Shockingly, in the last financial year, more than £17m worth of estate assets were unable to be distributed. Professionals refer to these amounts as “Bona Vacantia,” which literally translates to “vacant” or “unapplied” goods. This blog looks at the unclaimed millions of Bona Vacantia.
What Causes Bona Vacantia to Happen?
A person can leave an unclaimed estate either because they did not leave a will or because their will was not discovered after they passed away. If the deceased person’s family cannot be located, the money must be surrendered as Bona Vacantia to either the Crown or the Duchies of Cornwall and Lancaster, in accordance with the applicable historical regulations.
If you’re trying to trace a missing document, see our guide on how to find a will for practical steps and search support.
You can check the official UK Government Bona Vacantia list to see which estates remain unclaimed.
If you can instruct a company of heir hunters, of course. Laws that date back to the Middle Ages stipulate that this is the location where the money is ultimately spent. It is fair to assume that not many of these people who have passed away would have desired for all of their material possessions to be in the possession of the Crown or the Duchies. The issue is frequently used as an example against the Royal family by individuals who are opposed to the monarchy.
As a result of the modern society we live in, there is a rising number of estates that are considered to be “unclaimed.” Wills are more likely to be lost or forgotten about as a result of factors such as a rising life expectancy, a society that places less importance on families, and a population that is more mobile (both domestically and globally).
What is the Answer to the Problem of Bona Vacantia?
One of the most disheartening aspects is that this final result can be easily and inexpensively prevented. People need to create a genuine will to solve the problem, and then register it so that it can be easily located once the person has passed away. Today, with the proliferation of the internet, many people opt to have their wills drafted online.
You can easily protect your estate by registering a will with our secure service to ensure it can be located after your death.
It is important to note that Bona Vacantia does not apply if relatives of the deceased can be traced. If there is no valid will, but family can be found, then the rules of intestacy will automatically apply.
Learn more about UK intestacy rules and how estates are distributed when no will exists.
Contact WillFinda on 01376 350976.
