Over £1.5 Million in unclaimed assets discovered
By Law News
Estatesearch uncovers £1.5M+ unknown assets, aiding probate cases and beneficiaries' rightful inheritances
Estatesearch, a prominent legal technology provider, has revealed assets surpassing £1.5 million in probate cases. Estatesearch works with hundreds of legal firms and so the figure across all of their clients would be far in excess of this figure. Ben Furlong, Customer Services Director at Estatesearch, confirmed this figure, emphasizing the significance of their Financial Profile search in locating forgotten accounts, policies, and shareholdings, often aiding vulnerable individuals entitled to inheritance.
The Financial Profile Search provided by Estatesearch offers a comprehensive report aiding solicitors in understanding their clients' financial matters efficiently. This thorough search encompasses various components like AML and identity trace, Liability Search, Financial Asset Search, Company Directorships, and an Unclaimed Asset Search, catering to up to 40 additional pension and insurance providers. It ensures a clear audit trail, supporting due diligence, and enrolls subjects with the Vulnerability Registration Service to prevent fraud and financial abuse.
Cinzia Duncan from Harper Macleod and Tom Bottomley from Ewart Price attested to the invaluable assistance of Estatesearch. Duncan mentioned the swift discovery of six bank accounts and an annuity, expediting the Executry process. Bottomley acknowledged the revelation of a substantial investment, impacting inheritance tax, which reassured their client and highlighted the necessity for due diligence.
The accurate identification of assets and liabilities is critical for Executors to fulfill their duties properly. Failing to identify assets on time can lead to disputes, negligence claims, HMRC fines, and additional fees for re-administration, impacting the estate. As assets are increasingly managed online, identifying and locating them has become challenging for families and executors.
Furlong highlighted findings from their research survey, revealing that a significant percentage of people are unaware of their loved ones' account whereabouts, contributing to an estimated £200 Billion in unclaimed UK assets. The Financial Profile Search by Estatesearch aims to provide a rapid and cost-effective solution, ensuring due diligence and peace of mind for beneficiaries.
Apart from the Financial Profile Search, Estatesearch offers various services such as Trustee Notices, Bankruptcy Searches, and Share Valuations. The absence of registration or subscription fees allows clients to pay for necessary disbursements as needed.
Looking ahead, Furlong expressed their commitment to introducing more services to support estate administration and meeting due diligence obligations. Driven by client feedback, Estatesearch aims to enhance outcomes for vulnerable clients, leveraging technology to streamline processes and ensure better results.