The Law Firms Selling Their Will Bank! Do you know the risks?
The Law Firms Selling Their Will Bank!
Do you know the risks?
Creating a Will through a law firm often includes storing it securely in a “Will bank”. However, the sale of these Will banks by law firms to other firms or third parties has become increasingly common. While this may seem like a routine business transaction, it can cause significant issues for clients and executors. Here are the key risks associated with Will bank sales and what you should consider to protect your estate.
The Impact on Executors
When a law firm sells its Will bank, the Wills and legal responsibilities, including executor appointments, may be transferred to another firm. If the original law firm is also named as an executor in the Will, the client could end up with an unfamiliar firm acting as their executor. This can create confusion for family members and executors, especially if the new firm has different practices or fee structures. Executors might also face delays or challenges in locating the Will, particularly if they were not informed about the transfer.
Increased Costs and Service Quality
One major issue is the potential for increased probate costs. The purchasing firm may charge higher fees for probate services, diminishing the value of the estate for beneficiaries. There is also the risk that the new firm may not have the same level of legal expertise, leading to errors or delays in administering the estate.
Privacy and Security Concerns
Selling a Will bank means that sensitive personal information is passed to a third party, potentially raising privacy and security issues. While data protection laws apply, the risk of breaches increases with each transfer.
Steps to Protect Yourself
- Ask about Will Storage Policies
Ensure your law firm will notify you of any sale or transfer of your will. - Update Executor Appointments
If the law firm is named as an executor, consider appointing an alternative trusted local firm of solicitors. - Keep Copies of Your Will
This helps your executors locate the original if issues arise. - Review and Update Regularly:
Periodically check your Will and the status of the firm holding it to ensure everything remains in line with your wishes.
Conclusion
While selling Will banks is a legal business practice, it can lead to significant complications for clients and executors if not properly managed. By staying informed and taking proactive steps, you can ensure your Will remains secure and your estate is managed according to your wishes.
How can we help you?
If you would like Kerseys Solicitors to store your Will for you, please contact please contact a member of our Private Client team at Kerseys Solicitors in Ipswich on 01473 213311, Kerseys Solicitors in Colchester on 01206 584584 or Kerseys Solicitors in Felixstowe on 01394 834557 or email us at [email protected]. Alternatively visit our website and click “Call Me Back” and a member of our Private Client team will be happy to contact you at a time that is more convenient to you.
Our team will ask you to supply a copy of your Will (or original Will) prior to your in person or online meeting and one of our Private Client Solicitors will review your Will and provide you with your Will health-check at your meeting for a fixed fee.
