INTRODUCTION
A will is a legal document that allows an individual to indicate how they would like their assets distributed after their death. Having a will is crucial to ensure your estate goes to the people and causes you intend, and avoids costly legal battles. TSB is one of the major banks in the UK that offers a will writing service to help customers create legally valid wills. In this article, we will look at TSB’s will writing service in more detail, including what is offered, the process, pricing, benefits and drawbacks compared to alternatives.
WHAT IS COVERED BY TSB’S WILL WRITING SERVICE
TSB’s will writing service helps customers create basic single or joint wills that include common provisions like executor appointment, guardianship provisions, and instructions for distributing assets, property, money and personal possessions. Some key things covered include:
Naming executors: Executors are appointed to administer the estate and ensure your wishes are carried out according to the will. TSB’s wills allow you to appoint 1-2 executors.
Funeral wishes: You can specify any funeral wishes such as burial instructions or organ/body donation.
Guardianship provisions: If you have children under 18, you can state who you would like to act as legal guardians for their care in the event of your death.
Property distribution: You can clearly state how you would like real estate property such as your home to be distributed.
Inheritance gifts: Detail any monetary gifts or specific possessions you want to leave to named individuals.
Charitable bequests: Include instructions to leave portions of your estate to specified charities.
Contingency planning: Appoint substitute beneficiaries in case your named beneficiaries predecease you.
While covering common provisions, TSB wills do not provide tailored complex advice for situations like owning businesses, large estates worth multiple millions, or international assets.
THE WILL WRITING PROCESS WITH TSB
The process to create a TSB will is simple and designed to be completed independently without legal assistance:
Online questionnaire: Customers visit the TSB website and answer a questionnaire about beneficiaries, executors, assets and wishes.
Draft will creation: TSB’s software automatically generates a draft basic will based on the answers provided.
Review draft: Customers can review and make changes to the draft on screen before printing.
Printing and signature: Customers print the final draft, sign and date it in front of witnesses. TSB provides instructions on correct execution.
Storage: Customers keep their printed signed wills safely themselves, such as with other important documents. TSB does not store customer wills.
The basic wills can typically be created in under 30 minutes using TSB’s online tools. Customers do not need to attend appointments or consult legal experts during the process.
PRICING FOR TSB’S WILL WRITING
TSB offers affordable fixed pricing for its standard will writing service:
Single will – £90
Joint will (for married couples or civil partners) – £130
Additional beneficiaries – £10 per person
This represents good value compared to average solicitor fees which can range between £150-300 just for drafting a basic single will. No additional legal fees apply with TSB’s service. Customers also avoid potential solicitor appointment delays.
It is important to note TSB wills only cover basic provisions and more complex requirements may require customized legal assistance that has additional costs. Reviewing wills for life changes is also not included.
BENEFITS OF TSB’S WILL WRITING SERVICE
Some key advantages of using TSB for drafting basic wills include:
Affordable pricing for individuals and couples on a budget. Fees are fixed upfront.
Convenience of completing entirely online and independent of solicitors. No appointments needed.
Fast and simple process that can generate a draft will within 30 minutes typically.
Legally valid basic wills that adequately cover common provisions and instructions.
Privacy of drafting and storing your own will without involving third parties.
Option of bank branch support if needing any assistance understanding the online questions.
DRAWBACKS AND LIMITATIONS
There are also some disadvantages to consider:
Only basic common provisions are covered without tailored legal advice. Complex requirements may require a solicitor.
Potential for errors or omissions without legal review of the drafted will. TSB provides no guarantees.
Responsibility to keep will safely stored rests with customers, not a solicitor’s office. Risk of loss.
No scope for will storage or updating as life events occur. Future changes require a new will.
Lack of specialized trusts or tax planning expertise compared to using a solicitor.
Not suitable if owning businesses, large estates, international assets requiring tailored solutions.
So while offering budget-friendly online will creation, TSB wills have limitations customers need to be aware of regarding scope and legal expertise provided.
ALTERNATIVES TO TSB’S WILL WRITING SERVICE
Other options for creating valid wills include:
Using online legal documents services that offer customized assistance and will storage/updates. Typically cost £100-300.
DIY printable will kits from stores that provide templates but no advice. Potential for errors.
Asking a solicitor to draft your will, providing tailored expertise but costs £150-500 typically.
Using codicils to update an existing will to account for life changes rather than rewriting.
So for most straightforward simple estates, TSB offers a low-cost convenient option. But for complex needs, large estates or ensuring future-proofing, expert legal assistance through a solicitor is recommended. Weigh up needs versus budget when deciding.
CONCLUSION
TSB’s online will writing service provides an affordable way for customers to create basic single or joint wills covering common provisions. The digital process is straightforward and fast without needing to book solicitor appointments. It only handles standard requirements without tailored legal advice. Complex estates or future-proofing may require paid services with more expertise. While meeting budget needs well, customers must understand scope limitations to decide if this basic option suits their situation or an alternative is preferable. Weighing options is important for ensuring legally valid wills that accurately reflect final wishes.
Andrew Stroud