National Savings & Investments has been a trusted way for many families to save and invest for well over 100 years. However, it has recently come to light that, over a period of more than 17 years, bereaved families may not have been contacted about over £367 million in savings.
NS&I has acknowledged that around 34,000 estates may have been affected. If you have lost a loved one during this period, you may be contacted directly by NS&I. Even so, it may still be sensible to make enquiries yourself, just to be sure that all funds held by the deceased have been identified and paid to the estate. Reassuringly, it has been confirmed that estates affected by these missing funds will not face any additional inheritance tax or income tax as a result.
This situation also serves as a reminder of how important it is to have an up-to-date Will and to review it as your assets and circumstances change. It is equally important that the people you expect to deal with your estate know where your Will is stored, and that there is a clear record of your assets, so nothing is overlooked.
Our Wills, Trusts and Probate team would be happy to help if you have any concerns about missing assets held with National Savings & Investments. When administering estates, we can also work with a specialist genealogy company to help ensure that no asset is missed.
If you would like to review your existing Will, make a Will for the first time, or discuss estate planning more generally, Allington Hughes would be pleased to assist. Additionally, should you require assistance with administering an estate then please do not hesitate to contact us.
