Tax & Accounting News

Families may be Missing Out on Lost Shares, Say Accountants

11/03/2008

Families could be missing out on substantial sums because relatives have passed away without telling anyone about valuable shareholdings, accountants Harris Lipman have warned.

In Britain, one in two people dies without leaving a will, which can make it difficult to trace all their assets. These could include shares portfolios that they may have forgotten to tell loved ones about, or for which the relevant paperwork cannot be tracked down.

That means that those shares, and the dividends payable on them, could be lost after their death, particularly if the shareholder has also forgotten to notify the institution in which they hold shares of a change of address.  It is estimated that shares and dividends worth around £3 billion are unclaimed in the UK

Barry Lewis, senior partner at Harris Lipman, said: “As part of the winding up of an estate, it makes sense to trace any assets that you suspect may exist. After all, your relative would almost certainly prefer that their family benefits from their cash than a large institution or even the government.

“Even if someone has made a will, they may well have purchased shares many years ago and forgotten to tell anyone, even their partner or children, about these.

“Our specialist legacy service can help in tracing shares in these circumstances, so if you believe that this situation affects you, please contact us.”

For more details, call Harris Lipman on 0208 446 9000.

 

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