HSBC PREMIER WILL WRITING SERVICE

HSBC Premier Will Writing Service

HSBC Premier offers a free will writing service to its customers in the UK as part of its wealth management services. A will is an important legal document that allows you to choose who will inherit your assets after your death. It also allows you to appoint guardians for any minor children. Having an up-to-date will helps ensure your assets are distributed according to your wishes and reduces the risk of disputes among beneficiaries after you pass away. Here is an in-depth look at the HSBC Premier will writing service and how it can help customers with estate planning.

What is included in the HSBC Premier will writing service?

The HSBC Premier will writing service provides customers with a basic will drafted by one of the bank’s specialist will consultants at no additional cost. A basic will generally includes provisions for:

Naming one or more executors to administer your estate. Executors ensure your wishes in the will are carried out, collect assets, pay debts and taxes, and distribute any remaining assets to beneficiaries.

Appointing guardians for any minor children (under 18 years of age). Guardians take over parental responsibility if both parents pass away before the child reaches adulthood.

Specifying your chosen beneficiaries. You can leave assets, money, and personal possessions to family members, friends, charities or other beneficiaries. Assets are distributed either outright or held in trust until a later age.

Giving funeral and burial instructions. You can write your preferences for funeral arrangements such as burial vs. cremation.

Signing the will and having it witnessed. For the will to be valid, it must be signed in front of two witnesses who are not beneficiaries.

The will includes standard ‘all to spouse, or all to children’ distribution clauses. More complex requirements around trusts, tax planning provisions or specific gifts can be included for an additional fee. The will is drafted based on information provided directly by the customer over the phone or in person with a will consultant.

Benefits of using the HSBC Premier will writing service

There are several advantages to using the will writing service offered as part of HSBC Premier membership:

Convenience – Wills can be drafted quickly without the need to hire a solicitor or visit a law firm. The process is handled entirely by HSBC.

Quality advice – HSBC will consultants are specially trained and can provide guidance on estate planning best practices.

Peace of mind – Having an up-to-date will ensures your wishes are clear and helps avoid disputes among beneficiaries. It also prevents your estate from being distributed according to intestacy laws which may not reflect your intentions.

Flexibility – The will can be easily updated at no cost as your circumstances or wishes change, such as getting married, divorced, having children or buying/selling property.

Storage – The original signed will document is stored securely by HSBC and there is no risk of it getting lost, damaged or stolen.

Tested service – HSBC has significant experience in drafting wills and the documentation is thorough yet straightforward.

Added value – The will writing service is offered free of charge to HSBC Premier customers, providing additional utility from their banking relationship.

Eligibility and limitations

To be eligible for the free HSBC Premier will writing service, customers must have an active HSBC Premier current account. It is available for individuals residing in England, Wales or Northern Ireland.

Some limitations to note include:

Does not cover more complex estate planning needs like family trusts which require specialist legal advice.

Wills are basic ‘one size fits all’ templates and not tailored legal documents.

Asset protection, tax mitigation strategies or international requirements are outside scope of service.

Only covers England/Wales/NI jurisdictions. Customers relocating abroad need independent legal advice.

Executors still need to apply for probate and deal with estate administration processes.

While meeting many routine customer needs, those with more complex circumstances may require assistance from independent legal or financial planning professionals too.

How to request a will through HSBC Premier

Creating a will through HSBC Premier is a straightforward process:

Call your HSBC Premier relationship manager to request a will and provide basic identification and contact details.

An appointment is scheduled with a trained will consultant via phone or branch visit to discuss estate planning goals and asset distribution wishes.

The consultant drafts the will based on the discussion and applicable intestacy laws.

The draft is sent for your review. Any edits or adjustments are discussed.

Upon approval, you sign the will witnessed by two non-beneficiary signature witnesses provided.

An original copy is stored securely free of charge by HSBC and accessible upon request to the executor.

Copies can be provided to beneficiaries as required to ease estate administration.

The drafting, signing and storage process generally takes 2-4 weeks from initial request. Periodic reviews are recommended to keep the will suitable for any changing life circumstances.

The HSBC Premier will writing service offers clients a straightforward and convenient way to draft basic estate plans and create legally binding will documents. With appropriate advice, it helps structure estate succession in accordance with customers’ wishes and provides additional value from a HSBC Premier membership account. Of course, more complex estate structures and planning may still need independent specialist legal counsel. But for many clients, it provides a useful first step towards legacy protection.