Lloyds’ Catastrophic Wills Error Causes Family Inheritance Chaos
Lloyds Banking Group has found that approximately 9,000 wills held by them were not correctly given to families after the death of a loved one. This could mean that many estates have been incorrectly administered, and Lloyds have indicated that they will be paying compensation to those affected.
In recent article in Today’s Wills and Probate, Ryan Taylor provides comment on this:
“The failure to trace Wills for Lloyds Banking Group’s deceased clients has been a very sad and unacceptable situation. Wills coming to light now can in some instances mean that already distributed estates will need to be re-administered and inheritances changed. Families which thought they had already completed this process and their grieving will now have to deal with this all over again.
“As new Wills may mean new grants of probate are required, there is the risk that new claims against estates could be made. Disputes about the validity of the new Wills may arise, but also the limitation period for claims for further provision can essentially be restarted. Claims under the Inheritance (Provision for Family and Dependants) Act 1975 need to be issued within 6 months of the final grant of probate or letters of administration. These new Wills may mean that potential claimants have been given a new chance to make a claim if they had missed the time period previously. The level of compensation Lloyds may have to bear may not be clear for some time.
“Banks were in the past a trusted place to leave valuables and documents, however, branch closures and reductions in services mean this is no longer always the case. Often the best method is to leave your original Will with the solicitor or drafter who prepared the document, and to notify your executors and family where the original is. If you move or instruct a new firm to make a later Will, always have the new firm obtain the originals of your old Wills to avoid confusion.”
The full article was published on 1 November 2019 and can be found here