Finance

Unveiling Hidden Treasures:

Data Storage, Family, Finance, insurance, People, Possesions, Power-of-Attorney

How to Find Lost Bank Accounts and Insurance Policies in the UK

In our fast-paced lives, it is not uncommon to lose track of financial assets or forget about insurance policies. Whether due to a change in residence, switching banks, or simply overlooking paperwork, many individuals in the UK may have forgotten about dormant bank accounts or overlooked insurance policies.

Alternatively, you may be an Executor or Attorney and need to find out about possible assets so that you can manage an estate

The good news is that these lost treasures might not be gone forever—they could be waiting to be rediscovered. Click here to find out how not to lose yours

Unearthing Forgotten Bank Accounts

According to recent estimates, billions of pounds lie unclaimed in dormant bank accounts across the United Kingdom. These accounts become dormant when they remain untouched or inactive for an extended period, typically around 15 years. If you suspect you might have forgotten about an account, several steps can help in tracking it down:

Contacting Banks: Begin by reaching out to banks where you might have held accounts in the past. Even if you don’t recall specifics, providing personal information such as previous addresses or identification details can aid in their search.
Using Online Services: The government’s official ‘My Lost Account’ service is a valuable tool. It allows you to search for lost accounts across multiple banks and building societies by filling out a form with your details.
Checking Unclaimed Assets Registers: Several organisations maintain registers of unclaimed assets. Websites like the ‘British Bankers’ Association’ and ‘Building Societies Association’ offer search facilities to locate lost accounts.
Consulting with the Financial Conduct Authority (FCA): The FCA provides guidance on finding lost accounts and offers additional resources for individuals seeking dormant funds.

Rediscovering Forgotten Insurance Policies

Similarly, insurance policies often slip from memory over time. These could include life insurance, pension schemes, or endowment policies. To rediscover these potentially valuable assets, consider the following steps:

Reviewing Old Documentation: Start by going through old paperwork, including bank statements, correspondence, or policy documents. Look for any mentions of insurance policies or premiums paid.
Contacting Insurance Companies: If you suspect you have a policy but lack concrete information, contact insurance companies you’ve dealt with in the past. Provide any relevant details you remember, such as your name, previous addresses, or policy numbers.
Utilising Tracing Services: Several online tracing services and professional investigators specialise in finding lost policies. While some services charge a fee, they might offer expertise and tools to streamline the search process.
Consulting the Unclaimed Assets Register: The Unclaimed Assets Register (UAR) can assist in locating forgotten life insurance policies by conducting a search based on your details.

Final Thoughts

Discovering forgotten bank accounts or insurance policies can provide a welcome financial boost or peace of mind. However, exercising caution is crucial—be wary of fraudulent services promising to uncover lost assets for a fee. Always utilise official and reputable channels when seeking to reclaim forgotten funds or policies.

In a country where unclaimed assets amount to substantial figures, taking proactive steps to track down lost financial assets could yield unexpected rewards. By leveraging available resources and being diligent in your search, you might just unearth hidden treasures waiting to be rediscovered.

We hope you found our blog post on finding lost bank accounts and insurance policies for older people informative and helpful. It’s not uncommon for accounts and policies to be forgotten or misplaced over time, but with the tips and resources provided in this article, you can take proactive steps to locate and claim any lost funds or policies. Remember to stay organised, gather necessary documentation, and utilise online search tools and government resources to aid in your search.

If you have any further questions or would like to share your success story, please feel free to contact us at info@mylifemyword.com

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Some things no-one knows about you (and they should!)

Data Storage, Family, Finance, Possesions, Power-of-Attorney, Wills

Or why being totally private may not be a good idea

The era of the Internet has given many others worries about privacy. These days we find there is no such thing. The Internet allows commercial companies to track where you are, where you live and what stuff you buy.

Everyone knows about you……….until you need a friend, child or trusted other to access vital information on your behalf.

Have you thought about how it would be if anything happened to you that prevented you from dealing with things yourself because of illness, your location or death?

I hear stories from relatives, usually, children, who although their parents want them to have access to their bank account, cannot get it because of the bank’s formalities.

Even if they have a Power of Attorney or are an Executor under will the Bank gives them many fences to jump over before permitting which all takes time.

But it’s not only banking, is it? Over the last three or four years, many government departments have put pressure on the public to use online services and that means there will be login information required to access.

This is very unfair on older people who are not Internet competent. Even if they are, where do they store their passwords?

One solution is to write them all down in a little red book and store it on the bedside cabinet. The problem with this is one of security but there is also the potential of accidental loss. It might also be a problem for the person or relative needing speedy access, but living on the other side of the world.

