It has recently been reported that it is believed that up to 1.5 million families face losing billions of pounds in outrageous legal fees to administer their loved ones Estate following their death.
In the late 90’s and early 2000’s certain Banks were offering budget Wills for as little as £75 each, an attractive incentive for many. However, unbeknown to many of their customers, these sometimes hastily drafted Wills included a clause appointing the Bank themselves as Executors. In many instances the consequences of this had not been fully explained.
As a result, the Banks can then charge astronomical fees when dealing with the deceased person’s Estate. It is not uncommon for these legal fees to include an additional charge of up to 2.5% the value of the Estate. Therefore inheritors of £50,000 can expect to pay as much as £12,500 in addition to the usual legal fees. This is approximately 6 times more than a typical cost expected in dealing with an Estate of this size.
As a result High Street Banks can expect a combined 9 Billion pound windfall from these Will writing services.
If you have a Will drafted by your bank (particularly during this time period) then please check who your Executors are and (if it’s the bank themselves) carefully consider whether or not you are happy for your Bank to act as your Executors.
If you wish to make any amendments to your Will please contact our experienced solicitors at Dixon Rigby Keogh to discuss.