Banks called to account over will-writing concerns

The banks are not the only one's imposing themselves as Executors (in their 'free Will' service), many will writing Firms and solicitors do too.

I was discussing an estate planning strategy with a Client yesterday and he told me about another Firm he was going to use ... until they told him how they will name themselves as Executors and what their charge is for the 'benefit' of using them.

Since 1995, when we first launched our Will Writing and Estate Planning service, we have never been named as Executors because a) we don't need to be, b) any professional Firm will offer a comprehensive service to help the Client select their own Executors (and Trustees etc) and c) as an added value service the Firm should also meet / discuss the processes and regulations directly with the Executors / Trustees so they are fully aware of their roles and responsibilities.

How many banks or will writing Firms that you know about have actually ever offered this to you and your family?

It's not hard to do it this way and so my suggestions are;

1) write or update your Will and estate planning strategy NOW, or at least 'properly' review what you have in place every 2 years or so

2) ensure your Executors actually know what they need to know (ask them, what are the first 3 things that they need to do to ensure they keep the Will valid and that your estate is administered as you want it to be ... that'll usually show that the vast majority of named Executors will be 'honoured' to have been chosen but don't actually know what to do and in what order).

3) if you have become married since your last Will was written, check it! Was it written in contemplation of marriage? If not, it's now invalid. Write a new one now.

4) have you got young children (under age 18)? Are they named in your Will? Importantly - have you specifically named Guardians? If not ...... speak to a Will Writer to get this attended to asap. There are reasons for this which you need to know about.

5) and of course, the big one ... for property investors who fall in to the governments tax raid on death, IHT levels should also be addressed/mitigated regularly too.

The cost of even the most expensive Will and Trusts 'package' is still usually a minute % of the estate and potential IHT bill. Most people, by the way, don't have such complex estates that an expensive structure is required anyway - and the word 'expensive' is relative too.

In real terms, it costs little or nothing to review an estate, and it certainly doesn't have to be done using an expensive 'free will' with a bank.