You can provide them with hard copy information that you have stored at home but this increases the security risk if it should fall into the wrong hands.

In the old days, those that could afford it might store such .information with their solicitors but very few law firms provide that sort of service these days and if they do, there will be a fee.

Luckily, there is now a solution but it is true to say that it does rely on a certain competence on the Internet.

There are some companies now who for little or no cost will provide a digital locker where passwords, account numbers and other access detail can be stored authorisation given to others as directed by the person storing the information.

The free service is limited but there is a comprehensive “paid for”service which includes digital storage of wills, photographs and other documentation. Click here for more information

This type of service is also useful if you wish to store confidential information that you do not want to have anyone have access to until your death, for instance, a final word or notification of your death to a loved one who you have not been able to contact for reasons known only to you, a last farewell.

Do you really need any of this? Only you can decide that and if your affairs are very simple then the answer is probably not but for very many people now this is not the case.

To try and decide this, make a list of all the companies that you deal with either online or in writing who your nearest and dearest or professional advisor might need to contact in the event that you cannot.

You may find yourself very surprised!

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5 reasons for not making a will

charity, Data Storage, Family, Finance, Funeral Planning, People, Pets, Possesions, Power-of-Attorney, Wills

59% of people in the UK have not made a will. The top 5 reasons for not doing this are given below but funny thing, none of those reasons are valid. Let’s look at them

1. Making a will is too expensive

It absolutely isn’t. There are lots of law firms and willwriters out there who can provide a simple will for as little as £25, Some charities will do it for free (although they are usually looking for a donation) and you can even do it yourself (this is not recommended in case you get it wrong and it is invalid!)

2. I haven’t got the time to make a will

So how long will a will take? Well unless you are very wealthy and want to leave something to lots of people, probably not long at all. Half an hour with a notebook and pencil and another 20 minutes on the internet should do it.

3. I’m too young to make a will

This one might just (just!) be valid if you have just left school and starting your first job. Time passes by very quickly though and we never know what’s going to happen as recent events have made very clear

4. I don’t have any money.

It’s true to say that very many people don’t think they have any money and ordinary everyday living costs nearly all of many people’s income.

It’s possible that some money might be on its way to you before you died and you did not know about it. A premium bond win, something a relative left to you in their will and you did not know they had even died.

A simple free will could take care of that if it happened.

But “money isn’t everything” and there are an awful lot of things that you could put in a will that might save everyone a lot of time, trouble, and possible arguments after you’ve gone

I would only need a will if there was any money in my bank when I died.

Not so:

Who looks after your minor children?

Who gets your personal effects and mementoes?

Who takes care of your pets?

What sort of funeral do you want?

There is no monetary value you can put on this but it is important that you can take control of it now.

But, you say, I don’t care about any of that. Are you sure? It’s amazing how quickly people can change their minds when knocking at heaven’s door (remember Lord Marchmain going back to believing in God just before he died in Brideshead Revisited?)

At least making a will now will focus your mind and remember, there is nothing to stop you from changing it any time.

So what’s to stop you from doing it? The cost, I hear you say. Well, these days that isn’t an issue since you can even do it “for free”. You must have seen on the television many charities offering to make your will for free but you should remember that they will be looking for a donation.

They will put you on a mailing list forever unless you opt out.

The problem with free charity wills is that they may not allow you to make future changes without charge. You should always remember that if something is offered to you for free then you are the product.

In the old days if you wanted to make a will you went to see a solicitor for a face-to-face visit. I know, I had clients that came to see me to do this but these days, finding the time and the money might be a problem.

If you are reading this, then you are comfortable with being online and these days nothing could be simpler than making a will online for a very small one-off charge that most people can afford.

It comes with helpful information and advice and could cost under £40 which also includes information storage that might be needed on your death.

Time is not an issue because you can deal with this at your own pace over a period of time before finalisation.

We are all now very aware over the last two years how quickly the normal can change with a big effect on our lives. If anything has focused us on our own mortality and the welfare of ourselves and our families Covid has.

That nice extended old age might not happen but at least you can help your loved ones (or even people that need your help that you do not know) easily and cheaply.

Good reasons not to make a will?

Actually, I tried quite hard to think of 5 reasons why you do not need a will and couldn’t think of any more than 4. Can you?

If not, click here!Click

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Five simple shots to win the Snooker game of Life

Cremation, Family, Finance, Funeral Planning, People, Possesions, Power-of-Attorney, Wills

I spend a lot of time watching Snooker on television.

