Recent research by The Independent has revealed a staggering amount in unclaimed assets – £15 billion to be exact. They also explain that the reason for this high value is being unable to locate a Will for the deceased.
There are a few reasons why families may not be able to locate a Will:
- Some people procrastinate the task of creating a Will and simply never get around to it.
- The DIY approach means that some people create one using an online or retail-purchased Will template, without informing family or loved ones of its existence and location.
- Someone could have been made aware of the existence of a Will for the deceased but over time, it was moved, lost or forgotten, meaning its whereabouts at its most critical time is unknown.
In these instances, Bona Vacantia laws will apply in England and Wales, which mandates that any assets owned by the deceased will get passed to the Crown. However, is there a solution to reduce the frequency of this occurrence or the value of unclaimed assets in the UK? Estate planning firm, Squiggle Consult, believes they have one.
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Kings Court Trust is an award-winning estate administration provider who takes care of the practicalities after death. If you have any questions about estate administration or how you can work in partnership with Kings Court Trust, call them on 0333 207 5470 or email partners@kctrust.co.uk.
This article was submitted to be published by Kings Court Trust as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate
