Banks taking a huge slice of the pie in executing wills

A recent report has indicated that banks are really cashing in when it comes to executing wills for grieving families, and are often taking up to four percent of the estate by way of payment, which in many cases is netting them thousands of pounds. Many banks seem to be taking a huge slice of the pie simply for handing paperwork involved in the executing of the will, and this is resulting in the families of those that have passed away paying through the nose.

If a lawyer is hired to execute a will the cost can be as low as a few hundred pounds in most straightforward cases. However, with many major high street banks charging a fortune for the privilege – including banks such as Lloyds TSB, Barclays, and HSBC – some families that are not as clued up about the execution of wills as others could end up paying a fortune for what is often a pretty straightforward task.

There has been an outcry with regards to these charges from various consumer groups and charities. One spokesperson from Help the Aged stated: 'I think these fees are outrageous. There are alternatives and I urge people to shop around the army of solicitors available.' However, in its defense one bank official from HSBC stated: 'We provide a top quality service and 99% of customers say they are satisfied or very satisfied overall. We are also completely transparent about our fees, and it is very important that people ask what fees will be charged.'

A recent case that came to light involved HSBC, which allegedly charged one grieving family eighteen thousand pounds in order to execute the will, even though there were no apparent complications and the will was said to be straightforward.