The death of a spouse is a profoundly emotional experience, and dealing with their estate can add layers of complexity and stress to an already difficult time. Understanding how to locate and claim assets left by a deceased spouse is essential, especially if there is uncertainty regarding their financial affairs. This article provides guidance on navigating the process, including understanding the types of assets a spouse may have had, exploring legal options for uncovering hidden assets, and determining your rights with or without a will.

What types of assets might a spouse leave behind?

A deceased spouse may leave behind a variety of assets, which can include:

Property:

  • Residential homes, holiday homes, or investment properties
  • Shared ownership properties

Financial assets:

  • Bank and building society accounts
  • Investment portfolios (e.g., stocks, bonds, ISAs)
  • Pensions, annuities, or other retirement accounts
  • Premium bonds

Personal assets:

  • Vehicles, jewellery, artwork, and other valuables
  • Digital assets such as cryptocurrencies or online accounts with monetary value

Business interests:

  • Shares in private companies or ownership of a business

Insurance policies:

  • Life insurance or policies linked to critical illness coverage

Debts:

  • Credit card balances, loans, or mortgages that must also be addressed as part of the estate

How to discover what assets a deceased spouse owned

Finding out what assets your spouse had can be challenging, particularly if they did not share full details during their lifetime. Here are some steps and resources you can use to locate assets:

Search their records:

Review personal files, financial documents, and correspondence for information on accounts, investments, or policies. Check for evidence of bank statements, pension statements, and utility bills.

Contact financial institutions:

Contact banks, building societies, and investment firms to inquire about accounts in your spouse’s name. Proof of death, such as a death certificate, and evidence of your relationship will probably be required.

Conduct a will search:

If a will exists, it may contain specific details about the assets your spouse intended to distribute.

Consult the Probate Registry:

If your spouse’s will has been submitted for probate, it becomes a public document when granted. You can request a copy to review its contents.

Unclaimed assets services:

Use tools such as the “My Lost Account” service to trace forgotten bank accounts or building society accounts. In addition, you could check the National Savings and Investments (NS&I) database for dormant accounts or bonds.

Pension providers and HMRC:

Contact pension providers for details about retirement funds or death benefits. HMRC may provide information on tax records that could reveal investments or properties. However, this information is only likely to be made available to executors of an estate if there is a will or an administrator if the deceased did not leave a will and died intestate.

Property ownership:

You can use the Land Registry to search for property registered in your spouse’s name.

What if assets are hidden?

If you suspect your spouse deliberately concealed assets or failed to disclose them, you have legal options to investigate. If you are administering the estate and suspect hidden assets, you can apply to the court for an account disclosure order. This compels financial institutions or other entities to reveal information about potential holdings.

Hiring a forensic accountant can help trace missing assets, especially in cases involving complex financial arrangements or hidden business interests.

Engaging a solicitor with expertise in probate and estate law is crucial if you encounter difficulties uncovering assets.

Do you have an automatic right to the assets?

The answer depends on whether your spouse left a valid will and the terms of that will.

If your spouse left a will:

  • The executor named in the will is responsible for distributing the deceased’s assets according to its terms.
  • You are entitled to any assets specifically bequeathed to you. If the will is clear and unambiguous, you generally do not need to take further legal action.

If your spouse did not leave a will, the rules of intestacy determine how their estate is distributed:

Married spouse and children:

  • The surviving spouse inherits the first £322,000 (at the time of writing) of the estate and all personal possessions.
  • The remainder of the estate is divided 50/50 between the spouse and children.

Married spouse without children:

  • The surviving spouse inherits the entire estate.

Unmarried Partners:

Unmarried partners are not entitled to inherit under intestacy rules, regardless of the length of the relationship. Legal advice should be sought in such cases.

What happens if assets are jointly owned?

Jointly owned assets are treated differently:

  • For property held as joint tenants, ownership automatically passes to the surviving spouse upon death, outside of the will or probate process.
  • For property held as tenants in common, the deceased’s share forms part of their estate and is distributed according to their will or intestacy rules.
  • Funds in joint bank accounts typically pass automatically to the surviving account holder.

What happens if the deceased’s will is contested?

In some cases, disputes may arise over the validity of a will or the fairness of its terms. The following individuals may challenge a will:

  • Spouses or civil partners who feel inadequately provided for
  • Dependants who relied on the deceased for financial support

Challenges can be made under the Inheritance (Provision for Family and Dependants) Act 1975, which allows certain individuals to claim reasonable financial provision.

Tax implications for inherited assets

In most cases, assets passing to a spouse or civil partner are exempt from IHT. However, the value of the estate may still impact future tax liabilities. If inherited assets are sold at a profit, Capital Gains Tax (CGT) may be payable. Seeking advice from a tax professional can help mitigate unexpected liabilities.

Navigating the process of uncovering and handling a deceased spouse’s assets requires a combination of patience, diligence, and legal understanding. Whether your spouse left a detailed will, or their financial affairs are complex and unclear, the law provides mechanisms to protect your rights and ensure the proper distribution of their estate.

If you encounter challenges—such as hidden assets, contested wills, or complex intestacy scenarios—consulting a solicitor with expertise in probate law can provide clarity and safeguard your interests.