Common Estate Planning Mistakes & How to Avoid Them
Kieran Osborne has been in the financial & estate planning industry for over fifteen years. He’s well known for taking a new and radically different approach to the business of estate planning, which is often viewed as quite a stuffy and traditional industry full of solicitors. We caught up with him to hear all about his company Squiggle, his thoughts on DIY and online wills and the key mistakes people make when it comes to wills and trusts.
What’s your story?
My journey to Squiggle and estate planning started initially in the banking industry. Back then, I was an adviser to a wide range of small businesses. When I listened to the stories and challenges of these businessmen and women, a pattern started to emerge. I couldn’t help but notice that many of their challenges and struggles were often at odds with the banking industry’s relentless focus on profit margins, metrics, and data.
So, when I was headhunted for a senior client-facing role in the legal industry, I didn’t hesitate to make a move, as I believed I could make more of an impact as I believed at the time that this was a more ‘caring’ industry.
However, several months into my new role, it started to slowly dawn on me just how archaic and traditional this sector was as well. I saw so many things that badly needed to be shaken up. Charging the client by the hour led to a transactional culture. There was a poor understanding of how technology could really help the customer and increase customer service levels. The ‘paperless’ office seemed to be a far-fetched idea in many cases, all leading to a culture of silo-thinking, poor security protocols, little or no transparency and poor knowledge sharing. This all translated into an extremely unwieldy and expensive service for the customer with bottlenecks everywhere.
All these challenges represented an opportunity for me and that was when I decided to found Squiggle – to leverage the best of technology, people, and good old-fashioned customer services to provide the customer with an entirely new experience.
What are currently the hottest topics being discussed in relation to Wills, Trusts & Estate Planning?
There are a number of topics that are quite ‘hot’ at the moment. A key concern of mine has always been the ability of a client to access their information at any time of the day, seven days a week. Of course, this has a lot to do with the introduction of the latest technology. But not everybody likes technology for a number of reasons. First, the introduction of any technology can be seen as a threat by many solicitors. Less interaction time with the client means less billable hours. Secondly, solicitors have often felt threatened by the technology themselves. Many solicitors simply outsource their technology to an IT firm without understanding the strategic role that technology can play. Lack of this vital layer usually results in unwieldy ‘legacy’ technology that is costly and complicated.
On the client-side, many of our older clients have generally been technophobes (although that is now changing gradually), and when they’re faced with having to use legacy technology that I spoke of just now, it’s not surprising that many clients prefer the more expensive solicitor interaction (to the solicitor’s glee).
It's my firm belief that technology doesn’t have to be complicated. Mobile devices and better connectivity have enhanced the customer experience massively, driven down costs, improved security protocols, and made it so much easier for family members to collaborate with each other. All these things are vital, especially when it comes down to something as sensitive as estate planning and inheritance matters where you want to keep confusion and miscommunication to an absolute minimum. Technology is absolutely vital.
Something else I hinted at earlier was the issue of bottlenecks. Estate planning can be complex with many moving parts, so it is vital that bottlenecks are kept to a minimum and we can take care of our clients’ documentation as seamlessly as possible.
But it’s not always easy. Let’s take a government department such as the Office of the Public Guardian or the Land Registry which are dealing with thousands of documents on a daily basis. It’s therefore not surprising that these departments can cause huge delays in our comprehensive estate planning process. In some ways, that goes back to the technology point I made earlier. You can’t have excellent customer service without the ability to communicate quickly and clearly. And when there’s a delay from a government department, it is absolutely vital that we communicate that promptly with our customers without them feeling that they’re being charged by their solicitor for writing a letter.
Regulation is also something that has been spoken about a lot. One of my frustrations in the past was witnessing how many ‘middlemen’ and ‘fly-by-nights’ there are in this industry with no self-regulation. And this gives our industry a very bad name. I decided not only to build a team and the technology to eradicate this but also to ‘self-police’ by keeping ourselves to the highest standards possible.
That’s why Squiggle are members of the Society of Trusts & Estate Practitioners, the Institute of Paralegals, and the Society of Will Writers. We’re also a member of the relatively new ‘BEST Foundation’, a governing body for Estate Planners, they have recently sent an open letter to the Office of the Public Guardian with the industries concerns around the Office of the Public Guardian – I fully support this.
In this regard, Squiggle aims to be at the forefront of education in estate planning and we have published our own Code of Conduct and Quality Guarantee on our website.
What are the main mistakes people make when it comes to wills and trusts?
