Will and Executor Service Guide - NatWest

Making it easy to leavethe legacy you wantWill and Executor Service

Discover how the NatWest PrivateWill and Executor Service can help youJoining NatWest PrivateIf you are not already a NatWest Private customer, we willbe pleased to welcome you to the service and explain inmore detail how it works.To find out more about making a will withNatWest Private, please speak to your PrivateBanking Manager or call 0845 30 50 600.Please note that your call may be recorded.If you have a hearing or speech impairment,please call us using Minicom on 0845 900 5961.You can also find out more atnatwest.com/private

02An expert will-writing serviceWhether it’s your firstwill or you need to revisean existing one, ourprofessional Will andExecutor Service helpsyou get it right.04 Will-writing experts working for you06 Why make a will?07 What our Executor Service offers07 Why choose our Will and Executor Service?09 Your questions answered10 Helping you manage your financesBecoming a Private customerNatWest Private is available to all customers with a soleincome of over £100,000 (or joint income of £150,000)paid into your NatWest account or savings of over£50,000 held with us.

04Will-writing experts workingfor youAt the centre of NatWest Private is yourPrivate Banking Manager.Their role is to understand your everyday banking needs. As yournamed point of contact, your Private Banking Manager canintroduce you to our Will and Executor Service. This serviceis offered in partnership with a leading solicitors, Hugh James.They will discuss your wishes with you and advise you on thebest way to ensure they are fulfilled.Should you decide to appoint NatWest as the executor ofyour will you can be reassured that the eventual distributionof your assets will be carried out by experienced andimpartial professionals.We can also offer the service of a Private Investment Managerwho can provide advice on inheritance planning, so that yourassets pass on to your loved ones or other beneficiaries in atax-efficient way.Our goal is to ensure thatthe process of writing awill is effortless, whilstguaranteeing that allyour wishes are fulfilled.

06Why make a will?Making a will is the only sensible way to ensurethat your money and assets are shared outaccording to your wishes.The benefits of making a willYou can decide how your assets are shared out to yourrelatives, to friends or perhaps to your favourite charityYou can make sure your partner is provided for if you aren’tmarried or in a civil partnership (as your partner will notinherit automatically)If you’re divorced or if your civil partnership has beendissolved, you can decide whether to leave anything toan ex-partner who’s living with someone elseWhen you make a will, you can also appoint an executor whowill take responsibility for distributing your assets accordingto your wishesYou can make sure you don’t pay more Inheritance Taxthan necessaryIf you don’t make a will, the law will determine howyour assets are shared out when you die (this is knownas ‘dying intestate’)Our tax planning team has the expertise to advise you onthe best, most tax-efficient way to pass on your assetsAppointing an ExecutorIt is possible and not unusual to appoint a family member, friend orindividual as executor. An executor must deal with legal, property,investment and tax issues relating to your assets and that mayrequire specialist knowledge. An executor must also act impartiallyin dealing with all beneficiaries – and offer confidentiality. It canbe difficult for close family to cope with bereavement and theadded duties of an executor and dealing with your estate maynot be what they would choose.It is important to be aware that if you choose a professionalexecutor then their charges, along with any liabilities, will beborne by your estate before funds are distributed to yourbeneficiaries. Our fees for dealing with an estate are detailedin the enclosed leaflet.Liabilities – the debts to be settled by the estate, such asfuneral expenses, household accounts, taxes, bank feesand any other outstanding debts.Making a tax-efficient willSimply leaving your estate to specific people or organisationsmight not be the most tax-efficient way to distribute your wealth.You should consider Inheritance Tax and how to protect yourmoney for future generations. This may mean setting up a trustwithin the terms of your will. We can advise you on how bestto do this.If you already have a will, you may wish to review it to ensure itreflects any changes to your situation or to inheritance laws.Inheritance Tax (IHT) – a tax payable following death on thevalue of an estate over a certain amount (or ‘threshold’),subject to specific tax exemptions and reliefs.

