Murray Beith Murray LLP is a leading Scottish private client law firm.
For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
Murray Beith Murray LLP is a leading Scottish private client law firm.
For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
Losing financial assets as you progress through your life might not be as unusual as it sounds. Gone are the days when people had a “job for life”, staying with the same company from leaving school through to retirement. People are much more mobile these days and are likely to not only move job but move house several times throughout their lives. For example, there may be pensions from different employers or savings or investments which have been lost through time because the institutions holding these were not notified of something as simple as a change of address.
Rediscovering lost assets can be even more difficult where someone has died and there may only be a paucity of information available pointing to potential pension, savings or investments the deceased held at some point.
It is the responsibility of the executor to thoroughly investigate the extent of the deceased’s estate. That means if there is any information, no matter how scant, that the deceased had assets or investments at some point, the executor needs to try to rediscover them or verify that the account was closed before death.
Fortunately, there are online services available to help you rediscovering lost assets and investments.
The best approach is for the executor (or someone acting on their behalf) to approach the relevant financial organisation directly, particularly if you have an account number. If that is unsuccessful then there are various websites, some of which offer a free service to trace lost bank and building society accounts and National Savings and Investment accounts. The executor will need to ensure that any information shared externally is held securely.
When searching for lost pensions, you can use the UK government’s Pension search tool. You can use this tool to find contact details of the pension provider and you can then approach them directly. You can also call the Pension Tracing Service on 0800 731 0193 or you can write to them at The Pension Service, Post Handling Site A, Wolverhampton WV98 1AF. This is a free service and when you are acting as executor, you must provide evidence of authority to seek this information.
The deceased may have moved house but failed to inform the registrar in any company where they had held shares of their new address. The registrar would have had no means to contact the deceased about any rights options, dividends etc.
In order to rediscover those lost investments, you can use The Investment Association unclaimed assets portal. There is some overlap on this site as you are also able to search for dormant savings and misplaced pensions. You need to set up an account with them to use this service. Again, this is a free service.
If you have been named an executor in a Will or look to be appointed executor and believe the deceased had a pension, savings or investments that have been lost over time, you can discuss it with us. We can help you rediscover the location of the lost assets and help in assessing their value as we have extensive experience in that area.
Murray Beith Murray LLP Partner, Andrew Paterson, heads our Executry group and has assisted many families with the legal issues arising following the death of a relative. Andrew also.specialises in estate planning, asset protection and trusts.
If this article has raised any questions or you would like to discuss your affairs, then please complete our contact form or call us on 0131 225 1200.
Murray Beith Murray LLP was established in 1849, as advisors for generations of clients, committed to our values of integrity, expertise and trust. This aim and these values continue to this day as does our commitment to be here when you need us.
