Does the 'big four' OFT pledge go far enough?
With the announcement* that Barclays Bank, HSBC, Lloyds Banking Group and RBS Group have superficially pledged to improve the way they sell their Will-writing and Executor services, Trust Inheritance asks whether the three key principles proposed by the OFT go far enough.
With over 20 years experience in Will Writing, Probate and Estate Planning across the UK, Andrew Hall Trust Inheritance argues that individuals should not be locked into an Executor agreement now, which in 30 years time might be nonsensical and with a fee that is disproportionate to the work involved.
Once banks are named as Executor by their clients, they will typically not renounce without argument. The reality of course, is that by the time the actions of banks are actually called to account, their clients are typically dead and a large percentage of their estate may be destined for bank coffers for the service.
"If at your death, a member of your family elects to act as your Executor in place of the bank that you have appointed, they could potentially face a long legal battle, on the basis that the bank had a contract with you; whether it was the right plan for your circumstances in the end or not", says Andrew Hall, Marketing Director from Trust Inheritance.
He adds, "There are only certain circumstances where a professional Executor is actually appropriate; in fact only 1.1% of our clients' Wills in 2010 named us as Sole Executor, and our policy has always been to renounce at no cost if we are asked. Clients should always be made aware that there is an alternative to appointing a bank or solicitor and that there is advice and guidance available from professionals that will allow them to administer the estate of a loved one with the peace of mind that they have done everything correctly"
"Trust Inheritance believes that the client should not be made to make a choice that may be inappropriate when the time comes. It is far better to appoint people you trust and allow them to make the choice that is right at the time of need. We view this announcement by the OFT as positive and hope that we will now see a similar pledge from Solicitors."
