One of your duties when administering an estate is to locate all of the deceased's assets, which may include known, unclaimed or lost assets. You must gather accurate information on the deceased's estate so it could mean contacting all relevant financial institutions to gather accurate information on the deceased's assets. This can be an incredibly time-consuming task and it can be difficult to know where to start. That's why we've teamed up with Inheritance Data to offer financial asset searches for just £249 (+VAT).
The online asset-searching engine looks at 200 financial institutions and more than 350 databases, including:
The thorough search will provide you with in-depth and reliable information about the deceased's assets, maximising the value of the estate. You'll also be reducing the risk of a loss to the estate and protecting yourself and your client from future claims against the estate.
If an additional asset is subsequently discovered, you'll be able to demonstrate that efforts to locate the assets were undertaken and show that the financial institution failed to disclose the asset. This will also negate the risk of an Inheritance Tax issue with HMRC.
It can take a significant amount of time and effort to write to all relevant financial institutions. Our financial asset search service working with Inheritance Data contacts the financial institutions on the Executor's behalf. It requests a full search of their databases for any accounts whether they may be active, dormant or lost. This service is provided for a fixed fee of £249 (+VAT).
“We have found that the Title Research/Inheritance Data financial asset portal to be both user friendly and comprehensive, particularly when comparing to other services on offer.”
- James Duncan, Blanchards Bailey LLP
The number of unclaimed assets is increasing year on year and it is predicted that UK financial institutions hold over £200 billion in dormant accounts. Between 2011 and 2017, financial institutions have returned more than £65.7 million as a result of asset searches.
It's incredibly easy for an individual to forget about or lose track of an account or policy. Many factors make keeping on top of assets challenging, including job changes and companies that grow, merge, change their names and cease trading. That's why it's crucial to search for assets and ensure all are accounted for in the estate administration process.
To conduct a search, you simply need to upload all of the relevant data about the deceased such as their name, previous addresses, date of birth, date of death, National Insurance number and previous occupations, along with the death certificate and a letter of authority. This information will then be used to conduct a detailed search of 200 financial institutions. The institutions will receive the client profile information and respond with any matches.
You can log in to your secure account on the online portal to check matches 24/7. Each report shows all institutions that have responded, along with details to help with the claiming process. The online report is available from day one of a search and is a map of the estate's financial history.
Click the button below to register for free. Once you've registered, confirm your identity and you can then start your search(es) directly for your account.
If you have already registered, you can also use the button above to log back in to your account.
During the estate administration process, you may also find a need for some of Title Research's other services.
Our dedicated team of experts are available Monday to Friday between 9am - 5pm to answer any questions you may have about conducting a financial asset search.
The thorough search will provide you with in-depth and reliable information about the deceased's assets, maximising the value of the estate.
If you want to find out more about mitigating risk in estate administration, take a look at our useful resources that have been created to help you overcome challenges.