What is the reporting letter?
The reporting letter is a letter that goes to the client that protects the lawyer from potential liability. It is delivered after the signing meeting and covers issues like:
- Location of originals and safekeeping;
- Changes in circumstances that should trigger a review of the Will;
- Limitations on your retainer so that you are not responsible for advising on changes in the law, independently verifying client’s assets, income tax planning and foreign issues;
- Guardians of minors, beneficiary designations and powers of attorney.
Why is it a good idea to generate a reporting letter?
Delivering a reporting letter on every Will file is an easy way to cover off a number of issues that could give rise to liability for you if there is no evidence that they were raised with your clients. That’s why one of the first questions that LawPro asks if you ever report a potential claim is “was there a reporting letter?”.