Wills and Executor Bank Services Warning

Wills and Executor Bank Services Warning.

Following a survey by The Office of Fair Trading (OFT), HSBC, Lloyds, RBS and Barclays have all agreed to reform the way they sell their will-writing and executor services.  The survey revealed that customers were appointing banks as executors without understanding the possible costs involved.

Executors are the people who sort out the finances, when a person dies.  The law does not state that a professional has to be appointed as an executor, a family member or friend may be quite capable of sorting things out.  The OFT pointed out that to appoint a professional executor to sort things out could cost between £3,000 and £9,000.

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