Are Law Graduates Missing Out?

Industries 
An excellent opportunity to run a professional, time flexible and lucrative Legal services business from home or office, from one of the most recognised and trusted brands in the industry. Minimum start up costs with no previous experience necessary.
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APS Legal & Associates

  Opportunities:
In the UK
  Business Type:
Business Opportunity
  Minimum Investment:
£3,995
  Training Provided:
Yes
  Home-based:
Yes
  Part time:
Yes

There is a large portion of the UK population with no will in place, ultimately meaning the market for this is huge.

There is a staggering 59% of UK adults who have not yet written a will and further to this, 11% of UK adults think that their estate would automatically go to the correct person. This is not the case and, without a valid will in place, a family member may be very shocked to find that, what they thought would be part of their inheritance is going to someone they least expected. Why does our population appear to know so little about leaving their wishes in a will?

This could be down to a number of reasons, one being that it tends to be a subject which people shy away from, adopting the ‘I’ll do it later attitude’. However, £5.5 billion is due to pass between generations in the next 30 years. This is of course an incredibly high figure and is therefore causing the older generation to want to speak about this with their family members. If this isn’t done, then we will yet again see what happened in 2016 where £4.6 billon was paid in unnecessary inheritance tax. So perhaps this isn’t classed as a taboo subject anymore.

If nothing else, these statistics show us that, as so many have not yet written their will but are now starting to want to speak about it, there is a substantial market for will writing and estate planning.

In the last few years, the number of law students has considerably increased, but why is the number getting involved in estate planning not rising? Is this because law graduates find the other areas of law are much more appealing, for example family and criminal law? Or, simply because they think that because will writing is not regulated at the moment, it isn’t something that they need to get involved in? Do they think they are best to refer this work onto a solicitor?

Although this sector is not currently regulated, it is likely that in the foreseeable future will writing and estate planning will become regulated, whether this be the FCA, SRA, IPW or another suitable body, we are not yet sure. What is certain is that, once this sector is regulated, professionals in this sector will need a good foundation of knowledge and hold an accreditation – perhaps this will make the sector more attractive to law graduates.

Although APS Legal & Associates is not regulated, we do act in a regulated way by aligning ourselves with the Institute of Professional Will Writers (IPW). By doing so, this means all of our associates follow the IPW Code of practice meaning that they all follow the exact same procedure. The IPW code of practice is the only organisation in the sector recognised by trading standards.

So why APS?

APS Legal & Associates is one of the most widely recognised and trusted brands in the will writing and estate planning profession. Since being acquired by Simply Biz in 2014, a large company offering support to 7000 Financial Advisers, we have more resource than ever for both our in-house staff and associates. As well as being able to offer more training and mentoring, it also gives associates peace of mind that we are a company with a solid foundation.

Law graduates could start their very own business in estate planning and will writing, with the benefit of having ongoing support from our dedicated legal team.
Although this may be particularly attractive for law graduates, this is by no means restricted to someone with this background.

To find out more, contact us using the form below.

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