For many retiring Will writers and estate planning professionals, the Will bank they have built over decades represents more than a list of client files. It embodies trust, service, and continuity. Yet as practitioners approach retirement, a difficult question often arises: what happens next?
The estate planning sector has changed considerably in recent years. More providers are entering the market, operating costs are rising, and clients have increasingly high expectations of service, technology, and compliance. Against this backdrop, passing on a Will bank can feel less like a practical step and more like a professional dilemma: how can practitioners honour their clients’ trust while also realising the value of their life’s work?
Why It Matters
A Will bank is not just an asset; it is also a responsibility. Handled poorly, a transition can lead to uncertainty for clients, fractured relationships, and even regulatory headaches. Handled well, it offers the chance to safeguard clients’ futures while allowing retiring professionals to exit the industry on their own terms.
But for too long Will banks have been seen purely as an administrative burden when practitioners retire. In reality, they hold immense value, both financially and in terms of client trust. The challenge is finding a way to unlock that value responsibly. That’s where the industry needs to step up, with solutions that protect clients and reward professionals fairly.
It’s an issue we need to be more open about; it’s a commercial conversation as much as it is a practical and moral one.
The Options Available
Traditionally, some practitioners have passed their Will banks informally to local solicitors or smaller firms, often with little consideration of long-term client support. Others have simply left the records dormant, creating risks of documents being lost or clients left without proper guidance.
Today, there are better-structured approaches available. Larger estate planning organisations – those with the infrastructure, compliance processes, and legal expertise – can provide continuity of service while recognising the financial worth of the Will bank itself.
As an organisation we are well versed in integrating Will banks into our processes and ensuring the transition for clients and owners is smooth, enabling the full financial potential to be unlocked.
A moral obligation
This is a professional issue. Every Will represents a promise to a client. When a practitioner retires, that promise doesn’t vanish. We as an industry have a duty to ensure those promises are honoured. At the same time, retiring professionals deserve recognition for the trust they’ve built. A well-managed transition can achieve both.
As more practitioners consider retirement in the coming years, the question of what to do with Will banks will only grow in importance. Addressing it requires not only business pragmatism but also a willingness to put clients at the heart of the decision-making process.
Once a decision is made around what you’ve decided to do with your will bank, then it is a case of looking around for potential suitors (and there will be no shortage of them!).
When it comes to maximising the value of your Will bank, you might consider:
1) Collating the average age of your clients. In an investment sense, organisations are generally more interested in a Will bank where the average client age is higher, as this may indicate a nearer-term likelihood of estate administration work.
2) Working out the average estate value. A higher average estate value, coupled with an older client base, can significantly increase the commercial value of your Will bank.
3) Doing your homework on your preferred buyer. You have an obligation to your clients to ensure they are treated fairly and are informed about who to contact in future. While your buyer will, of course, be assessing (“tyre-kicking”) your Will bank, you should be doing the same to them.
And when you’re looking for a prospective partner make sure you size them up, talk to them, check them out in person, and online. Read their reviews, get a feel for how they are going to treat your clients and you. Ask your questions and make sure you’re happy with the answers before you move forward. Like any transition this must work for you just as much, if not more so, than the acquirer.
Alan Gardiner is CEO of Honey Legal
4 responses
Having seen the contents of one of Honey Legal’s Property Trusts, an appallingly drafted document that was definitely Settlor interested and had been sold as a way to avoid nursing home fees, I’d consider that entrusting your Will bank to them might be a mistake.
Excellent article Alan – food for thought for all,of us with a Will bank 👏
This is exactly the position I am in at the moment. I’ve had a conversation with one firm of solicitors who are proactive in estate planning but I have no clear idea how to value my Will Bank – is there a generally acceptable formula for working this out?
Hi Michael, I work with Honey Legal. I can put you in touch with someone who can assist – drop them a quick message at info@honeypartners.co.uk and they’ll be happy to help.
Best, Tom.