Banks criticised for 'expensive' will writing costs

The importance of free will writing services has been highlighted by the Office of Fair Trading's (OFT's) decision to pressure high street banks to up the standard of how they sell will these products.

Lorna Bourke, writing for Citywire.co.uk, said that the move was "encouraging".

A number of banks have agreed that over the next six months they will review and improve the methods they use to make sales, those looking to make a will have been told.

David Stallibrass, director in the OFT Services and Public Markets Group, said: "The wrong decision when appointing executors could mean a potentially expensive professional service is chosen, when a family member or friend may be quite capable of handling the task either alone or with professional support."

Research published by the body last year discovered 43 per cent of people chose to appoint a professional will writing service.

Furthermore, legal expert Gareth Jones last year said that people now have more assets and property, making will writing highly important. 

Posted by Hannah Carr