It’s quite simple. Where banks are concerned, the more you leave in your estate, they more they’ll take – anywhere from 1.5% to 4.5% of the entire value of your estate, in fact.
So, if you’re an average British homeowner, with assets worth £250,000 and savings of £10,000, you could expect your entire life savings to be paid out to a bank, in return for completing the necessary paperwork after your death.
When making out your Will, explain carefully to your Executors about how much money they should expect to have to pay out in winding up fees and make sure they realise that they are well within their rights to either ask the bank to reduce its charge, or stand down altogether if the fees are considered excessive.
It is often the case that a smaller firm of probate professionals will agree to do the same job for considerably less – often saving thousands of pounds.
Which? has picked up on the banks’ seeming abuse of this customer need calling for a fairer, transparent pricing structure.
If you’re an Executor, have you been forced to pay unreasonable probate fees? Tell us your story and you could help others to avoid having to fork out a loved one’s entire life savings unnecessarily.
