Discover Which Banks Offer a Will-Writing Service in the UK

It's a bit of a chore, isn't it, thinking about what happens when we're not around? But honestly, sorting out a will is one of those things that makes life a lot easier for the people we leave behind. You know, like making sure your favourite jumper goes to your niece, or that your savings are split just so. It can feel a bit daunting, but there are places that can help. We're going to look at which banks offer a will-writing service in the UK, so you can tick it off your list.

Key Takeaways

• Making a will is important to ensure your money and belongings go to the people you choose.

• If you don't have a will, the law decides how your things are shared out, which might not be what you'd want.

• Some banks, like NatWest and Virgin Money, offer support or services related to will writing, sometimes as part of other products.

• You can often speak to your bank's 'Premier Manager' for advice on wills, or they might point you to solicitors.

• Consider professional executor services if you don't have a friend or family member who can handle your estate.

Understanding the Importance of Wills

Why Making a Will Is Essential

Thinking about what happens after you're gone might not be the most cheerful subject, but it's a really important one. A will is basically a legal document that spells out exactly what you want to happen with your money, property, and belongings when you pass away. Some people think they don't need one, maybe because they don't think they have much to leave or assume their spouse will automatically get everything. But it's a bit more complicated than that. Without a will, the law decides who gets what, and it might not be what you'd have wanted at all.

Ensuring Your Assets Are Distributed As You Wish

This is where a will really comes into its own. It's your chance to be clear about who inherits what. You can leave specific items to particular people, perhaps a treasured piece of jewellery to a niece or a collection of books to a friend. It also means you can provide for your partner, especially if you're not married or in a civil partnership, as they won't automatically inherit. If you've been divorced, you can decide whether to leave anything to an ex-partner or not. It’s all about making sure your wishes are followed.

Appointing an Executor for Your Estate

Your will also needs to name an executor, or maybe a couple of them. These are the people you trust to sort out your estate – that's everything you own, like savings, investments, and property, but also any debts. Being an executor can be a big job, involving dealing with legal, financial, and tax matters. You need to pick someone you know can handle it, whether that's a friend, a family member, or even a professional. It's a big responsibility, so choose wisely.

Making a will is the clearest way to direct how your assets are shared. If you don't have one, the state's rules apply, which might not align with your personal preferences or family circumstances.

Here's a quick look at why having a will matters:

• Control: You decide who gets your assets, not the government.

• Clarity for Loved Ones: Reduces confusion and potential disputes among family and friends.

• Guardianship: You can name guardians for any children under 18.

• Charitable Giving: You can leave a donation to a charity you care about.

• Tax Planning: You can potentially reduce the amount of Inheritance Tax payable.

Banks Offering Will-Writing Services in the UK

Thinking about your will might not be the most exciting task, but it’s a really important one. Thankfully, some banks in the UK do offer services to help you get it sorted. It can make the whole process feel a bit less daunting when you've got a familiar institution guiding you.

NatWest's Will Writing Support

NatWest used to have a dedicated will-writing service, often working with legal partners. While their direct service might have changed, they often point customers towards specialist solicitors. If you've previously used their service, you might still be able to get in touch with their partners, like Hugh James Solicitors, to update your existing will. It's always worth checking with your bank directly for the most current arrangements.

Making a will is the only way to ensure that your money and assets are shared according to your wishes. A fee will usually apply for this service.

Premier Banking Will Services

If you're a customer with a premier banking package, you might find that will-writing services are part of the benefits. Your dedicated Premier Manager is often the first point of contact. They understand your financial situation and can guide you on how to proceed, potentially connecting you with legal professionals who can draft your will. This personalised approach can be quite helpful.

• Discuss your needs with your Premier Manager.

• Get recommendations for legal advisors.

• Understand the process and any associated costs.

Virgin Money's Life Insurance and Will Offer

Virgin Money has a rather interesting offer: they provide a free will-writing service when you take out their life insurance. It's a way to sort out your life cover and your will at the same time. This can be a cost-effective option if you're already considering life insurance. You'll need to take out the policy first, and then they'll help you get the ball rolling with their will-writing partners. You can find out more about this offer on their website.

