This is what a prospective client recently said to me. I had spoken to her on the phone and sent her more information. Having heard nothing further I called her. The prospective client confirmed to me that her husband had found out that they could get a “Free Will Service” from their bank.
Whilst I always say that putting in place “something is better than nothing” I did wander what would this couple get!? Remembering that nothing is for free in life I pondered the following issues:
• How were instructions to be taken for the Wills and would that person have sufficient understanding of the issues that should be covered?
• Would the couple be just filling in a form?
• How were the Wills going to be drafted?
• Was a computer programme with set precedents going to be used? So in effect the documents would be a “cut and paste” job done by an unqualified clerk.
• Would a legally qualified person be involved at any stage?
I am also worried about the hidden costs of the Wills:
• Would the bank make itself an Executor in the Wills?
• If the bank appointed itself as an Executor what would it charge for the administration?
• Typically banks charge 4-5% of the value of an Estate, which is higher than virtually any other provider of legal services.
• Would the proposed costs be transparent?
• Most banks draft Wills in such a way to allow for the charges to be in accordance with their terms of business (which of course change), this means it’s impossible to know what you are signing up to!
In short no Bank or other organisation offering “Free Wills” can be offering something for nothing!!