Missing Wills and pensions
Hillside at Lyme Park, Disley
Lack of organisation can cause delays and financial stress for families
Research has revealed a concerning trend among UK families: a significant number are unaware of where critical documents, such as Wills and pension policies, are stored. This lack of organisation could cause unnecessary delays, stress, and even financial penalties during bereavement.
Nearly half (47%) of couples admit they do not know where their partner’s Will is kept, while two-thirds (66%) are unaware of the location of their parents’ Wills[1]. The situation is even more alarming when it comes to siblings, with 87% unable to locate their sibling’s Will.
Pensions: A hidden wealth at risk
Private pension wealth in the UK is estimated at £4.2 trillion, making it the second-largest component of household wealth after property. Yet, over a third (37%) of those in relationships do not know where to find their partner’s pension documents. This rises to 58% for their parents’ pension policies.
The consequences of this lack of awareness are significant. Executors and personal representatives may face delays in gathering the necessary information to distribute assets, thereby slowing the probate process. With pensions coming into scope for Inheritance Tax from 2027, the inability to locate these documents could result in penalties if tax bills are not settled on time.
Life insurance and debt: The bigger picture
The problem extends beyond Wills and pensions. Four in ten (40%) individuals wouldn’t know where to find their partner’s life insurance policies, and nearly half (47%) are unaware of their partner’s debt and loan agreements.
When it comes to parents, the statistics are equally concerning. Just under two-fifths (38%) of those with living parents say they could locate their parents’ life insurance policies, while 41% would know where to find details of their savings and investments.
Start the conversation today
It’s easy to put off conversations about where important documents are kept, but the consequences of not knowing can be serious. Families could face delays, miss out on benefits, or encounter unexpected liabilities because they didn’t have the right information at hand.