Since opening for business, Inheritance Data have enjoyed going from strength to strength. 2018 has been the busiest year yet and ID have already carried out a record number of annual searches for their growing number of registered probate solicitors.
To reflect the direction and ambition of the company, Inheritance Data have relocated to a bigger office to grow and prosper within. Still in the heart of the beautiful Wymondham town in Norfolk, the larger office provides ample room to flourish. Continue reading
Investigating into a deceased’s finances is a large part of a probate solicitors job during estate administration. But did you know that there is reported to be up to £15 billion of unclaimed assets in the UK?
How is there such a big pot of cash hidden within financial institutions and why does unclaimed money not always surface during probate? Continue reading
On average, roughly half a million people die every year in the UK and probate solicitors administer between 40%-50% of the deaths as probate cases. Probate solicitors work with heavy workloads in extremely sensitive situations and are required to have high standards of legal, accountancy and personable skills.
Figures taken from the Office for National Statistics revealed that in 2017 there were 533,125 deaths in the UK, 8,651 more than the previous year and 39,959 more than in 2010. The University of Oxford explained that, “no official explanation has been forthcoming as to why death rates have continued to be so high relative to previous trends.” But how is this likely to affect estate administration? Continue reading
When an individual has passed away, it can be a very stressful and difficult time for family and friends. Probate solicitors are often employed to expertly negotiate the estate administration on behalf of their grieving clients. Solicitors will use their know-how to take away any unwanted pressure and distribute the contents of the deceased estate to the beneficiaries.
Despite the aptitude of probate solicitors, a small percentage of financial assets will manage to slip through the cracks because they are buried or hidden within financial institutions.
This asset searching process is made more laborious and time-consuming when the solicitor is forced to contact each financial institution individually with an enquiry into their client’s financial assets.
In fact, if a solicitor manages to accidentally miss part of the financial estate, they could also become liable for the incorrect tax calculations which were charged on the estate.
Maintaining a high standard is something every business strives to achieve, and improving Inheritance Data’s service has revolved a lot around decreasing turnaround time and chasing up searches.
A submitted search is viewable instantly within the reports section of the online portal via our website www.inheritancedata.com, this however, will only be activated once payment has been received. We have reduced our search turnaround time to 50-days and the customer reports are available indefinitely. We’re still receiving a large number of responses having reduced this time frame from 90-days.
To ensure responses are adequately received within this timescale we’re also operating a chase up of the financial institutions that have not responded within the first 10 working days (or two weeks).
Lastly our Power of Attorney trial has reached its first 40-days with 30 responses. We are holding this search for 90-days with the next stage being a chase up of all non-responders.
With unclaimed assets forever increasing in value, financial asset tracing services are globally becoming a modern way of reuniting families with their lost or forgotten inheritance. As the pursuit to decrease this growth ventures deeper, it appears that exploring ways of how to prevent this problem is imperative.
Understanding what is currently available to the wider market has enabled a possible new development available to the Court of Protection industry. Inheritance Data has started trialling searches to find all forms of assets for solicitor’s clients that may have lost, or are losing, the capacity to do so themselves (e.g. through diagnosis of dementia or other serious medical conditions).
The benefits in gathering together all documentation whilst a client is still living are; that financial institutions can set aside a portion of their unclaimed assets for their client or their estate, whilst solicitors can administer an estate more efficiently due to prior preparation.
Upon a successful trial of the Power of Attorney search, this service will be offered to all our registered users through the Inheritance Data online portal and will function in a similar way to the current probate search available.
Inheritance Data’s trial results will be published on Linkedin in early autumn.