Having dealt with thousands of clients now, the one thing that comes to mind is just how much people underestimate the intricacies of estate planning. It’s all very well saying ‘we’ll implement simple technology’ and outstanding customer service, but everybody’s story is different. Every family has its own unique background and circumstances and it’s important we get to the bottom of each person’s circumstances as quickly as possible without charging an arm and a leg.
So when somebody says to us: “our situation is really quite simple. Just leave everything to my spouse and then down to our children”, I’m tempted to respond with: “hold on, not so fast!” Life is full of unexpected twists and turns. A beneficiary might unexpectedly get divorced and/or remarried? Or they may go bankrupt. What happens then? We ALWAYS present different scenarios to each client, based on what they tell us as it’s important for them to know the potential consequences of each scenario. At the end of the day, that’s the difference between having a will written for you and getting proper advice from a qualified Squiggle Estate Planning consultant.
Squiggle is the company that’s decided to do things differently. We don’t charge by the hour, like most legal practitioners. We’re completely open and transparent. And we seek to educate. We’ve set the bar high for ourselves.
What are your thoughts on DIY wills & online wills?
Cheap DIY wills should not exist in my opinion. You’re talking about potentially leaving your estate to your loved ones and you want to rely on a cheap online will? Really? Why? I just don’t get it.
Of course, online will services do have their rightful place. We even offer it ourselves at www.squiggle.me. But it’s important to maintain that crucial balance, ensuring that there’s somebody who can handhold you through the process cost-effectively with other services such as a Lasting Power of Attorney and additional support and advice when needed.
Remember, you don’t know what you don’t know. I often compare our industry to owning a car. You know a car needs four wheels and an engine, but do you know why you need the pistons and what causes them to go up and down and so forth? Most people don’t need to, but at least they should understand the inner workings of estate planning. That is why you need a mechanic, or, in our case an Estate Planner.
Why should more people consider working with you?
Because we’ve turned the cart completely upside down. Squiggle is the company that’s decided to do things differently. We don’t charge by the hour, like most legal practitioners. We’re completely open and transparent. And we seek to educate. We’ve set the bar high for ourselves.
We ruthlessly audit all documents to make sure they are legally binding. We’ve come across so many wills from competitors where the company hasn’t even bothered pursuing the signing of a will. In our case, it’s so important for us that have a dedicated meeting to ensure this happens. And it’s written into our process.
Another point is security. So many legal practitioners tell their clients they must keep their documents securely, but then they seek to charge their clients for secure storage. That’s unfair and unethical in my view. We guarantee free lifetime secure storage - period.
We also help our clients register all their documents as part of the service. What’s the point of investing in these costly documents if they’re never registered? Again, it’s all part of our service and part of the relationships we are building. We just don’t believe in flooding the market with poorly drafted wills that are never finalised.
What do you do to help the local community as a business owner?
Our communities are what help us keep doing what we love. And to be honest, Squiggle wouldn’t be here without the support of our communities.
That is why there are two parts to our Strategic Partner Programme. Firstly, we have our charities. We know that it is so difficult for small local charities to raise the critical money they need to support their important causes. That is why we provide ‘free wills’ to our partner charities’ donors to help them give to charity in their will. “Legacy Giving” can be such a big income earner for charities and it allows them to make such a huge difference.
Secondly, we partner with local businesses. Employee retention and satisfaction are so important to most businesses, so providing a ‘free wills’ service to our partner companies is a unique way for them to differentiate themselves from their employees.
What have been some of your main achievements since starting Squiggle?
When I founded Squiggle five years ago, it was just me. I am now incredibly honoured to say I have a team that helps me look after a base of over 4,000 clients. It feels great to have had such an impact on thousands of lives and securing tens of millions in inheritance for generations to come. Also, being invited to be a Fellow of the Institute of Paralegals was a very humbling moment.
In addition, many solicitors, financial advisers and other industry professionals have decided not to open their own private client departments. Instead, have partnered with Squiggle, safe in the knowledge that we have the right technology, processes, standards and protocols in place. And I’m proud to say that we have a really great team.
What has the COVID-19 pandemic taught you?
The difficult days of COVID have shone a light on both our humanity and our mortality. We not only cheered loudly for the heroes who have helped keep us safe in the dark days of this global pandemic but we have all been forced to assess what is really important: our lives, our loved ones and our peace of mind.
That’s why we have developed systems, processes and a team around these very values – to help people take care of this very important aspect of their lives – before it’s too late.
After working with us, our clients tell us they feel like a weight has been lifted and that they can sleep peacefully at night thanks to Squiggle – and we love knowing we have helped take care of such an important part of their life.