Inheritance - time limit on claiming investments
Discussion
Dear all,
I have a query that has just come to light and hope some PH collective wisdom will be able to assist. Not sure whether to post this here or in a legal section.
To summarise, a relative of mine passed away in 2003. Not wishing to speak ill of the dead, but their affairs were not kept in order by any means, and a surviving relative took on the unenviable task of obtaining probate / executing the will. I did try to persuade said surviving relative at the time that it would be prudent to appoint a solicitor to handle this, but in the interests of family politics it was agreed said surviving relative would handle these matters. This process took the best part of 2.5 years.
Fast forward to 2014, it has recently come to light that there was an investment in the form of a fund / funds held by the deceased that none of the family were aware of between the bereavement and settlement of the will. This investment therefore went unclaimed. I have no idea of the sum involved, but can't imagine it would be much.
My question is: after so much time has elapsed, are the surviving relatives entitled to claim this outstanding investment, and if so, how would the estate go about doing so? As explained, I doubt it is of much financial worth, but it is bothering me that there is still a loose end unresolved so long after our bereavement.
Thanks in advance for your input on the matter.
I have a query that has just come to light and hope some PH collective wisdom will be able to assist. Not sure whether to post this here or in a legal section.
To summarise, a relative of mine passed away in 2003. Not wishing to speak ill of the dead, but their affairs were not kept in order by any means, and a surviving relative took on the unenviable task of obtaining probate / executing the will. I did try to persuade said surviving relative at the time that it would be prudent to appoint a solicitor to handle this, but in the interests of family politics it was agreed said surviving relative would handle these matters. This process took the best part of 2.5 years.
Fast forward to 2014, it has recently come to light that there was an investment in the form of a fund / funds held by the deceased that none of the family were aware of between the bereavement and settlement of the will. This investment therefore went unclaimed. I have no idea of the sum involved, but can't imagine it would be much.
My question is: after so much time has elapsed, are the surviving relatives entitled to claim this outstanding investment, and if so, how would the estate go about doing so? As explained, I doubt it is of much financial worth, but it is bothering me that there is still a loose end unresolved so long after our bereavement.
Thanks in advance for your input on the matter.
It should be as simple as the Executor contacting the Fund Manager and providing them with a Death Certificate and Grant of Probate, same as they did with other investments. I doubt they will discuss the details with the executor until they have the relevant details however, it is worth asking if they have any specific forms they can send out.
I recently discovered two bank accounts belonging to my late Father, 10 years deceased, had no problem claiming the money and closing them down.
I recently discovered two bank accounts belonging to my late Father, 10 years deceased, had no problem claiming the money and closing them down.
Do you know where the fund was domiciled?
When I've done fund liquidations in the past if there were investors we couldn't trace the funds are deemed 'bono vacantia' and we would pay them across to the Receiver General to hold (and after 10 years claim for the Crown). The investor can always (even after the 10 years) come back and claim the money from the Receiver General and in your case, a copy of the will and death certificate would usually suffice to evidence that, though we would also need CDD on the new beneficiary (passport + utility bill).
Anyway, shouldn't be that difficult assuming you can talk to the right person about it.
When I've done fund liquidations in the past if there were investors we couldn't trace the funds are deemed 'bono vacantia' and we would pay them across to the Receiver General to hold (and after 10 years claim for the Crown). The investor can always (even after the 10 years) come back and claim the money from the Receiver General and in your case, a copy of the will and death certificate would usually suffice to evidence that, though we would also need CDD on the new beneficiary (passport + utility bill).
Anyway, shouldn't be that difficult assuming you can talk to the right person about it.
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