My Documents - What I Own and Where It Is Kept

JM Group
3 July 2017
 

From St.James's Place Wealth Management

The death of a close family member or friend is always a traumatic time for those left behind. It is often made more difficult for those relatives or friends who have been asked to be executors and handle the estate, because they often have difficulty in finding key documents and other important information that belonged to the deceased.

Important things like the Will, share certificates, bank account details and life assurance plans all need to be accessible shortly after death.
 
Quite apart from making the job harder for the executors, it is possible that some assets may go undetected. For example, you may have a paid-up life assurance plan – in other words, a plan where there are no more premiums payable, but which still provides benefits. If the plan documentation has been lost, or is hidden away somewhere, how will the executors know?

Insurance companies hold approximately £400 million of unclaimed monies in life assurance and pension plans that belong to planholders†, the vast majority of whom will have died. Their families have no knowledge of the plan and so the money will be lost to them.
 
The position is similar with UK banks. There is over £1 billion of unclaimed monies held by National Savings and Investments (excluding premium bonds) for missing account holders†. Although the banks and other financial institutions do their utmost to trace account holders and repay this, a significant amount of client funds lie unclaimed.
 
Clearly, you can make it much easier if your affairs are in good order and your family or friends don’t have to search high and low for documents that they don’t even know exist.
 
It also means that your heirs will receive the full inheritance that you intended for them more quickly than if someone has to search for assets.
 
St. James’s Place Checklist
 
To help you do this, we have created the St. James’s Place Asset Checklist. This will enable you to keep track of all your assets and, specifically, to let your family know where they are kept.

We have also included a Key Contacts Checklist which enables you to list the details of your important advisers, such as your solicitor, accountant and financial adviser.

Once you have completed the checklist, take a copy for key members of your family.
 

 

Click Here to Download
 
 

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