Be prepared: How better planning protects loved ones

Published: 30/10/2014

Around £175 million is being lost every year in unclaimed or unfound assets, according to latest research from willsandassets.co.uk.

In its nationwide study the online service which enables people to store wills and register assets found that 31 per cent of people who have lost a loved one encountered difficulties in locating all their financial assets.

The problem largely occurs because people have not made a Will or, of those who have, they have not updated it regularly or advised their executors of its whereabouts.

Linda Cummins, Head of Wills and Probate, comments:

“The idea that loved ones are missing out on potential valuable assets is hard enough but for them to then have to pay out in an attempt to find them, makes the situation even worse.

“The most frustrating aspect of this is it could be resolved by simply making a Will and keeping it up to date. By having an up-to-date Will in place means that all your loved ones are provided for and protected and can make the estate administration more straightforward at this already difficult time.”