Private client solicitors must think outside the box

While many clients initially feel triumphant at having found 'no frills wills', far too many have been hit by the consequences of badly '¨drafted wills further down '¨the line, which have proved costly to their estate in terms of inheritance tax and '¨estate claims.

Our private client team have just completed a very busy 'free wills' month, which highlighted just how many people fail to make these vital documents - despite the fact that in many cases, personal circumstances would not allow their wishes to be followed under the intestacy rules without one.

With as much as 60 per cent of the population not having wills, should we as private client lawyers be doing more to promote the advantages of drafting a will? In fact, are there things we could actually learn from the will writers in terms of promoting our services?

All too often wills are thought of as the 'poor relation' in terms of the revenue that they generate. After all, they are often a loss leader and certainly don't produce as much profit as estates, powers of attorneys and trusts. However, the smart companies know that a simple will can lead to so much more business. Impress a new client with sound, wide-ranging advice regarding options within a will rather than a checklist, and you can retain that client for life, leading to an increase in work in other areas.

That's not to say that the 21st century, in conjunction with the will writers, hasn't brought with it some challenges. It is crucial that we don't disregard the next generation of clients, many of whom are so internet savvy that they are more likely to be educated about wills and protecting their future from online sources or news features.

It is time to challenge the traditional routes to market '¨and think beyond the 50 plus demographic. This is certainly what we are encouraging with robust marketing and client care initiatives. We've made the under-thirties, who often assume they don't own anything of value, aware of how much their technical wealth (such as their iTunes account) could be worth, and used influential key messages to reach and educate the decision-making of parents and grandparents. And we are seeing younger generations considering their own futures '¨as a result. It's all about knowledge and education.

We must be doing more to promote clients to draft wills '¨at an earlier age. After all, we're not just in the business of selling wills - we also have a responsibility to dispel the myths surrounding them as to how a person's estate could be dispersed without one.

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