Have you Been Offered Free Will Writing?

My Bank’s Offered me a Free Will Writing

You bank thinks so highly of you.
They give you a will.
At no cost.
First thank them. Then slap them.
You know what a will does. Your is the most important document you’ll put your hand to. Why involve your bank?

Your bank, like mine, is good at taking deposits and lending such moneys on good security. Banks are to be recommended for loans, credit cards, overdrafts, current and savings accounts. They are rubbish at all else.

Free Will Writing

Perhaps like I you’re grey enough to remember when banks entered the estate agency business – they messed it up. Maybe like me you’re [just] wrinkled enough to remember banks strayed into the insurance business – they’re making a mess of it as we speak. You’re aware there’s a PPI scandal. Enough said.

Now they offer you a free last will and testament. Why?
Why would anyone give you something for nothing?
The will is a loss leader – you’ll be making the loss.

The loss would be your family’s

They’ll give you a will free. Sometimes to divert your attention, they’ll give it to you not free, but cheap. They want something from you. They generally want to write themselves into your will as executors. It is almost impossible that the generic, all-purpose will the bank’s offering you is, for want of a less hackneyed phrase, worth the paper on which it’s written.

You’ll be making the loss, more precisely, your family would be making the loss. On your death, the bank would charge a fee for estate administration of the order of 3% – 5%. With a typical estate being £500,000, you might be on the hook for £15,000 – £25,000.

Why let the bank mug you?

Banks are experts at taking deposits and lending money. An expert should handle preparation of your will. You’ll find no such expert in a bank. I offer on free, no obligation consultation on how to prepare your will in the manner that suits you. Simply click here to arrange your consultation.

Your bank thinks so little of you. That’s why they’ll give you a will. Free. That’s why they want to treat you – divorced, married, or widowed, like you were an idiot.

In sum, free will writing is unwise.