07What our ExecutorService offersWhy choose our Will andExecutor Service?Administering an estate can be morecomplex than many people realise, but ourspecialist team has the knowledge andexperience to perform the task efficientlyon your behalf.Appointing NatWest as your executor meansthat, when you pass away, your wishes will becarried out just as you’ve requested.If you appoint NatWest as your executor, you’ll know that thepressures and complexities of settling your affairs will not fallto your friends and family. Our team will manage the entireprocess, protecting the people closest to you from anyunnecessary stress.The benefits of our Executor ServiceOur expertise ensures your wealth is passed on in anefficient and professional mannerOur estate administration specialists will make sure yourchosen beneficiaries receive what is due to them from yourestate promptly and impartiallyThey’ll be on hand for your beneficiaries throughout theadministration process, helping in any way they canWe can help those who benefit from your estate to makethe most of their inheritanceWe can also offer your family and friends financial advice afteryour death if they want help in managing their inheritance.Also if you’ve used your will to set up trusts for them throughour Trust Service, we’ll be able to look after their interests foryears to come.We are experts in trusts and may recommend setting one upas part of your will to help you offset Inheritance Tax, and tosecure finances for future generationsWe are impartial, so have no vested interest in how youdistribute your estateWe work with a leading firm of solicitors, Hugh James, whoseexpertise in drawing up wills ensures you get the best adviceand serviceOur professional administrators ensure your wealth is passedon promptly and impartiallyYour estate is protected by the strong controls and safeguardsthat you would expect from a major financial institutionauthorised and regulated by the Financial Services AuthorityIf you don’t make a will, the law will determine how your assetsare shared out when you die (this is known as ‘dying intestate’).Please discuss with us whether the appointment of NatWest asyour executor of your will is suitable for you.

09Your questions answeredQ: Why do I need professional help to draw up my will?A: While writing a will is not always a difficult process, usinga specialist can ensure that all the important points arecovered. As much as anything, a well-written, legallybindingwill is the best way of making sure that your assetsare distributed the way you want after your death.Q: Why should I have a professional executor?A: Dealing with the legal, investment and tax issues of anestate often requires specialist knowledge that a relativeor friend may not have. A professional executor willalso act impartially in dealing with all beneficiaries – andoffer confidentiality.Q: Why should I choose NatWest when appointingan executor?A: Your executor is the person who will carry out your wishesafter you die, so you need to choose someone you are surewill be capable of taking on the role. By choosing NatWest,continuity is assured, along with the guarantee thatprofessional administrators will deal with your estateefficiently and confidentially.Q: What is an executor?A: The executor is the person or company named in the willas responsible for dealing with the estate and ensuring thatthe terms of the will are met. NatWest can be appointed asa sole executor, jointly with another person of your choice oras an alternative executor should your chosen executor(s)be unable or unwilling to act.Q: What is Inheritance Tax?A: This is a tax payable following death on the value of anestate over a certain amount (or ‘threshold’), subject tospecific tax exemptions and reliefs. Bequests to a survivingspouse/civil partner or to a registered charity are examplesof the transfers that are free of tax. Inheritance Tax istaken from an estate before the assets are passed onto the beneficiaries.Q: What is an estate?A: This refers to the combined assets (such as property,money and investments) and the liabilities (such as debts)of the deceased. It is possible to write your will to cover yourworldwide estate, or you can limit your will to only apply indefined jurisdictions.

10Helping you manage your financesOur Will and Executor Service is just one ofthe services available from NatWest Private,designed to help you manage your wealth.Our range of services includes:NatWest Private Current Accounts – we offer a range of feeand non fee paying current accounts, each designed to meetspecific requirements. For details of our full range of accountsplease visit natwest.com/privateSavings and Investments – from short-term instant accesssavings accounts to longer-term savings and investments,we can advise you on making the most of your money andhelp ensure your wealth works as tax efficiently as possible.Discretionary Portfolio Services – we give you access toworld-class fund managers through our range of funds and achoice of investment profiles to meet your objectives.Trust Service – we will identify tax-efficient ways to providefinancial support to people both before and after your death.Personal Tax Service – our tax experts can handle everyaspect of your UK tax affairs for you, including completingyour tax returns and claims for you, dealing with HM Revenue& Customs on your behalf and helping ensure you pay no moretax than you should.Tax reliefs and other matters referred to are those available undercurrent legislation, which may change, and their availability andvalue will depend on your individual circumstances.YOU SHOULD BEAR IN MIND THAT THE VALUE OF YOURINVESTMENTS AND THE INCOME FROM THEM CAN GODOWN AS WELL AS UP, AND YOU MAY NOT GET BACKTHE AMOUNT OF YOUR ORIGINAL INVESTMENT.InformationDetails of our fees and Terms and Conditions can be found in theback cover of this brochure. Your Private Banking Manager candiscuss these with you in more detail.

National Westminster Bank Plc is authorised and regulated by the Financial Services Authority.National Westminster Bank Plc. Registered in England Number 929027. Registered Office: 135 Bishopsgate, London EC2M 3UR.NWB7148 August 2011