Bank customers’ concern about Wills prompts dozens of calls to local law firm
Leicestershire law firm Lawson-West has received dozens of calls from HSBC customers who are worried about their Wills following the bank’s decision to pull out of probate services.
Customers with the bank have been contacting the legal practice in recent weeks over concerns about who they should now appoint as Executors of their Wills.
It appears that HSBC is transferring probate services to a third party, Simplify Channel Limited, at the end of next month, but its executorships will not automatically go to the London-based company. Instead people who made Wills with HSBC are being asked to either appoint Simplify as their Executor, or appoint someone else to the role instead.
Vicky Jones, Head of Wills & Probate at Lawson-West said: “HSBC has written to customers who made Wills with the bank informing them of this change and has asked them to select one of two options regarding appointing a new Executor.
“The letters contains two codicils to the Will, one of which must be witnessed, signed and returned to the bank once the customer has made their choice. It asks that customers ensure that they have fully read the letter and the Questions and Answers section and discussed the changes with any relevant parties, before returning the codicil document.
“Nowhere, however, does HSBC recommend that customers seek professional advice first nor is there any mention in the letter of the probate fees charged by Simplify if people choose that company as their Executor.
“We’ve received dozens of calls about this. Many of our callers have been concerned about a lack of information and are unsure about what to do next. They’re also worried about what Simplify’s probate services might cost them – and are unhappy that HSBC has given them such little time to respond.
“HSBC wrote to customers as recently as mid-July and says in its letter that the transfer is expected to occur on October 30 2015. That doesn’t give people very long at all to act on the letter and seek further help or guidance.
“In many cases people have cancelled the Will held in storage with HSBC and have drawn up a new one with us instead.”
“We’ve been approached by people of all ages affected by this change, including young mortgage customers who made their Wills with HSBC when securing their home loans.”
In its letter to customers HSBC said a recent review had determined that it was “no longer best placed to offer the required levels of support for those you leave behind.”
The letter also stated that Simplify has “a substantial UK probate business with a range of products and services to support the bereaved” and was, HSBC believed, “well placed to provide support and choice to our customers at a difficult time.”
An Executor of a Will is responsible for ensuring that the deceased person’s wishes are carried out and that any outstanding debts are paid from the person’s estate. Anyone over the age of 18 can act as an Executor. They may be a professional adviser such as a solicitor or accountant or a family member or friend.
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