My father died three years ago leaving just over £50,000. My sister and I, who are his joint executors, are to receive half each after a bequest of £5,000 is made to a half-sister. We have had no contact with her for over 40 years and despite extensive searches we cannot track her down. Is there any time limit in law for us to keep this money set aside?
If the half-sister turns up at any point in the future she will be entitled to her money. However common sense has to prevail eventually. You can share this sum with your sister on the basis that, should the half-sister reappear, you will give her the legacy from your own funds. For larger sums, and where an estate is divided among more beneficiaries, you would probably consider taking out insurance.