Personal representatives under pressure to file paperwork necessary for probate in already tight deadlines look set to face further problems from ‘lost’ wills and pension documents, according to new research.
Most people do not know where important family documents and financial policies are kept, either for their partners, parents or siblings, a poll by Canada Life suggested. The fallout from these documents being missing is likely to fall most heavily on personal representatives – often including financial advisers – who are tasked with administering the deceased's estate and paying the correct inheritance tax (IHT) within a fixed six-month window. If the correct documents cannot be found in time, personal representatives could find themselves subject to late payment interest where the p...
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