A recent investigation carried out by the Office of Fair Trading has lead to findings that banks such as Barclays, HSBC, Lloyds and RBS are failing consumers in the way they are selling Wills.
The banks have agreed to review their selling policies so that consumers are no longer mislead about factors such as the need to appoint a professional executor and are given adequate upfront information about the charges and implications of doing so.
The banks themselves offer executor services, charging high and often fixed fees for administering estates, based on a percentage of the value of the estate rather than the amount of work involved. However, the OFT has that they should only encourage consumers to pay for such services if it is in their best interests. Often friends and family members can be capable of administering non-complex estates and solicitors can assist for a lower, time-based fee, where necessary.
Once a professional executor has been appointed, it can be difficult to have them removed, if the person making the Will has died or lost mental capacity.