The UK wealth management firm, Chase de Vere has raised the importance over the regulation of will writing, after the Ministry of Justice rejected the idea.  

Chase de Vere believes that will writing should be regulated as a necessary move “in the interests of consumer protection”, given that many people are having their will written by unqualified or uncertified individuals, subsequently leaving them open to a huge tax bill or assets not being distributed correctly. The firm said that it finds the rejection by the Ministry of Justice as “surprising” and “disappointing”, and that writing a will is “one of the most important financial planning decisions that each of us makes”.

“You can prepare your own will and this can work for the most simple of situations, perhaps if all assets are going to a spouse. However, if any conditions are added or if there are any further complications then doing it yourself is a very risky step to take. If you get it wrong your family could be the ones who suffer,” the firm said in a statement.

Most solicitors offer the writing of a will, which usually carries a price tag of around £200, although charges could rise considerably if the individual has more complex finances. Once a will is in place, it requires a review to check for changes in circumstance, such as a marriage, a divorce, children, or simply a change in decision about the beneficiary of the estate.

While it is reported that 60 per cent of the general population die without a will, the high net worth are by no means an exception. In celebrity cases for example, reggae royalty Bob Marley died without leaving a will, even though he knew he was losing his fight against cancer, meaning that his $30 million estate was left without an official beneficiary - only an unsurprising mass of claimants.

"In our experience, wealthier individuals do usually have a will in place. However, many make the same mistakes as other people in not regularly reviewing and updating their wills, meaning they risk their assets not being distributed as they might wish," said Arnie Vashisht, chartered financial planner at Chase de Vere.