First direct will writing service
First direct is a digital bank based in the UK that was established in 1989. In addition to offering banking services like checking and savings accounts, the bank also provides additional services like will writing through its partnerships. First direct has partnered with national will writers Probate Genie to offer its customers an affordable will writing service.
The will writing service provided by first direct and Probate Genie allows customers to have a basic single will or pair of mirror wills drafted for a fixed fee of £99 or £149 respectively. Additional family protection trusts can also be added for £150 each. Customers can get started with the process by simply logging into their first direct online banking and selecting the will writing option. They will then be redirected to the Probate Genie website to complete the required steps.
Some key aspects of first direct’s will writing service:
Online Process: The entire will writing process is done online through secure platforms. Customers do not need to visit a solicitor’s office or have any face to face interactions due to the digital nature of the service.
Step-by-step guidance: Comprehensive online questionnaires guide customers through the entire process step-by-step. This makes it straightforward for anyone to follow even without legal expertise.
Inheritance protection: The professionally drafted wills ensure assets are passed down as intended to chosen beneficiaries like spouses, children or other relatives. This also avoids intestacy which could jeopardize inheritance plans.
Value for money: At fixed prices of £99-£149 for basic mirror wills, the service provides good overall value compared to high street solicitors who may charge £300-£500 or more for the same. Additional family trusts also offer estate planning benefits.
Convenience: Customers can create their will anytime at their own convenience from any location instead of scheduling appointments. Documents are digitally signed and stored securely.
Revisions allowed: The annual subscription of £99 (£149 for pair of wills) allows unlimited amendments as life situations change with marriage, divorce, births etc. This offers ongoing flexibility.
Some key things to note about the limitations and scope:
Covers England and Wales only: The wills drafted are only valid for beneficiaries/assets located in England and Wales. Separate processes may be needed if assets or beneficiaries are located abroad.
Basic wills only: More complex requirements involving trusts setups for minors, charitable bequests etc may require bespoke legal help better handled by solicitors.
No face-to-face meetings: While convenient, some customers may still prefer discussing important estate planning matters directly with a legal expert.
Digital only storage: The signed PDF wills are stored securely online but customers need to ensure they also have local backups/copies stored safely as per their own risk tolerance.
Check regularly: Life changes like marriages/divorces warrant timely updates to wills. Customers must proactively login and update their details instead of assuming the existing will remains valid indefinitely.
Trust requirements: While family trusts add extra protection for inheritance of property, their creation and ongoing validity is a complex legal topic customers need expert advice on based on their needs.
First direct’s will writing service through Probate Genie offers a good entry point for budget-conscious customers looking for basic standard wills covering England and Wales. Those with complex assets/requirements may need bespoke legal assistance not wholly provided through this digital online proposition. Regular reviews are also important to ensure wills stay updated as lives change over time. Overall, it is a cost-effective option for simple testamentary intentions.
The service has mostly received positive reviews since its 2017 launch with customers praising the ease of online process and value for money pricing. Some feedback has pointed to occasional minor issues like delays in processing amendments or difficulties reaching customer support during peak times as areas that could do with further improvement. But generally, as one of the few bank-partnered options for affordable will writing in the UK, First direct’s service has carved a niche in the market for straightforward inheritance planning needs of average customers.
In recent times, increasing awareness around financial and estate planning due to COVID-19 has further boosted interest and adoption of online digital solutions like this. First direct has reported growth in both new customer signups as well as existing ones logging in to update their existing wills as a prudential measure during an uncertain period. Industry observers expect this category of digital testamentary services to continue expanding as customers seek more economic and contactless options versus traditional offline avenues. With adequate consumer education on nuances and limitations, partnerships like First direct-Probate Genie are set to empower more individuals to secure their inheritance wishes.