Superhero webinar 93: the risk managed approach from start to finish
We all know how important managing risk is when taking instructions and completing work for a client; which is why we’ve incorporated risk reduction strategies and features into the Legacy
We all know how important managing risk is when taking instructions and completing work for a client; which is why we’ve incorporated risk reduction strategies and features into the Legacy Software, so you don’t have to. The Legacy Software is the key for risk management, including some features that you may not be aware of or even aware of the risk they are mitigating.
In our time at CTT Group we’ve come across numerous horror stories where risk hasn’t been mitigated effectively which have resulted in disastrous consequences for the clients. Here are just a few of those stories which could have been avoided, had the instruction takers used the Legacy Software.
1. The BBC recently reported on the case of a Reverend in Luton who returned to his home after an extended holiday to find that the locks had been changed and his belongings had vanished. It turns out that a criminal had managed to gain enough ID documents to convince a Solicitor that they lived at and owned the address. Clearly the Solicitor involved here did not complete adequate ID checks on the individual before selling the property on their behalf and transferring the funds from the sale into a bank account in their name.
2. We have recently become aware of a case where an Adviser took instructions and payment from a client for a Will, however failed to complete the Will within a reasonable timescale and two weeks following the instructions being taken, the client passed away. The Will which did not get drafted was to be drastically different from the previous Will the client had. Multiple disappointed Beneficiaries since came forward and claimed against the Adviser who failed to complete the Will within reasonable time.
3. We offer the service of assisting our Advisers, should they ever receive a Larke v Nugus request relating to a Will that they’ve drafted. However, it is all the more difficult to assist with these requests If a Will Clarity Statement has not been completed when the Will instructions were taken. We have seen several cases where the lack of a Will Clarity Statement has opened up the estate to claims of undue influence or lack of mental capacity.
Things you may not know about Will Clarity Statements:
- They can be ordered as part of the Will package through the software.
- Only a few extra questions can prevent a lot of hassle later down the line…
- Can be sent off in answer to a Larke v Nugus request, saving the time and cost of searching through old records.
- They are the only document currently on the market that can protect against these risks.
4. It may come as a surprise, but we have seen cases where witnesses of Wills confirm that they were not present at the time when the Will was signed, therefore making it invalid under the Wills Act 1837. An execution statement is the only way to be certain that the Will was executed validly, preventing any claims against the estate being plausible surrounding execution.
As you can see, there are several things that can go wrong if risk is not mitigated from start to finish, throughout the client process. If you would like to learn more about how the Legacy Software mitigates risk, as well as how to improve your client journey through electronic communication, join CTT Groups Systems Team Leader, Mickey Nagra and Client Care Team Leader, Elizabeth Shimmell on Friday 9th and Monday 12th September for our next Superhero Webinar.
(Friday) 10:00 am - 11:00 pm