Three in five (over 30 million) UK adults do not currently have a will
TSB partners with Farewill to empower customers to take control of their finances and protect their loved ones
Customers will be able to write a will in as little as 15 minutes and at a 10 percent discounted rate - half the cost of traditional providers
TSB customers also have a five percent discount on Farewill’s probate services, saving time, money and stress when settling a loved one’s estate
TSB is the first bank to partner with Farewill, the UK’s best rated will and probate provider, to offer customers access to easy will writing and probate services at exclusive discounted prices.
Farewill will provide TSB customers with an accessible and cost-effective way to take control of their affairs and remove possible concerns for their families. Customers can obtain a will for as little as £80* which is half the average market cost and taking as little as 15 minutes to complete.
TSB customers will also receive a five percent discount on Farewill’s probate services, saving time, money and stress when settling a loved one’s estate.
Having a will is the only way to be certain that your wishes will be followed for areas such as inheritance; caring for your children and sharing other assets amongst family, friends and third parties. Detailing how you would like your legacy to be celebrated after you‘re gone can also relieve the burden faced by loved ones having to make decisions around the type of funeral you might have wanted.
Yet the latest data shows that in the UK there are over 30 million adults (three in five) who have not written a will**, which can lead to unnecessary delays and upsetting disputes at a very difficult time for their family. In these cases, the rules of ‘intestacy’ come into play, meaning the law decides who will inherit the estate and who has responsibility for caring for dependents.
Pella Frost, Director of Everyday Banking at TSB, said:
“Having open conversations about what you want to happen when you die can often save a great deal of time, money and distress for your family.
“Farewill will make this much easier by helping our customers feel more confident and prepared about the future knowing that their estate will be taken care of.”
Dan Garrett, CEO and co-founder at Farewill , said:
“Dealing with death is one of the hardest parts of life. Working with an organisation like TSB, with customers at the heart of every decision they make, is a huge privilege.
“We look forward to a long standing and important partnership together - and to having a meaningful effect on the lives and deaths of a huge number of families around the UK.”
Why it is important to write a will
- Gives control over what happens to your estate: your money, possessions and other assets will be shared among family, friends and third parties in the way you choose.
- Sets out provision for your children and pets: the decision of who would become guardian of any children under the age of 18 would be made by you, rather than the court. New owners of any pets would also be outlined.
- Avoids family disputes: without a will, the wishes of a family member can often be up for debate, sometimes leading to disagreements among relatives and costly legal intervention.
- Makes your funeral requests clear: you can set out exactly how you want to be celebrated at your funeral, removing some of the additional stress faced by family members arranging on your behalf.
- Reduces your inheritance tax: anything in your estate above £350,000 is liable for inheritance tax. Making plans in advance will ensure you and your family don’t have to pay any more tax than necessary.
Notes to editors:
* Online will service cannot be accessed in Scotland. Full details of the terms and conditions are set out on TSB’s website. Wills need to be signed by two witnesses who are not beneficiaries to be legally binding. It was announced in January that wills can continue to be witnessed via Zoom in England and Wales to help those who are forced to isolate either with Covid-19 or due to another vulnerability to make sure their final wishes are legally recognised.
** Canada Life data, published 25 September 2020
Farewill’s mission is to change the way the world deals with death through offering innovative will writing, funeral, funeral plans and probate services that put people at the heart of everything it does. For more information visit Farewill.com
Rochelle D’Cruz | Media Relations Manager, TSB
T: 07483 940 420 | rochelle.d’firstname.lastname@example.org
Suzy Vickers | Farewill
T: 07748 746 957 | email@example.com