As a lifestyle brand, we spend a lot of time talking about legal requirements, usually driven by our expertise in insurance. Whether it’s your car, your home, or your business, insurance is a legal “must-have” that protects your assets today. But what about the protection of those assets tomorrow?
We love talking about cars and for many in our community, these vehicles are more than just transport; they are precious legacies. A question that frequently arises in our circles is: “Who will I leave my car to when I’m gone?” The Aston Martin Dilemma.
We recently spoke with a solicitor from our Law Firm partner who specialises in Wills, Trusts and Probate. She shared a story regarding a client with a rare Aston Martin. The client was determined to leave the vehicle to a specific person, but the conversation quickly evolved beyond just a name on a page. We discussed current and future valuations, inheritance tax implications and the precise legal language required to ensure that a “dream car” doesn’t become a “legal nightmare” for the beneficiary.
Unfortunately, many of us prioritise enjoying life over preparing for its end. Because of this, 61% of British adults, roughly 30 million people, do not have a Will.
The Danger of the “Digital Quick-Fix” Will Writers
A Will for assets like jewellery, property or a classic car is often more straightforward than people realise. However, the rise of the digital “quick-fix” has created a dangerous market for unregulated Will writing.
The Competition and Markets Authority (CMA) recently launched an investigation into unregulated Will writing companies that may be breaking the law. While these services boast they are “faster and cheaper,” the true cost is often hidden for years.
A Partner Solicitors explains the growing concern:
“These unregulated writers look genuine and legitimate on the face of it. The consequences of using them are only now coming to light as the people who used these services pass away. It is only then that the arrangements are unravelled and problems are identified. Some are offering advice that is actually detrimental to the client and their family.”
Cheap Today, Costly Tomorrow
The internet is flooded with adverts promising a Will in minutes for just a few pounds. This has led to several dangerous misconceptions:
- Lack of Expertise: Unregulated Will writers rarely have the same level of training or experience as a qualified lawyer.
- Invalid Documents: Simple errors in wording or witnessing can render your entire Will invalid.
- No Duty of Care: Unlike regulated lawyers, these companies may oversell complex documents or “trusts” that the client simply doesn’t need.
The adage “buy cheap, pay twice” is prevalent here. However, with a unregulated Will writer, you won’t be the one paying the second time, your grieving family will.
The Professional Advantage
When you instruct an experienced lawyer, you aren’t just buying a document; you are buying Professional Indemnity Insurance and peace of mind. Law firms are required to have this insurance, which protects your estate if something goes wrong.
Our advice is simple: Do your research. Will writers must be:
- Qualified: Properly trained in probate law.
- Insured: Backed by professional indemnity cover.
- Regulated: Accountable to a professional body.
Secure Your Legacy
While you focus on enjoying your car today, let the experts ensure its future. We highly recommend consulting with us, for all your private legal requirements. From preparing a robust Will to other professional legal services, VINTTRO, working alongside their legal partner provides the regulated, expert guidance you need to ensure your final wishes are honoured.
Make sure that when the time comes, the person listed to inherit your precious car can actually enjoy the drive.
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