Wills drafted by British banks – 1.5 million families face losing billions
The press have released startling figures concerning wills that have been drafted by the banks in the UK.
Wills – high percentage charges incurred
The small print gave the banks the right to appoint themselves as executor. This means that they could claim up to 2.5 per cent from an estate in relation to legal fees. The inheritors of £500,000 of wealth risk paying out £12,500. This is around six times the typical cost of £2,200 charged by a solicitor or lawyer.
Wills – the costs of drafting a will
The banks taken advantage of individuals, drawn in by initial drafting charges of around £75. They have not explained the impact of their percentage fees on administering the estate and in all likelihood not provided the best options or advice.
The basic costs for a will drafted by WTW Solicitors are as follows:
- a single standard will (all to spouse, then to children) is £150 plus VAT.
- a joint standard will (all to spouse, then to children) is £200 plus VAT.
- Tax planning and/or more complicated wills start at £200 plus VAT.
As a firm of solicitors, of course we would prefer that people use our services. Our Wills, Probate & Elderly Care team are very experienced in what they do, and the levels of service they provide. They have a duty of care to provide the best information on how to protect your assets and to ensure that your wishes are acted upon.