Asset searching was engineered as an innovative technique to modernise estate administration and to assemble the assets which are owed to a deceased estate during probate. We have spoken in the past about why deceased individuals may have lost assets in their accounts, but there has been some confusion over the type of assets which are investigated during a search.
The intention of asset searching is to uncover the decedents complete financial history, including any lost, dormant or active accounts. Therefore, a search would be ineffective if it did not aim to examine a broad scope of financial institutions, to discover if they held a financial relationship with the deceased.
A successful asset searching engine will query over 150 financial institutions for each deceased individual. This is to ensure that there has been a thorough investigation into the deceased’s estate and no financial stone has been left unturned. The wide array of financial institutions contacted include the following:
- Building societies
- Personal pensions
- Department for Work and Pensions
- Life assurances
- National Savings & Investments.
By searching the extensive list of financial institutions, probate solicitors can reduce the workload they would do in uncovering the accounts and policies which belonged to the deceased. A financial report will hopefully maximise the estate value and help to benefit the beneficiaries when the estate is distributed.
If you work within a probate or private client solicitor business and you would you like to discover more about how financial asset searching can help you, visit www.inheritancedata.com for more information. Inheritance Data are already working with a large number of solicitors in the UK who have reaped the benefits of a bespoke asset search.
Josh Cousens | Inheritance Data.