According to the Association of Lifetime Lawyers in a recent publication in the Law Gazette
Around half of UK adults have made no will provision. In the 45 – 55 age range the absence rate is 45%.
Around 15% of this group have started to make a will. They didn’t finish it.
A further 15% have a will but have not reviewed or updated it in the last 5 years.
Only 25% of survey respondents in this critical age range have an up to date will
Where does the problem lie?
Many in the profession will point out that they are ‘open for business’, willing and able to meet their client’s needs when asked.
Many adults acknowledge that they ought to have a will. So where is the disconnect?
Procrastination & Ignorance
The research found that 48% of adults over 30 who do not have a current, adequate will say that sorting it out is on their to-do list. More revealingly, 43% have had it on that list for over twelve months. People are not actively resistant to getting their affairs in order.
Those 48% are aware that they should do something but are procrastinating, often for long periods of time. They need an additional stimulus to act.
The 52% who are not procrastinating are probably ignorant of the need to make suitable arrangements because they are unaware of the consequences of not doing so. They need to know more.
Reaching out and engaging these two groups addresses part of the problem.
Passive Or Complacent?
Many multi-service law firms had relationships with thousands of clients who trusted them to write their will. Use of the past tense here is deliberate because, in most cases, the firm has been passive in managing that relationship. As a result the information held is outdated and re-engagement becomes ever more difficult.
The consequence of the decision to manage clients passively is that the sector is unable to fulfil its duty of care to keep its clients informed. Firms lack the resources and knowledge needed but perhaps they are also complacent; most firms are struggling to resource new enquiries.
Some of these enquiries are likely coming from the growth in contested estates that 80% of private client lawyers are reporting which is ironic as they are the regrettable outcome of poor provisions being in the first place.
The expertise and insights that private client lawyers rightly pride themselves on cannot be shared with their clients unless those clients actively ask for it. Changing this situation is essential in addressing the problem
Should The Profession Do More?
In our view they can and should do three things that would transform their service provision:
- Decide to transition from passive to proactive management
- Build awareness through innovative education initiatives
- Modernise to Maximise human capacity
Proactive Management
We understand that firms do not have available resources for such initiatives which is why we create our WBT, a specialist outsource service. Our estimating tool shows that firms will gain a significant net value add by transitioning from passive to proactive management. Equally it gives firm control and the ability to communicate and develop relationships with their existing clients.
Innovative Education Initiatives
Firms could become innovative in helping their clients to help themselves. Whilst fee earners may be reluctant to be seen to be ‘selling’, firms could use other non technical resources to:
- Ensure that all their clients are made aware of the value of up to date will provision
- Create engaging jargon free content that helps build awareness that can unlock procrastination and reduce ignorance levels.
- Why not make this content age appropriate and encourage existing clients to share it with their family members
Maximise Human Capacity
The processes that private client fee earners use to engage clients and gather information are, like many in the legal sector, human powered. Whilst in no way advocating these processes be made less human, there are often simple changes that can release significant amounts of valuable human capacity. Extracting 10 – 15% efficiency would enable fee earners to service more clients without needing to work harder
Do More, break the cycle
The profession and the firms that make it up can do more to help overcome the procrastination and ignorance that has it walking into an inheritance timebomb. We can show that this would generate net value to firms and would inevitably help clients avoid the distress of disputes and disappointment that results from poor provision.
The big question is, is your firm procrastinating?