‘Secret accounts’ slow the probate process

According to the first Bereavement Index from probate software specialist Exizent1, many people fail to put their financial affairs in order before they die, leaving behind a ‘financial mess’ and a stressful experience for those tasked with administering their estate.

The Index revealed that one in seven (14%) of those tasked with gathering the assets of someone who has recently died weren’t aware of all the deceased’s bank accounts and assets at the start of the process. In fact, because many people pass away without leaving full details of their financial affairs, over a third (37%) of accounts are only found during the probate process.

Hidden assets

This is likely why nearly nine in 10 recently bereaved respondents said they found the probate process stressful, while one in six said it was ‘extremely’ stressful. And, where the deceased had ‘hidden assets’, the respondents were twice as likely to find the process ‘extremely’ stressful. Worryingly, 40% said it had an impact on their mental health.

Put your affairs in order

For advice on getting your financial affairs in order, to avoid a stressful experience for those left behind, please do get in touch.

1Exizent, 2021

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