Up to £175 million of assets could be left unclaimed because people struggle to track down their loved ones’ wealth after they die, new research claims.
A study by willsandassets.co.uk estimates that more than 175,000 people have difficulty finding assets listed in wills. And it can add to the cost of the probate process, with over a third of people spending an average of £2,250 on solicitors and other advisers.
Many people who have a will haven’t updated theirs to include everything they own. Only just over a third (36%) have updated their will in the past two years.
Do more than just make a will
Making a will and keeping it up to date is the best way to ensure your money and assets are distributed as you want. For more on how to do this, read our guide to Making a will.
It’s also important to keep records of any assets so people can easily access them. You could give these to a partner or spouse or other trusted family member to be opened when you die.
You could put them in the care of a solicitor, although bear in mind you might be charged for this. You could also store things such as share certificates at a bank.
It’s also a very good idea to make digital copies of all your important financial documents.
lovemoney's own Plans service, for example, allows you to store digital copies of everything from your will to your property deeds to your National Insurance number in one secure place. You can upload them yourself or send them securely to us and we’ll do the work for you.
If you keep your account up to date and include your secure log-in information as part of your financial information and/or will, your family will be able to see at a glance what assets you own. This could save valuable time when it comes to managing your estate.
More on planning for the future:
The cost of meeting 'life goals'
How to work out how much you need to save for retirement