The Wills, Probate and Estate Planning world has been shocked by a number of recent amendments in the law that will increase a client’s sensitivity to price.
Last Saturday, new changes to the price of a death certificate came into force, tripling the cost to the consumer.
It will now cost £11 per certificate as opposed to the previous price of £4. Although the government has claimed that this is the first rise since 2010 and all increases have been made to cover costs, such increases will place an additional strain on the deceased’s estate.
When an average estate could need to order up to 20 death certificates to ensure that all relevant organisations are aware of potential changes to an estate or ownership status of various assets, costs could rise from £80 to £220.
These latest increases have come into force on the back of the extremely controversial Non-Contentious Probate Fee changes.
The new legislation, which was narrowly voted in by the fourteenth Delegated Legislation Committee by nine votes to eight, will impose increased fees on estates valued over £50,000.
Currently, a flat fee of £215, or £155 if an estate uses a solicitor to apply for probate, is made on all estates over £5,000. From April 2019, estates valued between £50,000 and £300,000 will now pay a fee of £250.
Those between £300,001 and half a million pounds will now pay £750. Estates between £500,001 and a million will pay £2,500, whilst estates priced over £2 million will now pay £6,000 to make a grant of probate application.
Many have speculated that cash poor and asset rich estates may be forced into completing probate procedures without the help of a legal service professional because recent changes will make it unaffordable.
Whilst many may begin to lower their prices to become more appealing to the consumer, legal service providers will find that promoting the services they offer and the expertise within the business increasingly important.
Aligning your business with the Wills and Estate Planning sector’s most trusted and valued organisation could help to set your business apart from the competition.
The Institute of Professional Willwriters (IPW) and Institute of Scottish Professional Willwriters (ISPW) are able to boast an approval rating of ‘excellent’ by 93% of their members’ clients.
When price will become a prominent figure in a consumer’s decision, the ability to highlight the admiration of people using IPW and ISPW member services, will highlight the quality and value for money you are able to offer.
Members of the IPW and ISPW are trusted by the Chartered Trading Standards Institute (CTSI). The CTSI’s Approved Code Badge displayed on members’ websites emphasises the trust the CTSI has placed in the Institute and the quality service that its members provide to their clients. The reassurance that this Badge gives could be the differentiator between an Institute Member acquiring new business and being overlooked.
Ensure that you are able to compete in an increasingly price sensitive environment by becoming a member of the IPW or ISPW.
The IPW/ISPW Annual General Meeting and Willwriting Academy National Conference is fast approaching. It takes place at Drayton Manor Park Hotel and Conference Centre on Wednesday 20th and Thursday 21st March where there will be opportunities to discuss pertinent and changing issues with knowledgeable, like-minded professionals in Wills and Estate Planning.
For more details and to book your place click here.
