Why asset searching could transform estate administration & probate
(Posted on 14/08/18)
Financial asset searching may be niche, but it is an important element of the probate industry.
Money Saving Expert recognises that the UK has up to £15 billion in unclaimed financial assets, whilst figures from the Office for National Statistics indicate that there are 500,000 deaths on average each year in the UK. Deceased financial estates conceal a modest share of the nations unclaimed cash and this poses a problem during probate.
A lost asset can materialise for several reasons, but the main causes tend to be unreported changes of address, ceases of activity on an account and inadequate record keeping. When a deceased estate is administered, these unclaimed assets can be overlooked because they are hidden within the depths of the financial system.
Estate administration can be a complex and lengthy process for probate solicitors and is made laborious by the necessity of contacting each financial institution individually with inquiries into the decedents finances.
So, what is the best way of reconnecting people with their unclaimed money?
The answer to solve the probate solicitor’s headache is an Inheritance Data financial asset search. From the click of an online button, an asset investigation will explore the databases of over 150 financial institutions and uncover hidden assets which belong to the deceased estate. The search can expose accounts and policies which are dormant, lost or still active.
By utilising an asset search, solicitors can streamline their administration process and save precious time. By identifying lost assets from banks and building societies, personal pensions, DWP, investments, life assurances, shares and NS&I, an asset search can maximise the value of the estate, which can prove invaluable to the beneficiaries.
Inheritance Data is an increasingly popular asset searching engine for probate solicitors throughout the UK. Inheritance Data provide their customers with free registrations and entitle them to their own online account, from which they can submit searches and view the recorded reports of any active or closed searches.
During one-month, Inheritance Data uncovered over £113,000.00 of lost assets and if you would like to find out how they can help you and your clients, visit www.inheritancedata.co.uk.
Josh Cousens | Inheritance Data.
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