Public fails to chart financial assets in wills
Nearly three-quarters of the British public do not have a will that clearly charts their financial assets, research has revealed.
Some 73% of Britons have not documented financial assets such as pension plans and life insurance policies in their wills, a YouGov survey of 2,384 adults, on behalf of digital mapping and land data intelligence company Landmark Information Group, has found.
Meanwhile, 16% of those surveyed admitted it would be difficult for their spouse or family to discover the whereabouts of all their financial assets.
It is estimated that more than £15bn of assets remain unclaimed in the UK.
Landmark managing director James Sherwood-Rogers said: ‘It is alarming to hear how many individuals do not have their financial assets clearly documented and it is no surprise there are so many unclaimed accounts and policies in the UK.’
Comments
Last Orders; The Essential Guide to Your Letter of Wishes
As the author of Last Orders, a self-help book which addresses the importance of not just making a Will but of organising one’s affairs, the article on the failure of the public to document their financial assets in Wills, graphically demonstrates the need for, and the usefulness of, the publication.
Last Orders is not just a guide, it also serves as a document, or Letter of Wishes, which can be completed by the testator, and identifies the need to catalogue the myriad accounts and pensions which the reader has. Equally important, the reader is asked to state where the original documents for each policy can be found. In addition to this, the book addresses and guides the reader through sections relating to, amongst other things, goods and chattels, various options for making a Will, the need to appoint guardians for children, and of course, the choices surrounding funerals .
Last Orders is a simple, yet comprehensive book which enables the reader to verify all manner of details and which, once competed correctly, will supply the information needed to administer the estate of the deceased effectively and efficiently. It will eradicate doubt and offer clarity for both executors and family alike.
I do not claim that Last Orders is the panacea for all the difficulties surrounding Wills and estates, but I do believe that a book like this, written by a lay person for lay people, will help get the message across on the importance of leaving one’s affairs in order. If, as a solicitor reading this, you can see and use the book as a helpful adjunct to a Will, I believe it will make all of our lives a lot easier.
For more information and to read excerpts from the book, visit the website www.lastorders.org