Over the past 20 years, an estimated 1.5 million Wills have been written by banks. Many of these Wills have been created for free or for a very low fee.
However, it has now been revealed that in many cases the small print of these Wills gives the bank the right to appoint themselves as executor and take a percentage from the deceased’s estate. This means that grieving relatives could be forced to pay the bank large sums of money for estate administration. For example, on an estate worth around £400,000, grieving loved ones could be paying a 2.5% fee of around £10,000 to administer the estate; something that could be done at a much lower cost.
Each bank has its own scale of charges, but one independent report estimates that banks have got a combined total of £9 billion worth of fees waiting to be charged. Whilst families can ask banks to stand down from being an executor, the banks do not have to agree. Even if they do they may charge a fee to do so.
We can provide fixed fee quotes in advance based on the size and complexity of the estate. If somebody you love has recently passed away and you would like advice on administering the estate, or would like to receive a fixed fee quote, please contact us.
There is a myth that beneficiaries cannot be executors. Beneficiaries can be executors. It is witnesses who cannot be beneficiaries. At Casey & Associates we offer fair, non-biased advice. In most cases it is quite appropriate for family members to be appointed as executors. If you are thinking of writing your Will, or if you have written a Will with your bank and would like a visit from one of our Consultants to review it, please either click here or contact us on 01732 868190.