Barclays is being sued by a daughter who claims a botched Will by the bank deprived her of a stake in her late father's London home. The case underlines a wider problem with low-cost wills.
A woman is seeking hundreds of thousands of pounds compensation from Barclays, claiming the bank's will-writing service resulted in her losing a stake in a valuable London home.
Barclays is contesting the claim.
But, in an interesting twist, we can reveal that when the complaint was previously assessed by the Financial Ombudsman Service, the bank was found at fault. The Ombudsman ordered Barclays to pay "a fair and reasonable settlement".
Unusually, Barclays decided to ignore the Financial Ombudsman's recommendation. The matter has now gone to the High Court.
Court documents detail how in 2007 Ebenezer Aregbesola used Barclays' £90 will-writing service to create a Will dealing with his various assets including homes overseas and in London. His Will instructed half of the London home to be given to his daughter, Tinuola Aregbesola, on his death.
The property was owned jointly by Mr Aregbesola and his wife – who was not Tinuola's mother. Because of the joint ownership, on Mr Aregbesola's death in early 2014, the property went wholly to his wife – in contravention of the wishes spelt out in the Will.
In order for the Will's conditions to have been fulfilled, Barclays should have severed the joint tenancy agreement, the court document alleges. This would have enabled half of the property's value to pass as instructed to his daughter. Because this severance process – which the Ombudsman describes as "a simple formality" – was neglected, the joint tenant, Mr Aregbesola's widow, is legally entitled to the whole property which she can now bequeath as she pleases.
The £90 Will service that Barclays offers highlights the danger of cheap Wills, which are often too simplistic to reflect accurately the deceased’s wishes. In this case, the simple formality of severing the tenancy was neglected.
We have covered the dangers of DIY Wills in a previous blog, but it’s important to remember that a Will is one of the most important documents you can write. It’s vital to make sure that it is accurately completed and that all the minute details and correct steps take place.
The increased complexity of family arrangements means that your Will must be reviewed regularly and, whenever there is a change in the family construct, to have it re-written. Where there are new spouses, step children, ex-spouses or children from outside the marriage, your wishes must be really clear and exact to make sure that what you want to happen after your death is carried out.
By using a professional Will Writer you can be sure that they know the exact ins and outs of the law and will be sure to complete all necessary paperwork for your wishes.
For expert Will writing and inheritance advice call Whitebrook Wills on 01985 850622 or contact us online and we will call you.