Newcastle Building Society and Co-op have extended an existing agreement, which will allow the firm’s clients to have access to later life planning advice.
The building society 373,000 customers already had access to Co-op’s funeral plans, and will now be able to get advice on estate planning and trusts, in addition to wills, and guidance on how to prepare a lasting power of attorney.
Individuals will be able to access the advice through one of Newcastle’s 27 branches across the north east.
Co-op advisers will meet customers in a Newcastle Building Society branch or visit them at home.
According to research from Co-op, 45 per cent of people in the UK don’t have a will, which means loved ones may not automatically inherit an estate.
The administration of the deceased’s estate would be governed by the law, under what is known as the Rules of Intestacy, and an ‘administrator’ will be appointed to carry out the role instead, the company said.
Stuart Miller, customer director at Newcastle Building Society, argued that despite many other banks closing branches, the company is “fully committed to an ongoing presence on the high street and to providing accessible, face-to-face financial advice”.
He said: “We’re pleased to be able to extend our current partnership with Co-op, as a member-owned and community-focused organisation, Co-op shares our values and is a great fit to deliver these important services to help close the later life planning gap.”
According to Jonathan Appleby, head of corporate partnerships at Co-op Legal Services and Life Planning, “often people put off later life planning because it can appear too complicated”.
He said; “But as a business we are always looking for opportunities to make later-life planning more accessible to customers who have a genuine need.
“By expanding our partnership with Newcastle Building Society we will be able to help even more people to put plans in place to protect themselves and their families now and throughout the later stages of their life, ensuring their wishes are taken care of when they are gone.”
Co-op launched in the beginning of this month a survey into planning for death and bereavement, with the goal of tackling the taboo around this subject, and uncover what stops the nation from talking about death.
maria.espadinha@ft.com
