Could your bank take a fortune from you when you die?
Did a bank write your will?
So what is the problem with this?
When that person dies, the bank are now authorised to wind down the estate and carry out the entire probate service. In effect they can charge whatever they like for this and this usually equates to being in excess of 5% of the total estate value. Not only are loved ones frustrated that they can not get involved in the process at all, they have the further frustration of a significant share of their inheritance going into the bank’s pocket.
In reality the “free” will ends up being the most expensive one you could have created! If a bank has prepared your will please contact me and I will clarify your situation for you.