Unclaimed assets total £1billion
With a reported total of unclaimed assets amounting to £1billion, make sure your assets are accounted for.
This morning, Radio 4 reported there has been £1billion of unclaimed assets since 2011. The money is held by UK financial institutions and includes bank accounts as well as life insurance policies which after a period of dormancy are passed to a reclaim fund to make sure the beneficial owner can claim the asset, before being distributed to charity.
Tracing lost assets as part of the administration of an estate can be difficult and although the process is made slightly easier by the unclaimed assets register, it highlights the importance of record keeping and notifying financial institutions when people move.
It is therefore useful for the executors and the beneficiaries of your estate to know where your assets are held. As such, it would be a worthwhile exercise placing a schedule of your assets including account details alongside your original will so your executors know what assets compromise your estate.
Contact our wills specialists for advice on your will and how to ensure your assets are accounted for.