Member Article

Court case proves ‘false economy’ of cheap Wills

Using unregulated will-writing service providers is nothing short of a ‘false economy’, according to Eamonn Daly, a partner at Midlands law firm Lodders, speaking ahead of a case to be heard in the High Court next month.

The case involves a major high street bank that prepared a will for just £90 to deal with a client’s various assets, including homes overseas and in London, upon his death.

Under the will of the bank’s client Ebenezer Arebesola, half of his London home was left to his daughter, but because of the way the property was jointly owned with his wife, who wasn’t his daughter’s mother, the property in fact went wholly to the wife, in spite of the wishes set-out in the will.

“In life, you get what you pay for, and the same is true of good advice and effective planning for your estate,” commented Eamonn Daly, a partner in the Private Client team of Lodders, a specialist in tax and estate planning advice, and a holder of the Society of Trust and Estate Practitioners (STEP) Advanced Certificate in Will Preparation.

“This case highlights how it can be a false economy to use unregulated providers, even large and reputable ones, particularly where your estate is sizeable or your family or financial circumstances are not completely straightforward.

“Completing wills is an essential part of estate planning, but you must also consider other steps necessary to ensure that everything works together effectively. Here the client could have completed a simple deed to change the joint ownership arrangement at the same time as the will so that his wishes would have been fulfilled.

“More than ever, clients need properly qualified people to advise on estate planning, particularly as family structures are increasingly complex and private wealth continues to grow significantly.”

According to Eamonn, even well drafted wills may not reflect the circumstances or real needs of the individual unless the right questions are asked and the clients advised appropriately: “This is likely what has happened in this particular case, as questions over the ownership of the London property were not asked, so the pre-existing joint ownership agreement effectively overruled the instructions in the will, and the gentleman’s daughter was left with nothing. She clearly feels left with no option other than to take the case to the High Court; the bank was found at fault by the Financial Ombudsman Service when the initial complaint was filed but was able to ignore the finding as their will writing business is unregulated.”

Lodders’ dedicated private client team is well established both regionally and nationally, and has consistently received the highest rankings in both the Chambers guide to the UK’s legal profession and the Legal 500 Directory. It provides advice in all aspects of wills, trusts, estates and tax planning and care and capacity matters. Lodders Solicitors LLP is an established and thriving law firm based in Stratford upon Avon, Henley in Arden and Cheltenham.

This was posted in Bdaily's Members' News section by Lodders Solicitors LLP .