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23/08/2009
New probate practice protocols designed to save time and money |
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The process of administering an estate could soon be speeded up, thanks to new agreements between the Law Society and two major banks and a building society.
Writing a will is the best way for people to make certain their estate is divided in line with their wishes, but it does not necessarily ensure that bereaved family members are able to deal with winding up the estate swiftly.
Solicitors and others acting as executors can find dealing with banks and building societies which hold the deceased's assets a difficult and time-consuming process, partly because the organisations have a wide variety of administrative procedures to follow.
The Law Society and the Society of Trust and Estate Practitioners have now agreed protocols with HSBC, Lloyds TSB and Nationwide which are designed to help solicitors by simplifying the procedures.
Robert Heslett, president of the Law Society, said: "These practice protocols are a significant achievement, since managing relationships with banks and building societies has long been a problematic aspect of probate practice."
He added that they would help families by cutting the time taken and the costs incurred in winding up an estate.
Written by Anthony Dyson |
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