The Law Society has called for the creation of Lasting Powers of Attorney and the setting up and administration of trusts to become ‘regulated activities’.
This follows the current proposals to make will-writing a regulated activity, meaning that anyone who charges for preparing these documents will have to be regulated by an appropriate regulator. At present, a will can be drafted by anyone, not just by qualified professionals. Following a series of mishaps involving unqualified will-writers, calls to regulate this activity were introduced.
In the view of Law Society President Lucy Scott-Montcrieff, it is “important that the proposed new reserved activities capture all activities that the consumer may be offered or provided when making a will or when an estate is being administered.”