# Charities call for access to full assets left to them in legacies

- Link: https://fundraising.co.uk/2006/06/07/charities-call-access-full-assets-left-them-legacies/
- Published: 2006-06-07T23:00:00+01:00
- Author: Howard Lake

A new coalition of charities are asking the government to help them access the hundreds
of millions of pounds in assets bequeathed to them which have remained unclaimed
by estate executors.
An alliance of leading charities say that they are missing 
out on hundreds of millions of pounds promised to them in legacies but which are
still languishing in bank and share accounts because the deceased donors’ executors
have not claimed them.

 

 

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The charity sector receives 30% of its voluntary income from legacies. However, 
if an executor fails to find details of all the assets of an estate such as old 
bank accounts and shares, charities will miss out. This is particularly important
when charities are promised a proportion of the value of an estate.

 

 

The Unclaimed Assets Charity Coalition – which includes Cancer Research UK, Barnardo’s,
British Heart Foundation, Guide Dogs for the Blind, The Royal British Legion, RNIB,
RNLI and the RSPCA – is calling on the Government to make a number of changes to
resolve this.

 

 

The Coalition wants to see the proposed 15 year period of dormancy to five years,
the adoption of a comprehensive definition of unclaimed assets (beyond dormant bank
accounts), and the introduction of a mandatory obligation on financial institutions
to surrender the unclaimed assets they hold to the rightful owners.

 

 

In addition the coalition is asking for the creation of a comprehensive national
register of unclaimed assets to ensure that both charities and individuals have 
full access to information to enable to them to find the money they are owed.

 

 

Finally coalition members want to see “a full and open consultation” with the public
and with the charity and voluntary sector about how remaining unclaimed assets are
reinvested in society.

 

 

Gordon Crowe, Legacy Controller at The Guide Dogs for the Blind Association, said:
Since one in seven of all people that make a will leave money to charity, we expect
the sector will be owed a considerable proportion of the total value of unclaimed
assets in the UK. The changes we hope to see made in this area will have a significant
impact on charity income.

 

 

The Unclaimed Assets Charity Coalition is being coordinated by Cancer Research UK’s
Public Affairs team.

 

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