Can you lose your inheritance? The short answer is yes. Because no specific timeframe exists for executing a will, you can indeed miss out. However, this brief answer isn’t very helpful for encouraging prompt action. Let’s explore the real reasons you might lose an inheritance due to delayed will execution.
The Dangers of Inactivity in Estate Administration
Several situations can cause you to lose an inheritance. Inactivity, however, is always the underlying cause. Waiting too long to execute a will can cost you shares, stocks, and even money in bank accounts. These are assets you could have already accessed.
The Company Example: A Costly Delay in Will Execution
Consider one example: an executor waited over 23 years to execute a will. Shares in a company, bequeathed to the executor’s children, were lost due to this inactivity. The shares were worth over £120,000 at the time of loss, though they had only been worth £80,000 when the deceased passed away.
When the executor finally attempted to execute the will, the company had already given the shares to a good cause. The shares had become dormant. The executor believed she could still recover the money, regardless of the long period of inactivity.
Why There Was No Recourse for Delayed Execution
Twenty-three years represents an extremely long time to wait for will execution. Yes, the £40,000 increase in share value might seem like an incentive for delay. However, transferring the shares into the beneficiaries’ names and holding them would have achieved the same increase. Crucially, they would not have become dormant.
Of course, a company cannot simply give away dormant shares without providing notice. As a will’s executor, you must inform companies about the deceased person’s passing.
In the case mentioned, the company received notification three years after the deceased’s death. They received no further communication during that time. The company then sent 27 letters over nine years to the executor. They received no response to any communication attempts. After nine years of trying to communicate, the company hired an heir hunter firm. This firm tried to reunite the heirs with their inheritance. The heir hunter company sent six letters. Each letter warned the executor that the inheritance would be redistributed without a response. No contact was made. As a result, the inheritance went to charity.
The Critical Lesson: Act Promptly to Execute a Will
Do not delay executing a will. Do not ignore any contact attempts from companies connected to the will. This example represents an extreme case. Assets were left and ignored for an irrationally long time. However, it’s easy to get busy and overlook important tasks. Ensure you don’t miss out on your inheritance simply because you get too busy to deal with it.
For a reliable executor’s guide, we highly recommend the resources available from Probate Forms UK (or similar official/reputable source). You can find a very useful and reliable guide there on the process to execute a will.
Need Assistance?
Do you need the help of Fleetwood Heir Hunters? We specialize in tracing individuals and assets in complex inheritance situations, especially when delays in will execution or unknown beneficiaries are issues. Call us today to discuss what we can do for you. You might also find our guides on Understanding Intestacy Rules and What to Do if an Heir Hunter Contacts You very helpful.