Did Your Bank Arrange Your Will? If So, Beware....
What are the dangers of your bank being your Executor in a will? As Tilly Bailey & Irvine's Martin Brown discusses, it has already been a talking point....
A recent article in Daily Mail highlighted the problem that families have faced when they have discovered that their parents or relatives have appointed their bank to be their Executor.
The banks were entitled under the Will to charge for this service based on their scale of charges. The article gave a number of examples where, in some cases, an administration fee had been charged of £1,500 plus a percentage of the value of the estate as high as 4.5%. These scales were applied without any regard to the amount of work involved or the complexity. There was an example of one family facing a bill of £32,000.
If you have made a Will through your bank you will need to check the terms of the Will and, if necessary, make a new Will revoking the old Will. Some banks have ceased providing Executor and Trustee services so this needs to be checked too.
In the event of you discovering that a bank is an Executor of the estate of a family member then you can ask the bank to renounce the right to take Probate. However, the bank may refuse and even if they agree they are likely to charge a fee to stand down as Executor.
You would be well advised to have your Will prepared by your local Solicitor who can offer independent advice, including on who it is appropriate to appoint as Executor.
Solicitors are regulated by the Solicitors Regulation Authority.
Tilly Bailey & Irvine LLP are accredited under the Law Society’s Wills and Inheritance Quality Scheme Accreditation (WIQS) – A Best Practice Quality Mark for Wills and Estate Administration advice that consumers can trust.
Don't be stung - get in touch with our probate department to finalise a will suitable for you and your family today.