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05/10/2009
Criticism of bank's will-writing fees |
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The charges and practices of a major high street bank have come under fire after an investigation.
A study by the Independent on Sunday found that its will drafting service charges up to 4.5 per cent of the estate.
The paper noted that this is four times what experienced solicitors tend to charge.
Another finding of the investigation is that Barclays has outsourced some of its work to an unregulated firm, a move criticised by independent probate broker Tim Walker.
He stated: "Wills are now also being written by unqualified people who have no professional ethics whatsoever."
Those keen to ensure they have their wills written without excessive fees and by a regulated practitioner experienced in will writing may wish to speak to a lawyer experienced in this.
Another way to save money on an estate is to have the money placed into financial devices that are not liable to inheritance tax.
The Daily Mail recently advised that this could be done by putting money into a whole of life insurance policy, as this is exempt from the levy.
Written by Anthony Dyson
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