Go the extra mile

Jack Andrews was born in 1893 in Norfolk. In 1933, a long way from his English roots, he married Rose Taylor in New Zealand. Rose gave birth to their first child, James, and two years later, she had their second son, Douglas. Tragedy struck a couple of years after when Rose died leaving her husband and two young sons.*

Back in the UK, the treasury solicitor, published details of an unclaimed estate left by a man named James Andrews.

It transpired that James had moved from New Zealand to Leyton, east London, where he died at age 77. As so little was known about him, the estate was a complete mystery. In fact, the most anyone knew of his life at this stage was his death. The mystery led it to the treasury solicitor, who was unable to locate James’ next of kin.

Had James Andrews ever written a will? And were there any outstanding assets yet to be discovered? When there is such minimal knowledge of a person, finding confidential and sensitive financial information about them seems like a daunting – almost impossible – task not worth undertaking.

But the administering solicitors of this estate knew better. Aware of the specialised expertise required to find asset-related information, they enlisted professional probate research firm Fraser & Fraser.

A thorough asset search should involve looking through dormant bank and building society accounts, stocks and shares, life policies and investment funds. Credit checks should also take place along with a search for any pension schemes through the Department for Work and Pensions. In addition, directorships can be searched for and located through Companies House and the Land Registry.

Not only are specialised probate firms better placed to undertake such research but often the unexpected twists and turns need an expert’s trained eye. In this case, for example, it turned out that the deceased had often gone by two names: sometimes James Andrews, sometimes Jack Andrews. Being able to recognise and confirm details like this avoids being thrown off course and grinding to a time-wasting, expensive and inconclusive halt.

Missed penalty

Since the 2009 inheritance tax penalty regime was introduced, it has been more important than ever for probate professionals to take necessary and reasonable care when searching for any outstanding assets. James Andrews’ case did not have any assets attached to it initially but to ensure avoiding penalties, the administering solicitors’ decision to instruct a full asset search paid off.

Fraser & Fraser was successful in uncovering £13,000 in shares and NS&I premium bonds. Had these assets remained undiscovered, the administering solicitor would have failed to provide accurate valuations to HMRC therefore putting themselves in danger of facing penalties of up to 30 per cent of the assets.

The firm was also able to undertake a will search which, among other measures, involved a search through 2.7 million will records registered on the system. Instructing a proper will search was another prudent move made by the solicitors, lowering the risk of a valid will appearing after the estate had been distributed.

Despite being geographically distant, in terms of blood relations, this heir was very close indeed and turned out to be Douglas Andrews, the full-blood brother of the deceased, who was still living in New Zealand.

Sadly, he knew very little about his brother’s life and nothing of his death, let alone anything about his assets. The estate, including the assets found by Fraser & Fraser’s Asset Search service, was rightfully distributed and the case closed. It left Douglas Andrews with an unexpected windfall and information about what happened to his brother.

Would you benefit from Fraser & Fraser’s Asset Search service? Find out today. Call 020 7832 1430 or email legal@fraserandfraser.co.uk

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*Names have been changed for confidentiality

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