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Two Together: Save £100!
Save £100 when you purchase two funeral plans together. Call us for more details.
Two Together: Save £100!
Save £100 when you purchase two funeral plans together. Call us for more details.
Planning for the end of life, whether it’s for yourself or a loved one, can be an emotionally overwhelming process. Amid the grief, practical concerns like funeral arrangements and financial matters often come to the forefront.
One such concern that can add unnecessary stress is discovering that assets such as forgotten bank accounts, unclaimed pensions, or old insurance policies have gone dormant over time. These funds, while sometimes overlooked, can play an important role in easing the financial pressures of end-of-life planning.
This guide is intended to gently walk you through the process of how to find lost or dormant assets. Whether you’re looking to honour a loved one’s legacy or ensure your affairs are in order, knowing how to access these funds can bring peace of mind during a difficult time. With clarity, compassion, and practical advice, we hope to make this process as smooth as possible for you.
When trying to sort out what to do when someone dies, or planning ahead for your own funeral, assets are probably low on your list of priorities. Amidst registering a death, comparing funeral plans, or looking into how to pay for funeral expenses, it often falls by the wayside. However, if you can recover these assets, it not only boosts financial security but also ensures they don’t remain overlooked for generations.
Lost or dormant assets refer to financial accounts, property, or funds (assets) that have remained inactive for an extended period of time. These assets can arise for various reasons, such as moving house without updating contact details or forgetting about an old pension scheme.
Learning about and identifying the various forms of dormant assets is the first step in reclaiming them. Below are the most frequent categories and what makes them dormant:
Bank accounts become dormant when there’s no customer activity for a prolonged period. While these accounts may technically be inactive, the funds remain accessible. Banks and building societies retain dormant account funds until they are claimed, so recovery is possible with the right identification.
Many unclaimed pensions result from job changes, where you can lose track of old workplace schemes. Over time, these overlooked plans accumulate value. The UK Government’s Pension Tracing Service is a reliable tool for locating lost pensions.
Investors sometimes forget about shares, dividends, or investment accounts left unattended. These dormant accounts may still yield dividends or interest, which can be recovered with the right paperwork.
Life insurance policies, endowments, or annuities can become dormant when the policyholder fails to update records or inform beneficiaries. Regularly reviewing and sharing these details can prevent losses.
Preventing assets from becoming lost or dormant requires regular organisation and proactive communication. Here are some practical steps to make sure your financial accounts and assets remain accessible to you or your loved ones:
Use digital tools or platforms to monitor and track your financial accounts and investments. Some services offer reminders to check dormant accounts or notify you of unusual inactivity.
An estate plan is a set of legal documents and arrangements that outline how your assets, property, and personal affairs will be managed and distributed after your death. It also includes plans for decisions about your healthcare and finances if you become unable to make them yourself during your lifetime. The goal of an estate plan is to ensure your wishes are followed, minimise legal complications, and provide clarity and support to your loved ones. Consider working with a solicitor or estate planner to make your intentions legally binding and easily accessible.
A will: A legal document that specifies how your assets will be distributed and who will manage your estate after your death. It may also name guardians for minor children. You can also apply for probate with a will. If you die without a will, it might make things a little more complex for your loved ones left behind.
Power of attorney: A document that appoints someone (known as your attorney-in-fact or agent) to handle your financial or legal affairs if you become incapacitated.
Health care directive (living will): This outlines your wishes for medical treatment and end-of-life care, such as whether to pursue life support or organ donation.
Trusts: A legal arrangement that holds assets for your chosen beneficiaries. Trusts can help avoid probate, reduce taxes, and provide privacy for your estate.
Beneficiary designations: Certain accounts, such as pensions, life insurance policies, or investment accounts, allow you to name beneficiaries directly. These assets are usually transferred outside of your will.
Letter of wishes: An informal document that provides guidance to your executors or loved ones about personal matters, such as a preference for a direct cremation, or who a family heirloom should go to.
Plan for minor children: An estate plan can include provisions for the financial care and guardianship of children under 18.
Business succession plan: If you own a business, your estate plan can specify how it should be managed or transferred upon your death.
