Why A Bank Will Could Cost You Thousands

It has recently been reported in the news that banks are charging up to £30,000 to administer even fairly straight forward estates when a person makes their Will with them.  This is because even if the bank aren’t appointed as executors (the people responsible for dealing with the administration of an estate) there is often a clause that says that the bank reserves the right to act as the executor.  This clause is generally in the small print in the bank’s terms and conditions which a lot of people will not review in great detail. 

Once the bank have appointed themselves as executors they will often charge large percentage fees to administer an estate which do not reflect the amount of work done or the size of the estate in question.  For example, it has been suggested that one bank had charged a fee of £12,500 on an estate worth £500,000. 

If you have made your Will with a bank, please review it and in particular, the terms and conditions.  If you need any help with Wills or the administration of an estate, please contact one of the solicitors in our Private Client Department who will be happy to assist.