Nearly half of UK couples (47%) admit they do not know where their partner’s will is kept, while two thirds (66%) are in the dark about the location of their parent(s) will. The gap widens further when it comes to siblings – 87% would not be able to locate their sibling’s will.
According to Office of National Statistics (ONS) data, private pension wealth in the UK is the second largest component of household wealth after property. Despite this, more than a third (37%) of those in a relationship would not know where to find their partner’s pension documents, with this figure rising to 58% when it comes to locating their parents’ pension policies.
If wills or pension policies cannot be located, executors and personal representatives may face delays in gathering the information needed to distribute assets and settle the estate, slowing down the probate process. With pensions coming into scope for inheritance tax from 2027 and personal representatives responsible for tracking down these policies, not knowing where to find the relevant documents could not only delay payments to beneficiaries but also increase the risk of penalties if an inheritance tax bill is not settled in time.
Wills and pension policies are just two of several important documents that families struggle to keep track of. Four in ten (40%) wouldn’t know where to find their partner’s life insurance policies, and nearly half (47%) wouldn’t be able to locate their partners’ debt and loan agreements.
Even fewer are confident they could locate their parents’ key policies if needed. Just under two fifths (38%) of those with living parents say they would be able to find one or both of their parents’ life insurance policies. Similarly, 41% would know where to find details of their parents’ savings and investment policies.
Liz Hardie, Tax, Trusts and Estate Planning Specialist, Canada Life said: “It’s easy to put off conversations about where important documents are kept, but the consequences of not knowing can be serious, particularly as previous Canada Life research has shown that the most common problem encountered by executors of a will is tracking down policy documents.
“Whether it’s delays in accessing funds, missing out on benefits, or facing unexpected liabilities, families could be left in a difficult position simply because they didn’t have the right information at hand.
“Make time for the conversations that matter. Knowing where key documents are kept isn’t just about being prepared for the worst, it’s about making life easier for everyone, whatever the future holds.”
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