HSBC is selling its Wills and Probate services. Do you know how this may affect you?

In June 2015, HSBC announced that it is selling its Wills and Probate services to Simplify Trust Corporation, previously known as Chorus Law and ITC.

HSBC has been contacting its existing Wills clients advising that it will not be offering an executorship service after the date of the transfer. Simplify Trust Corporation will NOT be able to automatically act as executor in place of HSBC therefore anyone who appointed HSBC as an executor in their Will will need to appoint a new one.

Related: Learn more about Goughs Solicitors’ Wills, Trusts and Probate services.

If you have a Will appointing HSBC as an executor, you will, if not already, have been offered the following options:

  1. You can complete a Codicil to appoint Simplify as executor, after which they will hold your Will assuming the transfer on the 30th October 2015 goes ahead, OR

  2. You complete a Codicil to appoint an alternative executor, in which case HSBC will retain your Will, OR

  3. You can inform the bank that the Will they hold is no longer valid and has been replaced. HSBC should then return your Will, if they hold it.

It is important that you consider the above options carefully and we strongly recommend that you take legal advice in any event.

You may wish to write a new Will and that’s where Goughs can help. We offer a comprehensive Will writing service at a fixed fee price and can give advice on a range of issues relating to your estate, including inheritance tax and gifts for minor children.

Goughs can act as your executors or alternatively, you can appoint an executor of your choice. We can discuss the role of an executor with you, ensuring that you are fully informed of your options, before helping you make a decision that is right for you. If you do wish to appoint a family member or a friend and they need to take advice on their role, we are happy to provide whatever level of help or support is required.

In addition to our Will writing service, we also offer a free Will storage service ensuring that your Will is kept safe and secure in a well-established local law firm. For further advice on any issue relating to wills, trusts, estates, probate or our range of services for the elderly, please contact a member of our Wills team.

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