Probate delayed by ‘hidden assets’
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Probate delayed by ‘hidden assets’
Probate software specialist Exizent has published its first Bereavement Index*, with some interesting findings. It shows that many people fail to organise their finances before death, leading to stress and anxiety for those left dealing with a ‘financial mess’.
According to the research, one in seven (14%) of those tasked with administering the estate of someone who has died, begin the process without full knowledge of all the deceased’s accounts and assets. In fact, so many people die without leaving behind sufficient financial information, that 37% of accounts only come to light during probate.
Secret accounts
No wonder, then, that nearly 90% of those who have recently lost a loved one found the probate process ‘stressful’ – or ‘extremely stressful’ for one in six correspondents. Secret or hidden accounts were associated with higher stress, with respondents in this situation twice as likely to be ‘extremely’ stressed, while for 40%, probate had mental health implications.
Get organised
Not only will organising your financial affairs and keeping an up-to-date Will ensure your wishes are carried out when you die; it will also save your loved ones a great deal of time and stress. For guidance on getting your finances in order, speak with us.
*Exizent, 2021
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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