(PRWEB UK) 15 November 2012
A new protocol designed to bring clarity to probate-related dealings between solicitors and banks has been agreed by the Law Society of England and Wales, the British Banker’s Association (BBA) and the Society of Trust and Estate Practitioners. (Full story - Temperley Taylor solicitors offer their approval to the new protocol changes designed to bring clarity to probate-related dealings between solicitors and major banks in England and Wales.)
The protocol covers the exchange of information between banks, advisors and estate practitioners following the death of a bank customer. The changes are designed to ease the administrative burden on family members following bereavement by allowing solicitors to efficiently negotiate the different administrative procedures used by banks for releasing assets held by deceased customers.
The protocol has already been signed on behalf of the major high street banks including Barclays, Lloyds TSB, NatWest, the Royal Bank of Scotland and Halifax, with more financial institutions following suit and covers the handling of credit card, current savings and unsecured loan accounts.
The improvements to previous legislations in the UK follows similar procedures in other counties such as the United States, where more informal processes are put in place to ease the burden on consumers and families, something many solicitors actively encourage.
Temperley Taylor solicitors regularly have to contend with banks in order to obtain the assets of a recently deceased client on behalf of their family and believe managing relationships between banks and building societies has always been a problematic aspect of probate practice.
Speaking on behalf of Temperley Taylor, Nicola Finbow, solicitor stated, “This new protocol provides reassurance for grieving relatives by helping their solicitor to negotiate the different administrative procedures involved in winding up an estate.
“We know all too well of the difficulties and delays caused by the estate administration process in relation to assets held by financial institutions. I’m pleased to now have agreements with the majority of the UK’s leading banks which will provide grieving families with some certainty during a difficult time, and urge more banks to participate in the agreement.”
Temperley Taylor provide legal advice and support for a variety of legal services including wills and probate, winding up estates and lasting powers of attorney. For more information, visit http://www.temperleytaylor.co.uk/wills.php or call 0161 643 2411.