Tackling the problem of unclaimed estates

Aug. 29, 2012 - PRLog -- UK has just seen the launch of its first secure online website designed to act as a vault for all financial arrangements and help overcome the problem of unclaimed estates.

With an estimated £15billion of unclaimed assets occurring in the UK, an entrepreneur from South Wales, has created a unique new website to help tackle this problem. The site, called Legacy Box, is a secure online location for users to store their personal finance arrangements.

The site has been designed so that people can create and maintain secure records of their assets. It has been structured with user friendly templates and password encrypted access. It allows executors access to up-to-date records of an individual's assets, and can be used as a 'living' appendix to a person's Will.

Company founder, Graham Marr, explains his reasons for launching the project, "I came up with the idea because, from personal experience, I know people's financial affairs are getting more and more complex and confusing. Multiple bank accounts, pension plans, life policies, insurance documents - the list is endless. It can be hard enough for someone to keep track of it all themselves but pity the poor family member, partner or costly probate solicitor who has to track down all the information in order to deal with someone's estate after their death."

It is estimated that in the last year alone, the treasury absorbed £43 million from unclaimed estates, dissolved companies and trusts.

http://www.iwc-ltd.co.uk/genealogy-research__unclaimed-es...

Probate investigator, Cat Whiteaway, is a regular expert contributor and presenter on Heir Hunters, Trackers, The One Show, and producer of BBC Radio 4's "The Fortune Hunters". She is well versed in the complexities involved in dealing with the financial affairs of the deceased. Cat was keen to point out the advantages of the new website.

http://www.iwc-ltd.co.uk/genealogy-research__heir-hunters...

She says, "Over the past 15 years I've seen the chaos left behind when people don't sort out their financial affairs in advance. It's not only time-consuming, it can also be confusing and often family members have no idea where to start. Legacy Box means this hassle can be avoided and also helps prevent the Government getting its hands on the money."

In order to ensure that the data it stores is held securely the company uses an advanced security system, enabling users create a personal key number. Without this key nobody can view the details in a customer's box. The key is encrypted so that not even staff have access to the information.

In addition to the advantages offered to executors upon a person's death, it can also be used for controlling assets while a person is still alive. The website will send reminder emails if a date is entered into any of the 'alert' settings. This will allow customers to keep up with renewal dates, maturing bonds, fixed-rate deals and savings.

The cost for subscription to the site is £11.99 and is renewable annually. For any lapsed subscription the information is maintained and can only be accessed if the payment is renewed.

http://www.iwc-ltd.co.uk/making-a-will.html