LACK OF ORGANISATION CAN CAUSE DELAYS AND FINANCIAL STRESS FOR FAMILIES

Research has revealed a concerning trend among UK families: a significant number are unaware of where critical documents, such as Wills and pension policies, are stored. This lack of organisation could cause unnecessary delays, stress and even financial penalties during bereavement.

Nearly half (47%) of couples admit they do not know where their partner’s Will is kept, while two-thirds (66%) are unaware of the location of their parents’ Wills [1]. The situation is even more alarming when it comes to siblings, with 87% unable to locate their sibling’s Will.

PENSIONS: A HIDDEN WEALTH AT RISK

Private pension wealth in the UK is estimated at £4.2 trillion, making it the second-largest component of household wealth after property. Yet, over a third (37%) of those in relationships do not know where to find their partner’s pension documents. This rises to 58% for their parents’ pension policies.

The consequences of this lack of awareness are significant. Executors and personal representatives may face delays in gathering the necessary information to distribute assets, thereby slowing the probate process. With pensions coming into scope for Inheritance Tax from 2027, the inability to locate these documents could result in penalties if tax bills are not settled on time.

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Source data:

[1] Survey conducted by Opinium for Canada Life among a nationally representative sample of 2,000 UK adults between 7 and 10 October 2025.

This article does not constitute tax, legal or financial advice and should not be relied upon as such. Tax planning is not regulated by the Financial Conduct Authority, depends on the individual circumstances of each client and may be subject to change in the future. For guidance, seek professional advice.