Service	Cost
Life Insurance	From £6 per month*
Will Writing	Free (with qualifying life insurance)

*Based on specific terms and conditions, prices correct as of July 2019.

Navigating Will Writing with Financial Institutions

So, you've decided to get your will sorted, which is a really sensible move. Now, how do you actually go about it, especially when your bank might be involved? It can feel a bit like a maze, but it's usually quite straightforward once you know the steps.

Seeking Advice from Your Premier Manager

If you're a 'Premier' banking customer with certain banks, you might have a dedicated manager. These managers are often the first port of call. They know your financial situation and your goals, so they can offer initial guidance on how to proceed with writing a will. It's a good idea to book an appointment to chat through your options. They can explain what services the bank offers or recommend external partners.

Contacting Solicitors for Will Services

While banks can facilitate will writing, they often partner with specialist solicitors. You might be directed to a specific firm that the bank has an arrangement with. For example, some banks have partnered with firms like Irwin Mitchell to offer preferential rates to their customers. It's always worth checking if your bank has such partnerships, as it could save you money. You can also choose to find your own solicitor independently if you prefer. The Law Society website is a good place to start looking for qualified professionals.

Understanding Fees Associated with Will Writing

This is where things can get a bit tricky, so pay attention. Banks and solicitors will charge for their services. These fees can vary quite a bit. Some might charge a fixed fee for drafting the will, while others might have different pricing structures. It's really important to get a clear breakdown of all costs involved upfront. Don't be afraid to ask questions about what's included. For instance, some banks might charge an initial fee for writing the will, and then potentially a percentage of your estate if they act as executor. Always check the terms and conditions carefully before committing.

It's always best to get a clear, written quote for the will-writing service. This way, there are no surprises later on about what you're paying for and what's covered.

Key Considerations When Writing Your Will

So, you're thinking about getting your will sorted. That's a smart move, honestly. But it's not just about jotting down who gets your favourite mug. There are a few bigger things to mull over to make sure everything goes smoothly.

Inheritance Tax Planning

This is a big one for many people. Inheritance Tax (IHT) is a tax on the value of your estate when you pass away, but only if it's above a certain amount. It's worth looking into how you can structure your will to potentially reduce the amount of IHT payable. This means more of your hard-earned money can go to your loved ones, rather than the taxman. Sometimes, simply leaving things to specific people isn't the most tax-efficient route. You might want to explore options like setting up trusts, which can be a clever way to manage your assets for future generations. It's a good idea to get some advice on this, as tax rules can be a bit tricky and they do change from time to time. You can find some helpful information on inheritance tax.

Setting Up Trusts Within Your Will

Trusts can sound complicated, but they're basically a way to hold and manage assets for specific people or purposes. You can include instructions in your will about setting up a trust. For example, you might want to set up a trust for young children until they reach a certain age, or perhaps for a relative with specific needs. There are different types of trusts, and what works best really depends on your personal circumstances and what you want to achieve. It's definitely something to discuss with a professional if you're considering it.

Reviewing Existing Wills

Got a will already? That's great! But life changes, doesn't it? Your circumstances might be different now than when you first wrote it. Maybe you've got married, had children, or your financial situation has shifted. Even if nothing major has happened, the laws around wills and inheritance can change too. It's a really good idea to give your will a look over every few years, or after a significant life event, just to make sure it still reflects your wishes accurately. It’s better to update it now than to leave potential confusion for your family later on.

Thinking about your will is about more than just distributing possessions; it's about providing clarity and peace of mind for those you leave behind. Taking the time to consider these key points can make a significant difference.

Professional Executor Services

So, you've thought about writing your will, which is brilliant. But who's actually going to sort everything out when you're gone? That's where an executor comes in. While you can ask a friend or family member, sometimes it's a bit much to ask of them, especially when they're grieving. Plus, dealing with an estate can get complicated.

The Role of a Professional Executor

Think of an executor as the person in charge of making sure your will is followed to the letter. This involves a fair bit of work, like sorting out your finances, paying off any debts (like funeral costs or outstanding bills), and then distributing what's left to the people you've named in your will. It can involve dealing with legal matters, investments, and tax issues. A professional executor has the experience and knowledge to handle these tasks efficiently.

