One of the main roles of a personal representative’s role is to identify all the assets and liabilities in the estate.
Reclaim Fund Limited states that figures for 2020 show that the fund into which banks pay assets that have not been claimed for 15 years or more were a staggering £ 1.3 billion. In addition to the unclaimed funds held by banks there are unclaimed shares, pensions, and savings.
Personal Representatives are responsible for administering an estate and have a responsibility to locate the beneficiaries and to ensure that those beneficiaries are receiving what is owed to them.
The implications of not identify the assets and liabilities in an estate could include fines from HMRC for not reporting all the assets for Inheritance Tax purposes, additional costs for dealing with assets which were not known about when the estate was distributed and even the possibility of negligence claims.
As Solicitors we are able to give personal representatives advice on their duties and the steps required to administer an estate. We are also able to provide practical advice on locating assets and liabilities.
How can Tozers help?
For further advice and help with estate administration, please contact our dedicated Probate and Wills team who will be more than happy to help.