My parents have not provided anything for me in either of their Wills. What can I do?

The change in the law has the potential to place much greater financial risks on suppliers, making it more difficult to exit a contract with a customer of doubtful solvency.  This will place increased emphasis on appropriate financial due diligence and credit checking before entering into supply contracts.

In addition to the obvious issues around financial risk, suppliers will also need to think carefully about how their contracts are drafted.  For example, any form of right that is drafted so as to be triggered on customer insolvency will clearly be problematic.  These could include:

• Retention of Title provisions, which are commonly drafted so that the right to enter premises and retake possession of the goods is triggered on insolvency;
• Provisions for brand protection, which seek to control how goods are dealt with on termination of the contract.

This is potentially a very significant development for many businesses.  We would strongly recommend specialist advice be obtained so that:

• businesses understand the potential increased risks faced; and
• where possible, contracts are updated so that appropriate protections are maintained.

The amount an insurer charges for providing cover is a critical aspect of the underwriting process. The premium must be sufficient to cover expected claims but must also take into account the possibility that the insurer will have to access its capital reserve –it is risk assessment based and the greater the risk, the higher the premium. Historically, insurers of high-rise buildings would have only had to prepare for a loss caused by damage to just a few flats within a building. That is because the design and construction of that building, with the right materials and fire safety provisions in place, should have limited the spread of fire and allowed the damage to be contained –or at least make this an extremely low risk. Now we know that many buildings have been designed, built and signed off in a regulatory system that an independent Government review has found was not fit for purpose. Premiums will reduce overtime but will be dependent upon the perceived level of risk reducing as the regulatory regime, BSA and BSR become more established.

It is  possible for anybody to challenge the validity of a person’s Will.  In reality it is usually the case that challenges are only brought by people who would benefit under an earlier version of the Will  and as such, it is often only people with a financial interest under previous Wills who seek to bring claims which challenge the validity of a Will, or people who would be financially better off if there was no valid Will and the intestacy rules applied.

The position is different in relation to claims under the 1975 Act, where there is a specific list of people who are eligible to apply for an order that a Will does not make reasonable financial provision for them.  This includes spouses, former spouses, children, cohabitees and people who were being maintained by the deceased.  More information can be found at below in the FAQs relating to financial provision.

You may be able to make a claim against your ex-spouse’s estate on the basis that their Will does not make ‘reasonable financial provision’ for you. You will not be able to bring a claim if you have remarried, or if a condition of your divorce explicitly states that you will not make a claim against their estate.

These types of claims are very fact-specific so it is not possible to give a straightforward yes or no answer as to whether any such claim is available to you.  The court will consider all factors which we can explore with you in more detail.

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