Problems with NS&I and probate go much wider says TWM Solicitors’ Walkley

With the news last week of missing savings errors at NS&I and thousands of bereaved families owed up to £500m, but families are often facing, inheritance tax late payment charges for failings at banks and other financial institutions too. Laura Walkley, Partner and Head of the Private Client team at TWM Solicitors, the leading private wealth and family law firm, has a reminder that winding up an estate can involve considerable delays commenting:

“Obtaining information from banks and other financial institutions can be very slow. It can take months and significant chasing to receive paperwork and information that should be straightforward to provide. This delays the whole process.”

“This means families may be unable to accurately complete their inheritance tax returns and pay the tax due within the deadline of six months from death, meaning they can face interest charges for the late payment, even when that’s no fault of theirs.”

“To complete inheritance tax returns and apply for probate, families need clear information on the value of assets when their loved one passed away. Too often, they are left waiting weeks or even months for financial institutions to provide these figures.”

“That’s clearly very distressing for the families concerned, and can be costly too.”