Banks and “unethical” Wills

Banks and unethical WillsOne of our business partners Kings Court Trust has recently commented upon the unethical stance of some banks stretching back to the 1990’s.

I recall the offer at the time was along the lines of get your will drawn up free by one of our bank advisers and then see one of our financial advisers (salespeople!!!) to flog you irrelevant sales poroducts (think PPI and endowment policies for example) and then put the bank in as your executors to fleece your famiolies when you are dead! Is it any wonder why these institutions are held in such low esteem? Read on…

British banks have recently hit the headlines for their unethical approach to Will writing back in the early 2000s and late 1990s. It has been revealed that a staggering 1.5million grieving families could lose thousands of pounds after they were sold dishonourable Wills by the banks.

Numerous British banks offered cheap Will writing services to their clients, creating Wills for just £75 or sometimes even providing the service for free. To put this in perspective, the average cost of creating a Will is estimated to cost between £100 and £300 when written by a Will writer or a solicitor. However, the banks were offering their Will writing service at a significantly lower price.

During the Will writing process, the bank would attempt to appoint themselves as their executor, in return for an estimated 2.5% share of the estate. This percentage fee may not seem like a large amount but it can easily leave the family unnecessarily losing thousands. If you take the average UK estate value of £147,134for example, the cost payable to the bank could total more than £3,678. This could easily escalate with a more expensive estate. It is extremely likely that the fee to the bank would outweigh the cost of administering the estate.

Many families were unaware that the bank had been appointed as the executor in the small print so it could come as quite a surprise at an already difficult time. It has been predicted that the banks could collectively pocket £9billion from Will writing services.

As one of the UK’s leading estate administration providers, we understand what is involved in the estate administration process and we know that every estate is different. That’s why we calculate the cost of administering an estate by the amount of work involved. Our specialists take the time to learn about the details of the estate and then provide an accurate, fixed price quote based on the information obtained.

Many banks continue to offer Will writing services today so it’s important to be aware of what you are agreeing to when creating a Will with a bank. Lloyds will charge 2.5% on the first £1million of an estate. Natwest and RBS charge £1,500 along with 2.5% of the estate, with a maximum fee of £15,000. In order to avoid any unexpected costs when the time comes, ensure you have complete clarity on the wishes you are leaving in your Will.

We’re experts in estate administration and our sole purpose is to help families move on. With our unrivalled knowledge and vast amount of experience, we can advise on any situation. If you have any questions regarding estate administration, call our Client Services Team on 01752 401401.

Source: http://www.thisismoney.co.uk/news/article-5850225/Now-banks-cash-wills-1-5M-families-face-losing-billions-rip-testaments.html

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James Dalgleish
James Dalgleish
12:39 29 Nov 19
Nick was great helped us set up new Wills and we also set up LPA's following the birth of our first child.
Andy Kebby
Andy Kebby
18:19 18 Sep 19
My wife and I got brand new Wills and it was so easy, the process from start to finish was pitched so well. Nick who saw us was professional and he discussed everything thoroughly so we were aware of every option available to us. I highly recommend Trevor and his team.read more
Becky Candler
Becky Candler
19:20 15 Sep 19
Straight forward process, paperwork prepared at short notice, cannot fault customer service. Many thanks to Nick.
Steve Molloy
Steve Molloy
16:22 04 Sep 19
Myself and my partner have just made our first wills with Trevor at Portcullis. He made the whole thing very easy and straight forward, in a relaxed and friendly manner. Nice friendly, welcoming and professional service.read more
Tracy Tracy
Tracy Tracy
06:57 30 Aug 19
We cannot thank Trevor & the team at Portcullis enough for the outstanding professional & friendly service provided recently. Excellent customer care which we will recommend to everyone.read more
Alex King
Alex King
14:07 28 Aug 19
Excellent advise and speedy service in terms of getting the will process done and also great support and advice of whom to talk to on other legal matters after a rather torrid time. The team were considerate and effective and not only provide good service but good coffee too!read more
Linda baker
Linda baker
21:09 23 Aug 19
Just a good experience all round ,we were so comfy with all our questions being fully explained ,from our first contact to the completion of all the required paperwork . Trevor and his team are so nice ,,,can very confidently recommend them .....read more
Roger Baker
Roger Baker
21:02 23 Aug 19
We are so,so impressed with the excellent standard of comprehensive service from Trevor, he has far exceeded our expectations and we feel so grateful to have all our requirements put together,, huge thanks Trevor.read more
Deborah Ward
Deborah Ward
16:23 04 Aug 19
I have had a new Will done and the price was very good ,the staff friendly and helpful and Trevor was very friendly too . I would highly rate themread more
ian williams
ian williams
08:52 01 Jul 19
My wife and myself saw Nick to set up wills - he was extremely helpful and knowledgeable - would thoroughly recommend. Down to earth with a sense of humour is always helpful in these situationsread more
Sarah Brown
Sarah Brown
08:18 12 Jun 19
Sorting our Wills had been something that my partner and I had discussed for a while, but always kept putting it off. From the moment our enquiry was dealt with over the telephone, until the day we went in and signed our wills, the team at Portcullis were professional, explained everything in full (in simple terms) and their friendly approach makes the whole process extremely easy.read more
Phil Walsh
Phil Walsh
08:55 13 May 19
My wife and I asked Portcullis to help us write our wills and we were very pleased we did. Appointments were made promptly, everyone had plenty of time for us, everything was explained in terms we could understand and we were encouraged to take time to reflect on any important issue. This was old-fashioned courtesy and friendly service at its bestread more
John Sutherland
John Sutherland
09:44 10 May 19
As they were forces friendly, I approached Portcullis Legals to write a will and finished up with a will, a power of attorney and a trust. Everybody was most helpful and Nick explained everything without any rush and has continued to be a help since and all for a very reasonable price. I would certainly recommend them to my friends and colleagues. Thank you.read more
Kev Bickford
Kev Bickford
14:31 08 Mar 19
I asked Trevor and his team to assist me with the writing of my will. I found them to be thoroughly professional and very helpful and understanding of my needs. I would not hesitate in recommending their services to anyone. Thank youread more
Barbara Cock
Barbara Cock
16:37 10 Jan 19
We found Trevor so easy to deal with. He listened to everything we were concerned about and it was sorted with absolutely no problem. We have no hesitation in recommending Portcullis to anyone looking to get their family finances in order.read more
Charles Eatwell
Charles Eatwell
11:51 07 Jan 19
My wife and I plus had some legal work done by the team. The cost was lower than my local solicitor the process straightforward without any fuss. I would recommend them for providing a quality serviceread more
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We met Trevor and the team and found their service to our needs second to none. We would recommend anyone to contact Portcullis Legals Ltd to help with their needs. We are not just saying this for the sack of saying it. We truly believe the Personnel service, and Professional help and advise given was second to none.

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November 8, 2018

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