Wills discovered in Lloyds Bank vault
The Financial Times reported recently that Lloyds Bank has discovered approximately 9,000 Wills in storage that they did not know they had
As a result, many estates may have been distributed incorrectly and not according to the deceased's wishes.
Lloyds Bank has reported that they have contacted the families concerned and that in over 90% of the case the Wills had been revoked. Unfortunately, in approximately 10% of the cases families have been put in a difficult position, as the estates may have been distributed incorrectly.
If families did not know that their loved ones made a Will that was stored with Lloyds Bank, the deceased's estate may have been distributed in accordance with the rules of intestacy. These are very strict and outline those individuals who can inherit an estate, namely family relations and blood line.
This error means that it is possible that potential beneficiaries, such as friends and charities which would not be covered by the intestacy rules, may have missed out on their inheritance.
This case shows the importance of storing your Will somewhere that you trust.
You should inform your Executors of this location in order to ensure that your wishes are followed. The Executors do not have to be aware of the content of the Will but they should know where to find it. We always recommend to our client to store their Wills in our secure fireproof strongroom. We offer this service free of charge and it is not limited to existing clients. We also add each Will to our electronic database, allowing us to locate it easily should it be needed.
In addition to storage, we also provide a detailed Will pack which include copies of the Wills, together with details of where the original is stored and the full name and address of the firm. This makes it easy for the family to know exactly who is holding your important information and who to contact should it be needed.
If you are affected by the issue at Lloyds Bank or would like to talk about updating or drafting your Will please don't hesitate to contact the Private Client department on 01245 228125 or privateclient@gepp.co.uk .
