OFT Tells Banks off for Probate rip off

Why appoint Professional Executors?

Apparently 43% of people making a Will appoint professional executors.

We urge you NOT to appoint professional Executors

Bit of an odd thing for a firm of professional executors to say, you might think – but we do not believe professionals should be in joint or sole charge (there is little difference between the two anyway, except that appointing family jointly with professionals will probably be MORE expensive than just leaving  the professional executor to get on with it.  Why? Because the professional will double check everything the non-professional does and spend more time talking to them.)

Generally speaking banks are much more expensive than solicitors, and non solicitors may or may not be regulated.  Do watch out for those who add a massive “responsibility allowance” which can triple the cost of handling some estates – so you could end up paying FOUR times the real cost of the work!

We always suggest that we are appointed as:

Reserve and Advisory Executors

which means the family are in charge but can ask us for help, but in the unlikely event that none of the family members appointed are willing or able to do the work, we do end up in charge.  Perhaps in less than one case in 100 we are “the boss” rather than the family.

Do you really want to pay hundreds of pounds an hour for simple tasks to be carried out? (Not that we charge anything like that much – but most banks and solicitors do.)


Here is what the Daily Mail had to say about the Office of Fair Trading Report on Banks Will Writing and Executor services  Probate rip off