Are the Banks Cashing In on Wills?

Much has been written in the press recently about grieving families paying thousands of pounds to Banks to administer a loved one’s estate. This has come about as a result of a Will Writing Service many Banks offered in the late 1990’s and early 2000’s where the Bank was often appointed as executor. In some circumstances it is appropriate and advisable to appoint a professional as executor, for example, if an estate is complex or it is suspected family members would not be able to get along and work together. However, typically the Banks reserved the right to charge fees for their services far in excess of what families considered fair and proper given the size and nature of an estate.

If you have one of these Wills appointing a Bank as executor it is not too late to rectify the situation. A Will can be changed any time before death if you still have the mental capacity to do so. After death the beneficiaries can ask the Bank to renounce i.e give up the right to administer the estate if work has not yet commenced.

If you would like to review your Will, write a first Will or discuss the appointment of professionals as executors, please contact our Wills department on 0161 624 6811 option 3 or email Rachel Damianou on rld@wrigleyclaydon.com for a free initial consultation.