Solicitor kept List of Assets

Jake'sGran

My OH and I made our wills a few months ago and it was decided, together with the solicitor, that we didn't really need to have anything special in our wills i.e. trusts. I typed out a list of my assets and my husbands. The solicitor asked could she keep the list and I agreed but since then I have been wondering why she would want it. She is not one of the trustees so I cannot see what use she would have in knowing the details of my finances.
I am about to put some of my assets into my husband's name to even things out a bit in which case the original list will be obsolete. Can anyone think why the solicitor would want this information. Yes, I know I should have asked at the time but I ddn't.

dunstonh

Solicitors, like financial advisers, have to justify and prove their legal advice was correct. By having the list of assets on file, they have a record that supports the decision to not have anything special in the wills. Without that, you could come back later and say you had all sorts of assets and that a more advanced will was required. I guess the solicitor is doing what everything in a profession does nowadays and that is protecting their backsides in this ever growing compensation culture.

Jake'sGran

Thank you Dunstonh. The list did show that I am a bit over the limit and she did ask why I had a problem about paying some IHT which I thought was a rather weird question. However, I am now taking steps to even things up. Our parents were poor and I paid plenty of income tax and when one thinks of the trouble some wealthy people go to to minimise tax in general I am determined not to pay IHT.

localhero

The solicitor should have advised you on the pros and cons of certain causes of action and to have advised on how any inheritance tax liability could be minimised or eliminated.

Seems strange to me why they thought it odd that you would like to avoid paying it.

Certain causes of action to avoid it are very simple and cost effective. Sounds like you had a bad deal.

Shop around next time or visit www.ipw.org.uk for some good free information on making a will.