Prepaid funeral plan: a great alternative to over 50s life insurance where you pay in advance specifically for funeral services, either in a lump sum or through instalments. It helps secure the cost of your funeral at today’s prices, protecting your loved ones from rising costs and easing the emotional and financial stresses on them when the time comes. Including your prepaid funeral plan information in an estate plan ensures your funeral wishes are honoured and provides clear guidance to your loved ones and executors.
A prepaid funeral plan provides financial clarity and ensures your funeral costs are already covered without your family having to rely on reclaiming forgotten funds. If lost or dormant assets can’t be accessed quickly—or at all—your family may face out-of-pocket expenses for your funeral. An all-inclusive plan with Aura alleviates this concern by ensuring the costs are covered in advance, giving your loved ones one less thing to worry about during an already difficult time.
As a trusted provider of prepaid direct cremation funeral plans in the UK, we proudly offer the only two direct cremation plans rated five stars by independent experts, Fairer Finance. We keep your money safe by placing it in an independent, FCA-regulated trust, ensuring it is secure, protected, and only used for your funeral services when the time comes.
Our compassionate team is here to guide and support you at every stage, making sure you receive the care and understanding you deserve. With clear and transparent pricing, your family won’t face any unexpected costs in the future, and as a family-run company, we are deeply committed to treating your loved ones with the same respect, compassion, and dignity we would want for our own family.
If you suspect you or a loved one has unclaimed assets, consider following these steps to track them down:
Start by gathering old financial documents and emails, such as bank and investment statements, pension plan details and insurance policies or certificates.
Search through correspondence for hints about dormant accounts or unclaimed funds and organise records to make the tracing process significantly easier later on.
There are several online resources to help locate dormant accounts. These platforms streamline the process, making it simpler to identify forgotten funds:
Financial institutions have procedures in place to help customers reclaim their dormant assets. Reach out directly to banks, insurance providers, or investment firms. You may need to provide:
Once you’ve identified dormant accounts or funds, the next step is to claim them.
To reclaim assets, you’ll need to prove ownership. This may involve providing:
For inherited assets, executors or legal representatives may need to provide probate documents or wills to validate claims.
Contact the relevant financial institution to initiate your claim. You may be asked to:
Dealing with disputes or challenges
Complications such as incomplete records or conflicting claims can arise. In such cases, it might be best to seek legal advice or use mediation services in order to resolve any disputes.
A professional can guide you through more complex situations, so that your rights are protected.
Premium Bonds, issued by NS&I, are a government-backed savings product that offers a unique way to save. Instead of earning interest, each bond serves as an entry into monthly prize draws, giving bondholders the chance to win cash prizes. Unclaimed prizes often arise when bondholders forget to check their winnings. Fortunately, NS&I retains these prizes indefinitely, allowing bondholders to claim them at any time.
To locate lost premium bonds:
The tracing process helps match your details with dormant accounts or unclaimed prizes.
Lost and reclaimed assets can sometimes be subject to taxes, depending on the type of asset, how it was reclaimed, and the jurisdiction. Here’s a breakdown of situations where taxes may apply and how they might be assessed:
If you gift reclaimed assets to someone, such as a family member, there may be tax implications depending on the amount gifted and the timing of the gift (e.g., it could be subject to inheritance tax if you die within 7 years of giving the gift).
Dormant assets are typically held indefinitely, although policies vary. Initiatives like asset reunification schemes aim to return unclaimed funds to rightful owners.
Yes. Executors or heirs can claim assets with proof of inheritance. Checking probate records is a good starting point for locating estate-related funds.
Yes, you can claim assets for someone else if:
Finding and reclaiming lost assets requires organisation, persistence, and the right resources. We hope this article has provided you with some helpful information regarding how to find lost or dormant assets.
We understand that handling the administrative aspects of end-of-life planning can feel overwhelming, which is why we’re here to support you. Our team is ready to be your dedicated funeral experts, helping you understand the ins and outs of planning ahead with a pre-paid funeral plan. Whenever you’re ready, you can give us a call, and we’ll be here to help.
Our brochure includes all the details you need surrounding our prepaid direct cremation funeral plans.
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