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Families miss out on assets worth millions

Research by the website www.willsandassets.co.uk has revealed that more than £175 million is probably lost because relatives are unable to track down missing assets from wills.
Wills that are not updated, or that exist without relatives knowing about them, may end up lost, with their assets not claimed. Family members would then need to spend significant amounts of money and time to find the deceased person’s will, and this adds to the probate process costs.
It is shown that only about a third (36%) of those who have a will keep it up to date to include their latest possessions, alongside their earlier-acquired belongings. Naturally, without including everything they own, their beneficiaries can lose out on assets.
Everyone is advised not just to make a will, but also to keep it updated, to ensure that their assets and money will be distributed according to their wishes.
An updated list of assets and their whereabouts could be given to a trusted member of the family, such as a spouse or partner, with the instruction to be opened after you are deceased. You may also want to consider making digital copies of your financial documents, or at least, the most important ones. Alternatively, you could store things at a bank (e.g. share certificates), or place the care of your possessions and money within your will in the trusted hands of a solicitor.
If you need help creating a will, call us on 01302 320621 or email us at info@athertongodfrey.co.uk. We are qualified wills and probate specialists with a wealth of experience and can advise you accordingly.

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