When it comes to estate planning, many people turn to their banks for help with drafting their wills. While banks may offer will-drafting services as a convenience to their customers and even apps or websites that automate this process, you may want to think twice before you let your bank or other financial institution draft your will.
One reason is that certain banks or other financial institutions may not have the legal expertise necessary to draft a comprehensive and effective will that fully reflects your wishes and protects your assets. Banks are typically interested in managing your assets and financial affairs, not providing legal services. As a result, there's a risk that a will drafted by a bank may not accurately reflect your intentions, which could potentially lead to legal disputes among your beneficiaries.
Another problem is that banks will almost certainly appoint themselves as the executor of your will when they draft it. This can create a conflict of interest because the bank would be responsible for managing your assets and distributing them to your beneficiaries after your death. If the bank is also a beneficiary of your assets, there's a risk that it may prioritize its own interests over those of your other beneficiaries.
Because banks and financial institutions are usually large institutions with large customer bases and a host or internal rules and regulations and other red-tape, winding up your estate after your death may take considerably longer. It may also be quite difficult to speak to the relevant person who will handle your deceased estate, simply because the organisation is so large.
To avoid these problems, it's generally recommended that you seek the services of an experienced attorney to draft your will. An attorney can ensure that your will is legally valid and fully reflects your wishes, while also helping you navigate any potential conflicts of interest. It's also recommended that you appoint an independent executor who is not affiliated with any financial institution or other beneficiary of your assets. An independent executor can ensure that your assets are distributed fairly and in accordance with your wishes, without any conflicts of interest or potential for mismanagement.
In conclusion, while banks may offer will-drafting services as a convenience, it's generally best to seek the help of an experienced attorney to ensure that your will accurately reflects your wishes and protects your assets. By taking the time to carefully plan your estate, you can ensure that your loved ones are provided for after your passing.
If you need assistance with drafting a will or managing a deceased estate, please contact Eezilaw, who has the necessary qualifications and and experience to assist you.
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