Those administering assets of missing persons no longer frozen out
At present, families are left with no means of administering an adult’s affairs when they have been missing for months or even years. Principles relating to confidentiality have prevented banks and other financial institutions from allowing a third party to deal with the missing person’s held assets.
The Guardianship (Missing Persons) Act 2017 will be effective from next July. This new law was postponed while a code of practice, regulations and other secondary legislation were drafted. It will allow relatives of a missing person domiciled or habitually resident in England or Wales to obtain a court order to manage the person's financial affairs.
For private client matters, please contact Nicole Gallop Mildon for more information.