Posted: Monday, 11 November 2019 @ 10:19
As has been recently revealed it has emerged that Lloyds Bank has found a large number (thousands) of stored wills in its ‘Safe Custody’ service.
The service was closed to new customers in 2011, but earlier this year the bank discovered that the approximately 190,000 papers still stored there included about 9,000 wills.
As the body STEP observe the discovery potentially creates a difficult situation for families and executors who may have administered a deceased's estate using what turned out to be the wrong will, not knowing that the right one was stored at Lloyds.
The affair has created problems for hundreds of Lloyds' customers, typically where the estates have been distributed to the wrong beneficiaries.
Lloyds have been open about the situation and said those affected will be compensated, including their legal costs.
With respect to legal options for those effected one can make a complaint to the Financial Ombudsman and/or make a claim against Lloyds directly.
From our point of view it reinforces the view that storing wills with a bank/set of solicitors is not a good idea yet so many people do it. Better to store safely at home giving a copy to the executor or storing at the London Probate Service.