The five main high street banks have declared that £137 million of unclaimed money laid dormant in 2019 (this is monies that have laid dormant for 15 years plus). This figure is growing every year and is mainly due to the number of unclaimed accounts and pensions that are left unadministered, or are simply forgotten about.
We live in a world where people constantly move around, change jobs and work abroad. It can be difficult to keep track of assets – especially pensions. There are also increasing numbers of online banks which means a lack of paper statements. It can be very easy for an asset holder to lose track and it can therefore be difficult for an executor to ensure that they don’t miss anything.
Keeping an up to date list of your assets will make it easy for your executors to access them when you pass away. This will hugely reduce the chance of leaving your assets lying dormant in an account (and possibly never claimed) instead of passing to your beneficiaries.
Kwil offer a unique Lockbox service which allows you to securely store all of the information your executors will need when you pass away. You are able to record details of your pensions and bank accounts as well as other important information that may be useful, for example details of previous employers. Your executors are only granted access to this information when you pass away.