Last month, customers of HSBC who have Wills which appoint HSBC as their executors, received a letter out of the blue advising them that HSBC will no longer be able to act for them in this role.
This is because HSBC has sold off their Wills business to a company called Simplify Channel Ltd (a company formed in 2012) with the transfer due to take place in October 2015.
HSBC have contacted all their clients with Wills which appoint them as executors enclosing a standard codicil for them to sign, appointing Simplify as their new Executors.
We would advise anyone who receives one of these letters that there is no obligation on you to have Simplify appointed for you – you are free to appoint anyone you wish to act as your executor,even if that person is a beneficiary named in the Will. This option may be much more convenient and cost-efficient for your estate, naming someone you trust to deal with your estate on your death. It may also be a good time to review your Will in its entirety – does it still reflect your wishes?