Impartiality and Confidentiality

One of the big advantages of using a professional executor is that they have to remain completely neutral. They can't favour one beneficiary over another, and they'll keep all the details of your estate private. This can be really helpful if there are complex family dynamics or if you want to be sure everything is handled discreetly.

Costs of Professional Executor Fees

It's important to know that if you choose a professional executor, their fees will be paid from your estate before any money or assets are passed on to your beneficiaries. These costs can vary depending on the complexity of your estate and the professional you choose. It's a good idea to get a clear understanding of their fee structure upfront. Some banks might offer this service, or you might need to look at specialist firms or solicitors.

Additional Resources for Will Preparation

So, you've decided to get your affairs in order and write a will. That's a really sensible move, and it's good you're looking for more information. While banks can help, there are other places to turn for guidance and support.

Government Guidance on Wills

The UK government provides a good starting point for understanding wills. Their resources explain the basics of what a will is, why it's important, and the legal requirements for making one valid. It's a straightforward way to get the foundational knowledge you need. They also cover who can be an executor and what an estate actually includes. It’s worth having a look to make sure you're on the right track.

Citizens' Advice for Will Information

Citizens' Advice is a fantastic organisation that offers free, impartial advice on a huge range of issues, including wills. They can help clarify complex points and explain your rights and options in plain English. If you're feeling a bit overwhelmed or unsure about specific aspects, they're a great port of call. They can also point you towards other services if you need more specialised help.

Finding Independent Legal Advice

Sometimes, you just need to speak to a professional. While banks might offer services, getting advice from a solicitor who specialises in wills can give you extra peace of mind. They can handle complex situations, advise on tax implications, and make sure your will is legally sound. You can often find solicitors through local law societies or by asking for recommendations. It's a good idea to get a few quotes and understand their fee structure upfront. Many people find that using a solicitor for will writing services is a worthwhile investment for the security it provides.

Making a will is more than just a legal formality; it's a way to express your wishes and care for your loved ones after you're gone. Taking the time to gather information and seek appropriate advice will help you create a document that truly reflects your intentions.

Looking for more information on making a will? We've gathered some helpful links and resources to guide you. Planning for the future is important, and having the right information makes it easier. Visit our website today to explore these additional resources and get started on your will preparation.

So, What's the Takeaway?

Right then, we've had a look at which banks in the UK can help you sort out your will. It's not always the most straightforward thing to think about, is it? But honestly, getting it done properly means your family won't have to guess what you wanted later on. Whether you go through your bank or a separate solicitor, making sure it's all legally sound is the main thing. It just gives you that bit of peace of mind, knowing everything's planned out. So, don't put it off – have a think about getting yours sorted.

Frequently Asked Questions

Why is it important to have a will?

Making a will is super important because it's the only way to be sure your money, property, and special items go to the people you want them to after you're gone. If you don't have one, the law decides, and it might not be what you'd hoped for. It also lets you choose someone to handle everything, called an executor, and can help sort out any taxes so less is paid.

Which banks in the UK offer will-writing services?

Some banks, like NatWest and Virgin Money, have offered ways to help customers with writing a will. Often, this might be through their premier banking services or sometimes linked with other products like life insurance. It's best to check directly with your bank or look at their specific offers.

Can my bank help me write a will?

Yes, some banks do offer help with will writing. For example, if you're a premier customer with certain banks, you might be able to talk to your dedicated manager about it. They can guide you or connect you with their partners who specialise in making wills.

What are the costs involved in writing a will with a bank?

There's usually a fee for writing a will, even when a bank helps. Sometimes, like with Virgin Money's offer, you might get a free will if you take out their life insurance. It's important to ask about all the costs upfront so you know exactly what you'll be paying.

What is an executor and why do I need one?

An executor is the person or people you choose in your will to carry out your wishes. They are responsible for sorting out your 'estate' – that's all your money, belongings, and any debts. They need to be trustworthy and organised, and it can be a big job, so sometimes people choose a professional executor if they don't have a suitable friend or family member.

Where else can I get help with making a will?

Besides banks, you can get help from solicitors who specialise in writing wills. Organisations like Citizens' Advice offer free information, and the government website (Gov.uk) also has useful guides. It's always a good idea to get professional advice to make sure your will is legally sound.