Bank Will Writing Services: An Overview
Drawing up a will is an essential part of financial planning and estate management. A will ensures that your assets are passed on according to your wishes after your death. While traditionally wills were drawn up with a solicitor, many banks now offer will writing services for customers as a value-added service. This article provides an overview of bank will writing services – what they offer, how they work, key things to know, and whether they are a good option compared to using a solicitor.
What is a Bank Will Writing Service?
A bank will writing service allows customers of that bank to have their will drafted through the bank rather than through a private solicitor. The will is drafted by the bank’s in-house legal team or through a network of partner solicitors. Customers simply fill out an online or paper-based questionnaire detailing their wishes for how their estate should be distributed. The bank’s lawyers then use this information to draft a basic will document. The customer reviews the draft, makes any changes, and signs the final version with witnesses present. The signed will is then stored securely by the bank.
Benefits of Using a Bank Will Writing Service
Convenience – Bank will writing services aim to make the will drafting process simple and convenient for customers. Customers can arrange their will through online, phone or in-branch appointments without having to contact a private solicitor separately.
Affordability – Bank will writing services are typically more affordable than using a private solicitor. Standard bank will packages might cost £50-200, whereas solicitor fees for a basic will could range from £150-500 depending on the firm.
Trust and Security – Customers may feel their assets are more secure being held with their existing bank provider. The bank also takes responsibility for storing the original signed will document.
Basic Document Needs – Bank will services are suitable for drafting straightforward basic wills where the estate is not complex to distribute. This covers the will writing needs of most people.
How the Process Works
The basic process for arranging a bank will writing service is as follows:
Initial Appointment: Customer books an appointment either online, by phone or in-branch with the bank’s will writing department.
Information Gathering: Customer provides details of assets, beneficiaries, guardians for minor children etc via questionnaire.
Draft Will: The bank’s legal team drafts a basic will document based on the customer’s instructions.
Review and Signing: Customer reviews the draft, makes any changes, then signs the final will with two witnesses present.
Storage: The original signed will is securely stored by the bank either physically or digitally depending on the provider.
Updates: Customers can contact the bank if life changes require will updates e.g. new assets/beneficiaries. Amended pages are drafted and re-signed.
Key Things to Consider
While bank will services offer affordability and convenience, there are some important factors for customers to consider:
Suitability for Complex Estates: Bank wills are only suitable if the estate is fairly straightforward to distribute equally. More complex arrangements may require a solicitor.
Quality of Drafting: The drafting skill and experience of bank legal teams vs private solicitors can vary. Solicitors may offer a higher standard of documentation.
Future Proofing: Basic bank wills may not cover customers’ needs if life circumstances change drastically over time. They require more frequent updates.
Storage Security: While banks aim to securely store original wills, there is inevitably some risk of document loss compared to keeping it privately.
Lack of Ongoing Advice: Customers do not receive ongoing guidance from banks on estate planning as they would from a retained solicitor.
Price vs Value: The low price of bank wills needs to be weighed against potential long term costs of flaws in the documentation.
Should I Use a Bank Will Service?
Bank will writing services offer a low-cost convenient option for drafting basic last wishes that are straightforward to execute. For individuals with more complex financial/family situations, it may be better value to retain an experienced private solicitor instead. Periodic reviews are also important to future-proof any will arrangement. Overall, bank will services suit the needs of many, providing the limitations are understood. But a solicitor should be consulted for complex estates or successions.
By considering the benefits and limitations outlined above, individuals can determine whether a simple bank will writer or retained solicitor is the best route for their needs and risk tolerance. Either way, having an up-to-date will is crucial for ensuring assets are passed to loved ones securely after death according to final intentions.