Reconnecting assets with their rightful owners
According to current reports, the search is on for over 73,000 people who have not yet claimed their share of Standard Life’s £113 million, following the society’s stock market flotation in 2006.
At the time, approximately 2.4 million policy holders were entitled to cash or shares, of which approximately 280,000 failed to claim their designated sums. This figure has since reduced to approximately 73,000 as policyholders have come forward, however the deadline for them to claim their assets is looming, with July 2016 confirmed as the cut-off date.
The use of an asset reunification service would benefit anyone who believes they may be entitled to a share of the money, yet has been unable to locate any related documentation or perhaps believes a deceased loved one may have been eligible.
A ‘lost asset’ can occur as a result of life changes, such as a marriage or if a house move has taken place and the financial institution hasn’t been notified of such changes. The mystery of unclaimed assets can however be quickly rectified via one single search that probate professionals can undertake for their clients when administering an estate.
Such asset reunification searches help identify potentially dormant, unknown or lost financial assets. This includes everything from pensions, life policies or unit trusts through to bank accounts or shares.
With the reports suggesting that one policy holder alone is due a pay out of £120,000, it certainly shows the advantages of using an asset search facility to confirm whether there are assets out there, that rightfully belong to you or your clients.