I was never much good at the game myself and I am always amazed at the skill of the players. the balls potted one by one. It dawned on me that it’s a bit like life, you have to get the right balls into the right pockets and at the right time.

So in the snooker game of life, this is the order of the balls you need to pot and why should you do it.

Yellow Ball:

you need to make a will, it’s one of the most important balls on the table, you should sink it as soon as possible. Miss it and you could cause all sorts of problems for your family. It may leave them arguing amongst themselves. They might be in a position that you did not want to leave them in

it doesn’t matter that you don’t have lots of money or assets at the time that you make your will ( but who knows, your favourite uncle might leave you several Bitcoin two days before you die!). At least you’ll know that if that happens the right people will get the right share.

You can make sure that your minor children are okay if anything were to happen to you or the other parent leaving them orphans by making provisions as to their guardianship and trustees. You don’t want it to happen but it just might. It’s not expensive or difficult to do this online: Click here

Green Ball:

Making a Lasting Power of Attorney. This is one of the most important things that you can do regardless of whether you have any money or not. If you are ill or cannot carry out important legal functions yourself due to incapacity or location and you have appointed an attorney, they can do it for you.

Brown Ball:

Next after the green, make a health and welfare power of attorney. Watch the television to see people in hospitals on ventilators and you will know how important it is to have someone who can discuss your medical condition and make decisions about treatment on your behalf.

You can pot those two last balls easily yourself online www.gov.uk/power-of-attorney or have it done here for you. Click Here

Blue Ball:

Remember what it was like in the old days when your mum and dad had one bank account, a life insurance policy each, their state pensions and maybe a couple of premium bonds? They kept all the paperwork in a drawer in the bedroom and when the time came that it was needed it was easily found and looked at.

It is not like that any longer. Not only do we sometimes have several bank or savings accounts we have pension plans, various other types of financial assets such as stocks and shares and digital currency as well as contracts with various third parties all of which are now dealt with online.

To deal with any of this online means that we need passwords and other login information. Keeping a hardcopy list in the drawer in your bedroom is not a good idea. if it’s digital information it can be stored at low or virtually no cost which means it can be easily found by your family executors and attorneys that you have given access to. Fix that, click here

Pink ball:

You may be in the pink right now but when the time comes your executors and family will need to organise your funeral and this can be not only emotionally difficult but also extremely expensive. The truth is that most of us don’t even give a thought to our funerals until it’s too late but we should.

Why? Because we may not want a big send-off with all the trimmings but something more simple. This is a highly personal matter and can cause arguments amongst family so why not plan ahead so that everyone knows what needs to happen when the time comes?

In snooker terms, it’s a safety shot which if played now enables this one to be potted, no problem. (More information here)

Black Ball

Well, this one is all down to you but none of us wants to pot the black too early ‘it’s the end of the game!

Keep playing as long as possible!

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Should I stay or should I go?

Data Storage, Finance, Travel, Wills

So you’ve taken the plunge and bought that home in the sun. You’re looking forward to your retirement and the good times ahead. Brexit has changed things a lot but there are a lot of Brits out there and a lot more thinking of going. It’s still all doable if you make the right plans.

So what do you need to think about? Well if you own a property in the UK and or abroad you need to make sure you have a will that deals with your property/s. Straight forward enough. But a will doesn’t do everything and they certainly don’t do things quickly or before you’re dead.

Your own funeral’s probably the last thing you want to think about when you’re enjoying your new life in the Mediterranean – but if you’re a British ex-pat living in Portugal or Spain, or anywhere else in the EU, it’s important to think about what would happen when you or someone close to you passes away.

Funerals in Portugal and Spain are very different from those in the UK. They often happen within 48 hours, and any delay can mean extra mortuary fees paid by the day. Plus there’s the unfamiliar customs and language barrier for your next of kin to deal with.

And if you want to be laid to rest in the UK, rather than where you passed on, your next of kin will need to deal with the repatriation process. Repatriation can be complicated and expensive, so it’s important that you and your family know all the facts, so that when the time comes they’ll be prepared.

Also, unless your family have access to your banking and other personal or financial data, things can start to get delayed and complicated.

The solution is to set up your own secure data cache where you and those family members or friends trusted by you can quickly access keywords and personal instructions on things like funerals, gifts and pets. You can leave information and instructions that you cannot easily do in a will. But it is easily done by leaving this information in a secure but accessible place (by you and whoever you give permission to) with companies like UK LegalWills

If you need further information or individual help contact us at info@my life my wordhttps://www.legalwills.co.uk/deal?refcode=a696104054.com

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