Firms who provide Will writing services and have a significant bank of clients have a duty of care (ref) and should, according to SRA guidelines, seek to engage these clients every 5 years. This is not always easy (ref)
Many rely on their clients to make contact in the event of a major life event. Whilst it may, from the perspective of an aware professional, seem an obvious thing to do. Unfortunately it does not always happen and a significant majority of Wills remain unchanged for years.
Not all life events have the same impact
There are life events that inevitably involve professional legal advice; divorce, business exits and house moves are obvious examples. It seems likely that the private client team will be liaising closely with their family, residential property and commercial colleagues to ensure that Wills are appropriately updated.
Other life changes do not involve professional advice. The death of a beneficiary or executor, remarriage and births in the family are examples. These often require a change a Will but do not routinely involve engagement with a legal professional.
Of these the most consequential is clearly remarriage which happens more than one might imagine
Silver Splitters getting together
The age groups who, according to the ONS, divorce more than any other are those between 40 – 65. Divorce in the over 65’s, the Silver Splitters, has doubled in the last 30 years.
The remarriage rate has, according to ONS figures, been relatively stable at 42%. That is, almost half of divorced people remarry within 5 years. Interestingly the rate of older divorcees, the Silver Splitters remarrying is growing significantly.
So, from a statistical perspective, it is very likely that each willbank will contain a significant number of remarriages every year. These marriages will require Will changes which are complex in nature.
These remarrying couples need professional help more than any other but may not be contacting the Will writer who holds their will.
What can be done?
Some firms will carry on as before. They will continue to rely on their clients to be proactive. They welcome a client call but are resigned to the fact that some of their clients will find another firm and that others will suffer the consequences of an out of date Will.
Other firms will take on the responsibility for proactively engaging their clients. Most likely they will recognise that this requires a focus, skill set and technology that they do not have in-house. This is where we can help.
Will Bank Transformation (WBT) works on behalf of Will Writers to support their drive to re-engage their existing clients in order that they can meet their duty of care. In short we deliver three phases of assistance:
- Isolate and Engage
Using multiple data sources we find out the life and location situation of clients and isolate those that can be engaged. We set up and deliver a personalised and branded ‘reach out’ campaign which invites and enables the client to take a complementary Will Check.
- Respond and Manage
We often resource the response, scheduling and delivering the Will Check within guidelines agreed with our client. Where it’s appropriate we schedule a Fee Earner call, carefully moderating calls with available capacity over time.
- Maintain Communications
Many firms see value in maintaining ongoing communications with their clients and we help facilitate this. Many clients respond after multiple ‘prompts’ which help break through the procrastination many feel. It is something they acknowledge they should do but its often put off to a later date
WBT recognises procrastination behaviour in both Wil Owners and Wil Writers. Our goal is to help firms to overcome theirs so they can meet their duty of care and help their clients to ensure their wishes are met