TSB teams-up with Farewill to help clients better “deal with death”
Farewill will provide TSB customers with simple and affordable wills and probate services.
TSB has partnered with will and probate service provider, Farewill, to offer customers simple and affordable will writing services and address the large deficit in will-holders across the UK.
The bank is the first to partner with Farewill to provide such services which it believes are important to give clients better financial control, reduce the likelihood of family disputes, and reduce inheritance tax obligations.
More than half the UK population do not currently have a will, according to TSB. The bank says this can lead to “unnecessary delays and upsetting disputes at a very difficult time for [a] family”.
If the deceased has no will, the law currently decides who will inherit the estate and who is responsible for caring for dependents, under rules called ‘intestacy’.
Through Farewill, TSB claims that customers will be able to write a will in as little as 15 minutes for sums starting at £80 – half the cost of traditional providers – detailing instructions around inheritance, childcare, and funeral decisions.
TSB customers will also be able to access a five per cent discount on Farewill’s probate services, saving time, money and stress when settling a relative’s estate.
“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,” said Pella Frost, director of everyday banking at TSB. “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 he looked forward to “having a meaningful effect on the lives and deaths of a huge number of families around the UK”.