Uncovering hidden assets in estates

In a remarkable case of estate administration, Anthony Collins Solicitors has successfully discovered unknown assets worth £629,000. Lindsey Bohanna, a legal director in the firm’s personal planning team, shared insights into the complexities involved in identifying assets in the digital age. “With the move to digital, it has become increasingly difficult to identify assets within an estate as often, even close family members are not fully across the finances of a deceased loved one." The firm has relied on Estatesearch's Financial Profile search tool for around four years, a decision that proved pivotal in this case.

The probate matter involved two interconnected cases: initially, another firm had served as deputy for a woman who had been in care and passed away in 2017. Subsequently, Anthony Collins Solicitors were appointed as deputy for her daughter, who held a life interest in the estate, until her own passing. Bohanna elucidates the intricate nature of the situation, stating, “This particular probate case came to us from another firm that had been acting as a deputy for a lady who had been in care and passed away in 2017.”

Despite the lack of information from the previous firm regarding the assets, Bohanna’s knowledge about the family farm, which had been sold, prompted her to explore further. “Although separate, the two cases were interlinked and complex,” she noted. Unsure of what happened to the sale proceeds, she decided to run an asset search through Estatesearch. The tool quickly yielded multiple positive matches, enabling the firm to engage with various banks to uncover the hidden assets.

Bohanna continued, “Estatesearch quickly reported multiple positive matches, enabling me to contact each of the banks to establish the nature of the assets held.” Through persistent communication and thorough searches, the firm ultimately identified £629,000 distributed across multiple accounts with various financial institutions. This significant discovery not only ensures that the residual beneficiary will receive their rightful inheritance but also allows for accurate inheritance tax calculations.

Bohanna underscores the peace of mind the search has provided her client, stating, “As well as ensuring the residual beneficiary will receive what is rightfully theirs, Estatesearch’s asset search has ensured that we can make the correct inheritance tax (IHT) calculations and that our client has full peace of mind that no further assets will be discovered at a later date.” Additionally, this diligence protects the firm from future liabilities related to asset redistributions.

Highlighting Anthony Collins Solicitors’ commitment to social purpose, Bohanna concluded, “Our firm’s approach is one of social purpose, where we use our experience to help clients as best as we can.” She articulated that completing thorough searches and utilising Estatesearch’s comprehensive services solidifies confidence for clients, ensuring that all matters have been addressed correctly and minimising any potential surprises in the future.