Lack of wills sends Treasury and Queen's coffers soaring

clock

The assets of more and more people are finding their way into the pockets of Her Majesty, Prince Charles, or the Treasury because they are failing to make a will.

Research from law firm Pannone has found that assets from deceased people with no named beneficiaries - known as intestacies - in England and Wales totalled £38.5m in 2011/12, a rise of 91% on the year before. Pannone believes that the majority of these ownerless assets - known as 'bona vacantia' - were smaller estates, rather than being made up of higher value intestacies. Pannone's Liz Braude said: "There is no clear explanation, thought, as to why the amount of bona vacantia has risen by so much in such a relatively short space of time. "One must presume that some cases of this ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

March 2024: Month in review with deputy editor Jenna Brown

March 2024: Month in review with deputy editor Jenna Brown

Take a look at some of the news and feature highlights of the last month

Jenna Brown
clock 28 March 2024 • 5 min read
Wren Sterling adds £265m in client assets in latest deal

Wren Sterling adds £265m in client assets in latest deal

First advisory firm purchase of 2024 for national financial planner

Jenna Brown
clock 28 March 2024 • 1 min read
Consumer Duty Alliance looks to attract advice industry talent

Consumer Duty Alliance looks to attract advice industry talent

New Talent Alliance will be chaired by M&G Wealth Advice MD Tom Hegarty

Isabel Baxter
clock 27 March 2024 • 2 min read