legal services.
Whatever happens, it means that the profession has, as one attendee said, “a stack more work to do!”
STEP predicted that the cost of probate fraud per year is worth £150 million, stating that 1 in 2 professionals have come across probate fraud. This sentiment was echoed by Lawyer Checker’s key relationship manager, Holly Lewis, who gave an insightful talk on protecting estate funds with the vital product, Consumer Bank Account Checker (CBAC).
Our roundtable sponsors, Charlotte Ponder, from Countrywide Tax & Trusts Corporation gave a stimulating talk about their services and the types of claims made on death. Charlotte discussed electronic signatures and e-signatures and how they can help professionals, further stating that they are recognised across the EU and the Law Commission has confirmed that no further reform is needed.
The Institute of Legacy Management (ILM) highlighted the importance of ensuring people are encouraged to leave gifts in their Wills to charitable causes. Matthew Lagden emphasised that ILM are about to launch a section on their website for probate professionals so that charities and legal professionals are able to work collaboratively in such a volatile economy that can be difficult for charities.
Matthew Lagden, ILM representative, reiterated that probate professionals and charities need to work together; highlighting that changes to probate fees will cost charities £10 million per year and Cancer Research £600,000 alone.
Martin Holdsworth, from IDR Law, commented: “Rarely do you find an opportunity in the probate sector to sit down for a day with so many interesting and leading lights who will undoubtedly be part of shaping this sector for years to come.”
Charlotte Ponder, from Countrywide, said: “Really interesting to hear views of other professionals and as always engaging and enlightening day too. I look forward to the next one!”
Ian Bond, from Talbots Law, said: “Excellent wills and probate roundtable today in Birmingham. Interesting discussions on developments in wills and probate industry in 2019 and beyond. Great to make some new contacts and catch-up with some old friends. An eclectic range of views from participants who have given me lots to consider.”
The knowledge and expertise in the room has left a lot of food for thought; Today’s Wills and Probate will digest the issues and expand upon them in the upcoming weeks.
