Becoming a Will Writer and Setting up a Will Writing Business
How to Set Up a Will Writing Business
Setting up a Will writing business in England or Wales is a venture that combines legal expertise with a commitment to helping individuals plan for the future. It's a profession that requires not only a sound understanding of the law but also a compassionate approach to dealing with sensitive client matters. Here's a comprehensive guide on what you need to establish a successful Will writing business.
The estate planning profession
At the time of writing this article, the profession is unregulated. This means that anyone can set up an estate planning business and can do so without qualifications or insurance. This is NOT something which is advisable.
Size of the market:
In England and Wales, it’s suggested that over 60% of the UK adult population don’t have a valid Will. With a population in England and Wales of 60.2 million (according to the ONS) there is plenty of opportunity to establish and grow an estate planning business.
Who sets up a Will Writing Business?
Lots of people have established successful businesses in the estate planning industry but it suits those who have a friendly and supportive nature. The profession lends itself to accountants, financial advisers, and those with professional service experience. Over the years we have known police officers turn Will writers…
What estate planning firms sell:
Wills
Lasting Powers of Attorney
Trusts (both lifetime and Will-based)
Will and Document Storage
Estate Administration
How much can an estate planning business make?
An estate planning business is likely to generate as such as the effort that’s put into the running of it, but it’s not unreasonable for a one-person estate planning firm to generate £100,000 per year.
We have got clients whose businesses are generating north of £250,000.
A particular client is generating £70k per month and starting with us as a sole practitioner now has a team of 10 people within the business.
What needs to be considered when thinking of starting an estate planning business:
Understanding the Essentials
Before diving into the specifics, it's crucial to grasp the basics of what a Will-writing business entails. This service involves creating legal documents that dictate how a person's estate should be managed and distributed after their death. As a Will writer, your role is to ensure that these documents reflect the wishes of your clients accurately and are legally binding. The role facilitates the need for capacity assessment, to be able to listen and identify a client’s needs and to accurately draw up the documentation required. You may also be required to support with the facilitation of tax advice and keeping clients up to date with legislative changes. As such you’ll want to create a network of educated and supportive people around you.
Insurance: A Safety Net for Your Business
Insurance is paramount in this line of work. Professional Indemnity Insurance is a must, as it protects you against claims of negligence, errors, or omissions in your Will writing. This insurance is not just a safety net for your business; it also provides reassurance to your clients that they are dealing with a professional who takes their responsibilities seriously. If you decide to become a member of any of the self-regulatory bodies/membership bodies, then they will insist on proof of insurance.
Investing in Will Writing Software
It’s no longer practical to draft legal documents by using precedents. Having reliable Will writing software is indispensable. This software streamlines the drafting of Wills, ensuring accuracy and compliance with legal standards. It should also give you back-up and protection against future claims. Look for software that offers a range of document types, is user-friendly, and includes features for complex Will structures. It should also be regularly updated to reflect any changes in legislation.
Considerations include:
WillSuite
Arken
Countrywide
Do I need other software?
Yes, you should also consider investing in a CRM system and email marketing platforms. A CRM system is a also known as a ‘Client Relationship Management’ software solution. It enables you to securely store client data, manage client interactions and communication as well as collecting reviews etc.
Options like Hubspot are free (with paid ad ons) but solutions like WillSuite have an inbuilt CRM solution. You might also want to consider options like TomCRM which is becoming increasingly popular with estate planning businesses.
How much does Will-Writing software cost?
Software costs vary depending on a number of factors including; document production volumes, the number of people requiring access to the software, the functionality required etc. Some software packages charge by the document and some charge by the user.
Many solutions will offer a free demonstration or trial.
You might choose to speak to a number of existing practitioners regarding their choice of software and to establish any recommendations. Feel free to reach out to us and we can make an introduction to some of our clients if that helps. They’re all friendly and supportive and would be happy to offer you advice as you progress on your journey.
Business Support: Building a Strong Foundation
Starting any business can be daunting, and having the right support is crucial. This can include mentorship from experienced Will writers, legal advice, and business coaching. Additionally, consider joining local business networks to connect with other professionals and potential clients. Online resources, webinars, and workshops can also provide valuable insights into running your business effectively.
Notable solutions include:
Becoming a client of Legal Growth
Attend the Legal Growth Conference every year
Attending industry-specific meetings
Qualifications and Membership: Establishing Credibility
While you don't need a law degree to write Wills, having relevant qualifications can enhance your credibility and expertise. Courses in Will writing and estate planning are available through various organisations (including The College of Will Writing and The Institute of Professional Will Writers). Upon completion, you can become a member of professional bodies such as The Society of Will Writers or The Institute of Professional Willwriters. These memberships not only bolster your credibility but also keep you updated with industry standards and regulations.
Marketing Your Services
An effective marketing strategy is essential to attract clients. This includes building a professional website (and maintaining it), utilising social media (to establish a presence), and engaging in local advertising. Networking with solicitors, financial advisors, and funeral directors can also lead to referrals. Remember, your approach should be empathetic and respectful, as you are dealing with sensitive and personal matters. Here at Legal Growth, we offer 30 minutes of free support for those looking to get into the profession and can advise on routes to market and how they’ll align with your strategic aims.
Continued Professional Development
The legal landscape is ever-changing, and staying abreast of new laws and practices is vital. Regularly attending seminars, workshops, and courses will not only keep you updated but also enhance your professional development. This is often a requirement of the membership bodies, too.
Membership bodies to consider include:
STEP - The Society of Trust and Estate Practitioners
SWW - The Society of Will Writers
IPW - The Institute of Professional Will Writers
BEST Foundation - British Estates Succession and Trust Practitioners
Ethical Considerations and Client Relationships
Maintaining high ethical standards and building strong client relationships are the backbones of a successful Will-writing business. This involves confidentiality, transparency in your services, and a clear understanding of your client's needs and expectations. It’s important to keep notes of client interactions within your CRM system.
Starting a Will-writing business requires a blend of legal knowledge, business acumen, and interpersonal skills. By ensuring you have the right insurance, software, qualifications, and support, you can establish a reputable and successful business. Remember, at the heart of your venture is the responsibility to help individuals make important decisions about their future, making this a profoundly rewarding profession.
This is article was written by Tom Stansfield - founder of Legal Growth, and formally Sales and Marketing Director at The Society of Will Writers and Head of Growth at WillSuite. He has presented to and trained over a thousand estate planning professionals over the last 14 years and has helped estate planners (clients) to grow their businesses. One notable success is a client who in a matter of two years took a business trading £5k per month to £70k per month. He is also one of the co-founders of TomCRM.
