Imagine spending years building a secure future for your loved ones, only to have it jeopardised by poor advice.

Unfortunately, many individuals and families discover too late that not all estate planning advisors have the right qualifications, professional insurance, and they’ve charged way over the odds for overly complicated Wills or Trusts.

A recent publication by STEP (Society of Trust and Estate Practitioners) explores a dissatisfaction with standards, transparency, improper advice and incomplete services – which are costing families more than just money.

Mistakes or overly complicated documents can unravel years down the line, leading to financial losses, legal battles, and family conflicts that could have been avoided.

We are breaking down the most common risks of unqualified advice and sharing essential tips for choosing a qualified, reliable advisor to give expert guidance.

• Risks when engaging with unqualified advisors
• What to Look for in a Qualified Estate Planning Advisor

Risks when engaging with unqualified advisors

Costs, Financial losses and Tax Errors

We hear quite often of clients being charged extortionate amounts of money (often thousands) for Wills and Trusts that are being pushed for the purposes of “asset protection” against care home fees. They sound attractive but are overpriced and can be considered deliberate deprivation of assets by local authorities in care fee assessment and are ineffective.

Unqualified advisors may not fully understand and advise you on current tax implications. An oversight or lack of any advice could result in an unexpected tax burden for you or your beneficiaries. Proper advice requires not just tax knowledge, but also an ability to foresee and mitigate future risks.

Inadequate or incomplete documents

Errors such as incomplete Wills, improperly signed Trusts, or ambiguous wording can lead to confusion, documents being void and the initial estate planning advice being completely irrelevant. A qualified advisor ensures that all legal documentation is thorough, compliant and properly executed to avoid such scenarios.

Legal and Ethical oversight

Unlike certified and regulated professionals, unqualified advisors may be not held to legal or ethical standard, leaving clients with limited options to complain when things go wrong. Without regulation there is a greater risk that these advisors might cut corners, over charge, overlook essential details and fail to stay updated on important changes.

Reg Flags: Vague credentials, pushy sales tactics and lack of specialised knowledge.

What to Look for in a Qualified Estate Planning Advisor

Qualifications and Certifications

The first thing to check is the advisors’ credentials – it is a highly specialised field. You can check whether an individual or firm is regulated by the Solicitors Regulation Authority on The Law Society’s website under “find a solicitor”. Other certifications may be STEP accredited, WIQS accredited and a member of the Association of Lifetime Lawyers.

Experience

Ask about previous experiences with your issue specifically. Does the advisor or firm have a history of working with clients in similar situations as yours?

Transparent and clear costs

A qualified and regulated advisor will be upfront about their fees, services and approach. All costs should be outlined at the outset and detail what is included in the service. Time should also be spent explaining your options so that you are able to make an informed decision on how to proceed.

Awareness of legal changes

There is a regulatory expectation that professionals keep up to date with current laws and changes.

Reputation and Reviews

Seek out reviews and recommendations from past clients either online or direct. A trusted advisor or firm will have a solid reputation for providing consistent reliable advice. Get a sense of their professionalism, trustworthiness and success in handling complex matters.

Green Flags: Regulated, insured, clear costs, solid reputation.

Ridley & Hall Solicitors are specialists in providing expert, personalised estate planning services. If you are unsure about your current plan or need guidance from trusted professionals, please contact us.

Chloe Aston – Solicitor