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£20 billion In Unclaimed Death Assets Sitting in Banks and Insurance Companies

A staggering 20 billion pounds worth of unclaimed death assets is sitting in UK banks instead of going to loved ones.
Finance, Lifestyle - 8 December 2011   Download IconContent available for download:  
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£20 billion in unclaimed assets from relative’s deaths is sitting in banks and insurance companies – meaning that there is a good chance that your assets won’t go to the person you want them to when you pass away.

With over half a million deaths per year in England, Wales and Scotland, a new report has suggested that this amount could easily rise if consumers don’t carefully record where they have their money saved. Almost one in five (18%) felt their relative’s estate was worth less than expected – highlighting the importance of keeping comprehensive records.

Without a doubt, managing the estate of a loved one after they have passed away is an emotional and stressful time, with over half (58%) of people comparing the stress of managing the estate to that of buying a house (57%).

In addition, the report has shown that one in five (20%) have had to take time off work above and beyond compassionate leave to deal with proceedings. Almost a third (30%) have admitted that the probate process caused a significant impact on their life, and in the 45-55 age bracket this rose to over two in five (41%).

. Introduction:

A new report has revealed that £20 billion in unclaimed assets from relative’s deaths is sitting in the vaults of banks and insurance companies. Managing a loved one’s estate after their death is an emotional and stressful time, and can be made worse if accounts are unclear and records are unfinished – suggesting that this staggering figure will only be increased unless consumers take their assets in hand.

So, just how can we make sure our money goes to the right people with the least amount of stress?

Joining us to discuss this further is Sophie Armfield from The Living Probate Company.

. Suggested Questions:

What does the research reveal about our area?

Why is managing an estate so stressful and time consuming – is there an easy option out there?

How can you make sure you have dealt with a loved one’s estate thoroughly without missing anything?

What is the best or simplest way for someone to manage the estate of a loved one?

Where can we find out more information?