Don’t Leave Assets Behind in Estate Administration
When administering a deceased estate, the priority for executors and solicitors is to identify all of the deceased’s assets, call them in, and distribute them according to the Will. But sometimes, assets slip through the cracks, meaning beneficiaries miss out on funds that were intended for them.
Common Causes of Missing Funds
Unidentified shares and investments: Executors may not be aware of all the shareholdings and managed funds owned by the deceased, particularly if there is no recent paperwork.
Overlooked dividends: Even when shares are identified and transferred, outstanding dividends may remain unpaid if they weren’t tracked carefully.
Unclaimed money and refunds: Other smaller amounts - such as insurance refunds, utility overpayments, or government entitlements - can be forgotten in the process.
These missed amounts can add up, and beneficiaries may never realise money was left unclaimed. We find this is particularly common in estates where charities are major beneficiaries.
Our Pilot Project
Bequest Assist recently partnered with JM Investments to run a pilot project investigating unpaid funds in closed deceased estates. The results were eye-opening:
Years after executors believed estates had been finalised, we uncovered funds still sitting unclaimed in many estates.
These funds came from shares, dividends, and other overlooked assets such as refunds and unclaimed monies.
In many cases, the amounts were significant enough to make a real difference to beneficiaries.
Why Specialist Support Helps to Identify Assets
The estate administration process is complex, and it’s understandable when executors or solicitors can’t track down every single dollar. That’s why it’s worth seeking support from specialists who know where to look to identify every asset that generous bequestor wanted their beneficiaries to have.
If an executor or solicitor isn’t completely confident that they can identify every asset, we encourage them to seek help from a specialist like JM Investments who can help locate, transfer, and release all shareholdings, dividends, and other funds.
The Bottom Line
If you’re an executor or solicitor managing an estate - or if you’ve finalised an estate in the past but suspect there may still be unclaimed assets - don’t leave funds behind.
Engage a specialist like JM Investments if you’re unsure whether all funds have been collected.
Where charities are beneficiaries of assets that may result in Capital Gains Tax (like shares), seek specialist taxation advice to avoid unnecessary taxation. Their tax-exempt status can mean all beneficiaries in the estate benefit from a lower tax burden.
It’s the best way to give peace of mind that the estate has been fully administered, and the beneficiaries received everything the generous bequestor intended.
- Morgan Koegel, Managing Director, Bequest Assist
- Jon Moses, Managing Director of JM Investments
