Repatriation of Lost Assets – All You Need to Know
Do you think you have lost or forgotten assets in the UK? The repatriation of lost assets involves locating and claiming lost assets, and unless you have prior experience, it may feel like an overwhelming task. We are here to explain it all.
What is Asset Repatriation?
The first step is to determine precisely what type of assets you are seeking to recover. They may take the form of unclaimed inheritance, a share of a property, old bank accounts, or investments. The main asset categories are:
Dormant bank accounts – Accounts where there has been no customer-initiated activity for an extended period (typically 15 years, but the period can vary).
Unclaimed inheritance (Bona Vacantia) – This includes any assets from the estate of a person who died without a valid will and without any known next-of-kin to inherit under the rules of intestacy.
Lost pensions and insurance policies – Life insurance policies, occupational pensions, or personal pensions that the owner has forgotten or lost track of are surprisingly common, and many go unclaimed each year.
Unclaimed shares and investments – This includes dividends, shares, ISAs, bonds and any other lost investments.
More information on Bona Vacantia rules is available from the UK government
The Repatriation Process
If you are reclaiming assets as an heir in the UK, there are several steps you should follow and specific documentation required.
- Contact the organisation for dormant assets– Make direct contact with the holding institution after locating it. The organisation will require documentation (such as previous statements, passbooks, or probate records) to verify your identity and establish your relationship to the account. Even if the funds have been moved to the Reclaim Fund Ltd (RFL), they are still legally obligated to handle the claim. You can check eligibility and claim procedures directly with Reclaim Fund Ltd (RFL).
- Making a Bona Vacantia (Unclaimed Estate) Claim – Check your entitlement by looking through the Bona Vacantia list. According to the laws of intestacy, you have to be a “entitled relative”—typically a husband, civil partner, children, and then additional blood relations. Married relatives are not entitled. Make a Claim: To demonstrate your kinship with the deceased, you must provide a legal family tree and supporting documentation, such as birth, marriage, and death certificates.
- Grant of representation – To demonstrate your legal capacity to manage the estate, you will probably need to file for a Grant of Probate (in the event of a will) or a Grant of Letters of Administration (in the absence of a will) for any sizable inherited assets, including those on the Bona Vacantia list.
Repatriation of value
- Dormant Assets – Following validation of your claim, the institution will either restart the account or pay the whole amount (including any interest that has accumulated), which RFL guarantees in perpetuity.
- Unclaimed estates – The Treasury Solicitor will give you the assets, less any fees and taxes, as soon as your claim is approved and your legal authority is confirmed.
In Conclusion
Repatriation of lost UK assets is often straightforward once the holding institution is identified. Reclaiming an unclaimed estate, however, can be complex and requires meticulous genealogical research and legal proof of entitlement under UK intestacy rules. Legal advice is highly recommended for all complex inheritance matters.
Contact UK Probate Reseals on 020 8150 2010.
