Banks as executors

FrancisBarnfield

[FONT=&quot]Tidying/organising bank documents recently I have come across something I did not realise the implications of - having now read up on the matter I need to act promptly. My fault, I know, but I need advice please.

A number of years ago my wife and I wrote a will under the "guidance" of a member of staff at our local branch of HSBC - which they have kept for us since.

Only now have I come to learn of the financial "risks" of this arrangement ie they have appointed themselves as executors and can therefore charge a substantial fee when the time comes. Where have I been[FONT=&quot], you correctly ask![/FONT]

The letter I have to hand - not the initial set-up one - was received later (November 2011) and advised us that Wills storage was to be centralised with HSBC Probate Services.

The address given is 79, Hoyle Street Sheffield, S3 7EW

My Qs is this, if the above address is still correct, can I write to them and request that the original document be returned to us - the implication being that HSBC will no longer be an executor? Are they likely to charge us for this?

Having been researching the subject over the last few days, I am aware that HSBC are passing their Probate business to Simplify Channel Ltd - with effect from the end of October. I have read that the latter company are sending letters to customers such as us in order to establish themselves as Executors (ie they can't transfer automatically from HSBC).
We have not had such a letter as yet - is this significant?

I would be very grateful to receive any guidance on this matter[FONT=&quot] - my [/FONT]apologies for being thick/naive on this important subject!![/FONT]


[FONT=&quot]Thanks[/FONT]


[FONT=&quot]Adrian
[/FONT]

troubleinparadise

What is the wording in your wills?

If they name HSBC Bank as executor, then they remain as executor unless you have the wills re-written.

It makes no difference where the original wills are stored - asking them to return the wills to you does not change the way your wills are written.

If you wish to change the executor for your wills, then the wills will need re-writing.

dzug1

Yes you can write to them requesting its return to you. Whether there will be a fee - pass.


But that will NOT remove them as executors. You need to change the will for that. If the new will revokes earlier ones you don't actually need the old one back.


To be slightly picky, they haven't appointed themselves as executors - you did that (doubtless in ignorance of the implications) when you signed the will

FreeBear

troubleinparadise wrote: »

If they name HSBC Bank as executor, then they remain as executor unless you have the wills re-written.

If I read the press release correctly, it looks like HSBC are renouncing any/all executor roles and handing over all the probate business to Simplify. But before Simplify can act as executors, a letter of authority (or codicil ?) needs to be signed.

Before you sign over executorship, have a look at reviews of the service Simplify offer - I've heard one or two troubling tales and had been approached by one of their "experts". An appointment was booked at my home address, and they didn't turn up and didn't even bother to ring to cancel or apologise.

In light of recent changes to inheritance laws and also recent high court cases regarding probate, it would be advisable to review the wills and consider making changes - If you do, take the opportunity to allow the beneficiaries to act as executors or appoint their own. Don't appoint a solicitor, bank, or will writer to the position or it could end up costing the estate dearly.

FrancisBarnfield

thank you very much to the people who have provided some guidance this morning - much appreciated

wwl

If the will is straightforward there is often no good reason to appoint an external executor, and many reasons not to, inclusing arbitary costs and delays.
If the beneficiaries are the executors, they will care a lot more about getting it done promptly and efficiently than any solicitor or other company would.
As long as they are literate enough to fill in some forms and coherent enough to deal with banks etc. and know when they need to seek specialist advice, it's really not at all hard.
A solicitor or bank suggesting they should be appointed as executor for a simple estate could easily be seen as borderline conflict of interest or mis-selling.

SeniorSam

New Wills need to be drawn up and ideally with family members as executors rather than professionals like banks and solicitors, who generally tend to drag their feet to continue 'milking' the 'gravy train'. The executors can always seek advice from solicitors should they have difficulty in managing thier executorship.

If you need to have the benfit of Trusts in your Will/s, then this is not as difficult and many would heve you believe, but they do have the ability to 'shelter' capital and ensure that it would not be attacked if long term care were needed.

There are many members of thos forum that are able to offer help and guidance and all you ned do is ask the questions.

Sam

g6jns_2

FrancisBarnfield wrote: »

[FONT=&quot]Tidying/organising bank documents recently I have come across something I did not realise the implications of - having now read up on the matter I need to act promptly. My fault, I know, but I need advice please.

A number of years ago my wife and I wrote a will under the "guidance" of a member of staff at our local branch of HSBC - which they have kept for us since.

Only now have I come to learn of the financial "risks" of this arrangement ie they have appointed themselves as executors and can therefore charge a substantial fee when the time comes. Where have I been[FONT=&quot], you correctly ask![/FONT]

The letter I have to hand - not the initial set-up one - was received later (November 2011) and advised us that Wills storage was to be centralised with HSBC Probate Services.

The address given is 79, Hoyle Street Sheffield, S3 7EW

My Qs is this, if the above address is still correct, can I write to them and request that the original document be returned to us - the implication being that HSBC will no longer be an executor? Are they likely to charge us for this?

Having been researching the subject over the last few days, I am aware that HSBC are passing their Probate business to Simplify Channel Ltd - with effect from the end of October. I have read that the latter company are sending letters to customers such as us in order to establish themselves as Executors (ie they can't transfer automatically from HSBC).
We have not had such a letter as yet - is this significant?

I would be very grateful to receive any guidance on this matter[FONT=&quot] - my [/FONT]apologies for being thick/naive on this important subject!![/FONT]


[FONT=&quot]Thanks[/FONT]


[FONT=&quot]Adrian
[/FONT]

Just get new wills done by a local solicitor. Appoint trusted friends or relatives as executors. That will revoke any previous wills.

joerugby

You need new wills - simples

wwl

Once you've done new wills, probably wouldn't hurt to notify HSBC so they won't need to do anything re. transferring the old ones.

Mojisola

Get the old original will and destroy it.

Although your new will should have a clause revoking previous wills, if anything happened to your new will, the old will could be produced and taken to probate. It's best to avoid all possible future complications.