Law Society leads banking protocol initiative to smooth admin path for grieving relatives
Date Published: 19-08-2009
20 August 2009
Law Society leads banking protocol initiative to smooth admin path for grieving relatives
A labyrinth of time, costs and stress for grieving relatives when dealing with administrative work that needs to be done when a loved one dies has prompted the Law Society to develop a series of agreements with major banks and building societies to help solicitors navigate the different administrative procedures of each bank in the process of winding-up an estate.
The Law Society has joined together with the Society of Trust and Estate Practitioners (STEP) to develop the protocols to create a more streamlined and efficient service to benefit clients and customers, easing their stress and lowering their costs at a difficult time.
The protocols set out procedures agreed with individual banks and building societies to clarify and speed-up the estate administration process. These arrangements are currently in place with HSBC and Lloyds TSB and are the first in a series of agreements with the major banks and building societies, aimed at helping solicitors navigate the different administrative procedures of each bank, where the bank holds assets and the solicitor is seeking to wind-up an estate.
The process of administering an estate involves everything from registering the death, to arranging the funeral and the procedure requires the advice of a specialist solicitor, to work through the administration and prepare all the necessary documents. The Law Society has this week published a new joint protocol with the Nationwide Building Society, the first building society protocol.
Law Society President Robert Heslett said, "Family members who suffer a bereavement are often faced with making decisions about issues like Inheritance Tax and the deceased's income tax affairs. It can be a daunting task and the process can take several weeks with regular administrative delays leading to extra costs due to difficulty in finalising Inheritance Tax or Income Tax liability."
"These practice protocols are a significant achievement, since managing relationships with banks and building societies has long been a problematic aspect of probate practice. They are an excellent example of the Law Society, in collaboration with a key partner organisation, taking a constructive step to assist firms in delivering prompt and efficient service to clients."
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Notes to editors:
The Law Society is working on further protocols with other banks and building societies. The Protocols have been developed by the Law Society Wills and Equity Committee and the Society of Trust and Estate Practitioners (STEP).
For more information contact the Law Society press office on 0207 320 5902
