The Society of Will Writers and its Professional Standards Board (PSB) have been monitoring the use of lifetime trusts, namely asset protection trusts, amongst practitioners across the membership and the wider profession for some time now. Concerns have been raised about an apparent rise in the number of practitioners making misleading claims in their advertising, as well as treating them as a one-size-fits-all solution for every client they see.
The complex nature of lifetime trusts often means they attract higher fees; however, it has become increasingly concerning that some practitioners appear to be placing the importance of maximising their appointment value over the best interests of the client. We are further concerned as to the ways in which these trusts are often falsely promoted and advertised, such as for the purposes of avoiding care fees or saving time and money at probate.
The SWW and its PSB have a responsibility to its members, the legal profession, and the general public to prevent consumer harm or detriment. We are fully aware of the potential dangers facing the profession if we do not come forward to take a firm stance against the misuse and mis-selling of lifetime trusts. We have therefore decided to take the lead and produce a clear guidance document that practitioners can follow to ensure their lifetime trust advertisements and promotions are accurate.
The guidance is available to read now by clicking the link below. A copy is also available under the Best Practice section of this website’s members area. Adherence to it is mandatory for SWW members and takes force with immediate effect.
Click here to download the guidance.
We understand that updating literature, including websites, social media profiles and other promotional materials, may not be possible overnight owing to the use of 3rd party web developers or designers. Therefore, members will be given one calendar month grace period to review their literature and align it with these new rules as necessary.
We remind all members that under Section 10 of the SWW Code of Practice, along with the PSB we are empowered to open an investigation into any member where allegations of consumer harm or detriment are made. Such issues may be raised with us as a result of consumer complaints or the reporting mechanisms we have implemented for the wider profession. The findings of these investigations can and will, where necessary, result in sanctions placed on any member who fails to comply with SWW rules. These may take the form of disciplinary measures or, in extreme cases, result in termination of membership.
We thank all members for their commitment to helping promote good practice.