Recent research from BLM found that the Yorkshire area could have a huge £151 million worth of unclaimed estates.
The firm used the average Yorkshire Household income and the most recent Government Unclaimed Estates List to determine how much money the area is losing because of a failure to make an adequate Will.
As of the most recent figures, the household average in the UK had a net wealth of £259,000, this figure had increased from £225,000 in 2017.
According to data taken from the updated list on November 12th, there are currently over 8,900 unclaimed estates in the UK.
Using the system adopted by BLM, this would mean that the UK could have over £2 billion in unclaimed estates. However, this estimate fails to consider the unequal distribution of wealth, or the fact that the majority of estates fall below the average figure of £225,000.
In actual fact, the wealth held by the top 10% of the UK was around five times higher than the bottom half of the UK.
However, the fact that there are over 8,900 estates that are currently unclaimed, illustrates the obvious problem, concerning Wills, we have in this country, which means the actual figure will be substantial.
James Beresford, Wills and Estate Planning Expert at Yorkshire firm BLM, said: “It’s incredible that we place such importance on owning property and to be prepared for savings and pensions, but are apathetic when it comes to estate planning. This research emphasises how many people are wholly unprepared when it comes to ensuring that their loved ones benefit from their estates.
“Whatever assets might classify as your estate, whether property, possessions or wealth, it is important that you clearly set how these assets should be handled and protected after you pass away, to legally protect your family adequately.
“With cohabiting families growing in popularity, it is just as crucial to define who should inherit your assets. Under the rules of intestacy, cohabitees have no rights to the estate. If you haven’t named your partner in your Will, or as a nominated beneficiary under any life insurance, they stand to be left with nothing. This includes your home, wealth or physical assets, with your estate automatically transferred to your next of kin or listed as unclaimed.”
Whilst the actual financial figures may be grossly inaccurate, the headline figure remains the 8,900 estates that highlight our reluctance or severe oversight in making an up to date Will.
Are you aware of people struggling to claim an estate? Is this a significant problem in the UK? What can be done to increase the uptake in making a Will?
