Did you know that we offer a trustworthy will-writing service? When was the last time you reviewed your will?
Here’s an example which highlights the accuracy of ‘you get what you pay for’.
Barclays is facing a hundreds of thousands of pounds compensation claim, after they offered a £90 will-writing service back in 2007. The claimant’s father used this service to deal with his various assets including homes overseas and in London. In the instructions given, the father asked for half of the London home to be given to the claimant, on his death.
This matter has now gone to High Court. As the will was not written properly, the claimant has lost out in their half of the home. The property was jointly owned together with his wife, who was not the claimant’s mother, the joint ownership meant that on the father’s death, the property went wholly to his wife, regardless of his wishes in the will.
For the will’s conditions to have been fulfilled, Barclays needed to serve the joint tenancy agreement, according to the court. By doing so, this would have allowed half the property’s value to pass on to the claimant. As Barclays neglected this, the joint tenant, is legally entitled to the whole property and can do as they please.
This case was summed up by the claimant’s half-share in the property, is unable to be gifted to them. If Barclays had referred the will instructions to a solicitors, they would have issued a notice of severance as matter of good practice. However, the share in the property is now unable to be gifted, therefore Barclays should pay a settlement to the claimant – in which Barclays have ignored.
Barclays have since stated to Telegraph Money, “the will-writing service was not regulated, therefore it would not have to adhere to the Ombudsman’s findings” which the FOS agreed was correct – yet the FOS stressed that their opinion states that Barclays was at fault.
As you can see, this shows the danger of using a popular, cheap will-writing service, as they are often too simple to reflect accurately the owner’s wishes. Not all will-writing companies are currently regulated, this is concerning as well-known companies such as Barclays offer this service – according to Sonita Hayward, Bolt Burdon Kemp Solicitors.
Simple things such as parents remarrying and re-entering property transactions, can affect a current will, wills including children from former relationships should be reviewed.
Companies are able to offer such low fees for their will-writing, as they are aiming to profit from fees generated by administering the estate as executor, after the testator’s death.
There are growing complexity of family structures, which means administration of estates calls for greater judgement than in the past. There are more frequent cases where an individual or an organisation has been negligent to grasp the legal responsibilities of administering an estate.
If you have used a will-writing service which offered a low fee and are worried about it, or if you want to use a trusted will-writing provider, get in touch with us today on 01909 512 120, email Femi or Ella and see how we can help you.