For many law, or estate planning firms, the question of what to do with a long-held Will bank arises sooner or later. Whether you're planning to retire, changing the direction of your practice, or simply looking to reduce long-term liabilities, the secure transfer of clients' Wills is an important consideration. At Premier Solicitors, we work closely with firms across the country to take on and manage Will banks with care, professionalism, and regulatory compliance. If you're thinking about selling or transferring yours, this guide outlines what's involved and why choosing the right partner matters.
There are several legitimate and often pressing reasons a firm might consider disposing of its Will bank:
1. Retirement or Closure
For sole practitioners or partners approaching retirement, the future of client documents becomes a serious consideration. Wills are long-term documents that may not be acted on for decades, yet firms are expected to store them safely and securely for the duration. This ongoing responsibility often outlives the firm itself.
2. Refocusing the Practice
Some law, or estate planning firms are choosing to specialise or shift focus away from private client work. In these cases, retaining a Will bank can be an unnecessary administrative burden and legal liability.
3. Regulatory Burden and Risk
The ongoing responsibility for storage, client contact, and retrieval can be substantial. Moreover, there is the risk of loss or damage to original Wills, leading to potential negligence claims. Selling your Will bank to a firm with robust infrastructure reduces these risks.
4. Cost and Storage Concerns
Even in the digital age, most original Wills are physical documents that require secure, fireproof, and often climate-controlled storage. These costs add up over time, especially if there are thousands of Wills involved.
The sale or transfer of a Will bank is not simply a transaction - it's a process that must be handled with care, professionalism, and in accordance with SRA guidance.
Due Diligence
First, a detailed due diligence exercise is carried out. This involves assessing the number of Wills, their condition, and any accompanying documentation (letters of wishes, powers of attorney, property deeds, etc.). Accurate records are key here.
Data Protection and Consent
The firm receiving the Will bank will need to ensure compliance with the Data Protection Act 2018 and GDPR. While clients may not need to give active consent to the transfer of their Wills, they must be notified, and the new custodian's details provided.
Formal Agreements
A formal agreement should set out the terms of the transfer, the responsibilities of each party, and any ongoing involvement. This might include referral agreements for probate work, a purchase price (where applicable), and provisions for future client contact.
Client Communication
Once the transfer has taken place, clients should be informed in writing. This reassures them that their documents remain secure and gives them the opportunity to instruct the new firm or request that their Will be returned.
At Premier Solicitors, Wills and probate aren't a side offering - they are our core specialism. With thousands of active clients and a dedicated private client team, we have the infrastructure, regulatory knowledge, and empathy to handle large and small Will banks alike.
Here's why law firms across the UK have chosen to partner with us:
1. Specialist Knowledge
Our team includes STEP-qualified professionals with extensive experience in Will drafting, probate, and estate administration. We understand the nuances and long-term implications of Will storage and treat every Will with the care it deserves.
2. Secure Storage Facilities
We operate a fully secure, fireproof, and confidential storage system compliant with all legal and data protection standards. Our facilities are regularly audited and insured for the storage of original client documents.
3. Tailored Commercial Terms
Whether you're looking for an outright purchase, a profit-share arrangement, or a referral relationship, we offer flexible solutions that reflect the needs of your firm and the volume of your Will bank.
4. Clear, Professional Client Communication
We handle the transition professionally, ensuring your clients are informed, respected, and never left uncertain. This preserves your firm's reputation and ensures a seamless handover.
5. Referral and Probate Opportunities
In many cases, former firms choose to retain a referral relationship with us for probate work arising from the Wills. This allows them to continue benefiting from the value of their client base without the administrative overhead.
Before initiating a transfer, consider the following:
Have you maintained a complete register of Wills?
- Accurate record-keeping is essential. If Wills cannot be located or matched to clients, the value of the bank diminishes.
Are there deeds, powers of attorney, or files stored alongside?
- These may need to be included or handled separately.
Do you have clients with ongoing matters or recent updates?
- These should be reviewed before any transfer to ensure continuity.
What is your communication plan?
- Clients should be notified in a timely and professional manner, ideally with a personal letter from your firm and the receiving firm.
While Will banks don't always command high monetary value, they represent an opportunity, both for the originating firm and the receiving one. For the seller, it's a chance to ensure your clients' documents remain in safe hands and your firm's legacy is respected. For the buyer, it opens the door to future private client work, especially probate and estate administration.
Premier Solicitors recognises this value and treats every transaction with the care and confidentiality it warrants.
Selling a Will bank is a significant decision, but it need not be a daunting one. With the right partner, the process can be seamless, compliant, and mutually beneficial.
If your firm is considering this step, we invite you to speak with our team at Premier Solicitors. We offer confidential consultations and are happy to guide you through the process, from initial inquiry to final transfer.
Whether you're retiring, refocusing, or simply seeking to reduce your long-term liabilities, we're here to help ensure your clients - and their wishes - are looked after with the professionalism they deserve.
Get in touch with our specialist team at Premier Solicitors for a confidential consultation. We'll guide you through the process, answer your questions, and help ensure a smooth, compliant transition for both your firm and your clients.
Contact david.masterton@premiersolicitors.co.uk, or acquisitions@premiersolicitors.co.uk
Read more blog posts which David has written for this website.
