It is estimated that over £15 billion worth of inheritance has gone unclaimed.
This is down to a mixture of estates which have failed to be dealt with (the Government maintains a database of over 7,100 unsettled estates unclaimed estates list at www.gov.uk)and missing accounts.
Those who could benefit from some of this money are losing out due to a number of reasons, one big one being unknown asset details.
If you fail to keep records of the accounts/property/land you hold, those who benefit from your estate may not discover all your assets and in turn miss out on part of their inheritance.
This is an increasingly common scenario as we are moving to dealing with our financial affairs online. The significance of this has led to companies being set up which help search for lost bank accounts and savings.
Another big reason for missing out on part of the £15 billion is when beneficiaries do not know they are entitled to part of someone’s estate.
This is usually down to people dying without a will and the nearest relatives not being aware of the death.
If you die without a valid will there is a strict order of who should inherit which follows your family tree.
Heir hunters and the Government’s own legal team go to great lengths to track down beneficiaries but sometimes those entitled to an estate cannot be located.
Recently, 103 years after his death, a first world war soldier has been identified and his estate fully administered.
If no beneficiaries to an estate or a specific asset can be located, then eventually that asset is classed as being ownerless and will pass to the Crown (known as ‘bona vacantia’).
The amount that went unclaimed in the last tax year was £48 million.
Don’t let your assets disappear or go unclaimed after your time – talk to one of our friendly team about making a will and ensure your future is secure.
Call our friendly team on 01228 522215 or read more here: https://www.bendlessolicitors.co.uk/services-for-you-and-your-family/wills-estate-probate/
