It has come to light in the press recently that seemingly ‘cheap’ Wills made through your bank, could end up costing your family and loved one’s thousands, due to hidden terms and conditions and administration fees.
Why that cheap Will from the bank could end up costing your family thousands.
It has come to light in the press recently that seemingly ‘cheap’ Wills made through your bank, could end up costing your family and loved one’s thousands, due to hidden terms and conditions and administration fees.
On average, some popular high street banks are charging a fixed administration fee of approximately £1,500 in addition to a minimum of 2.5% of the value of the estate or as much as 4.5% on the whole estate. Oh, and you’ll have to add VAT and probate registry fees on to that price too…
In situations like the above, simple estates are racking up excessively high fees and sadly, most clients will be completely unaware. Usually, it will only come to light when the family member has passed away, making the already tough and emotional time even more difficult.
So what do we advise?
Firstly, if you have a will, consider reviewing it to make sure it’s up to date and suitable for you. Appoint an executor that is right for your circumstance, whether that be a friend or family member and if you’re ever in doubt, seek legal advice from a solicitor. There are many situations where it is advisable and appropriate to appoint a professional executor but here, at Freers Askew Bunting, we’re always up front and transparent about any charges and costs that may occur throughout your process and will always keep you informed of these costs along the way.
And if you haven’t already made a will, call 01642 244666 and speak to our team to discuss how to do so today.
