When a person dies, it’ll be necessary to go through probate to administer their estate and assets, but how do you know what assets they have? Here are 5 reasons why it’s worth conducting an asset search on a deceased estate during probate.
- Around half a million people die every year in the UK and probate solicitors are thought to administer between 40%-50% of those deaths as probate.
- Reports suggest that in the UK, there could be up to £15 billion of unclaimed assets within lost, dormant and active accounts. It is probable that a significant percentage of this figure belongs to deceased individuals.
- A chunk of financial assets will occasionally slip through the cracks during estate administration because they are buried or hidden within financial institutions and are difficult to trace.
- Investigating into a deceased individual’s financial history can be laborious and time-consuming. Solicitors can be forced to contact each financial institution individually with an inquiry into their client’s financial past. Without a clear picture of where the decedent held accounts or policies, it can be challenging to uncover certain assets.
- If the assets are not identified during estate administration, they may never be exposed and assigned to the beneficiaries. By using an innovative asset search, every effort is made to maximise the value of the estate.
A digital asset search is designed to explore over 150 financial institutions and expose lost, dormant and active accounts which are owed to a deceased individual during estate administration, modernising traditional methods.
By submitting just one search, the asset investigation streamlines current procedures by contacting a range of institutions including banks and building societies, pension providers, DWP searches, shares and investments. The one-stop-shop saves solicitors from tediously contacting each financial institution individually.
By using an established combination of digital technology, traditional searching methods and persistence, the searching process has proven success rates.
The direct responses from the asset search are compiled into a report, which is available 24/7 and depicts where the deceased party held their accounts and policies. This report is available to view online and reveals the whereabouts and details of any outstanding accounts or policies, enabling the solicitor to retrieve any lost assets and maximise the estate value for their clients.
To find out more information about how financial asset searching can help you, your business and your clients visit Inheritance Data.
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