The Financial Asset Search service is in partnership with Inheritance Data.
Inheritance Data is the UK’s leading asset searching platform, designed to explore financial institutions’ records to establish the deceased’s financial history and create a financial picture of the deceased to aid estate administration.
Acting on behalf of probate solicitors, estate administrators and other professionals, Inheritance Data contacts over 200 financial institutions which is in excess of 350 databases, across the UK to establish the presence of a financial profile or footprint of the deceased. These searches are a vital, best practice element of every administration of a deceased’s estate.
Why do a Financial Asset Search?
There are billions of pounds of unclaimed assets floating ‘ in limbo’, in fact, an estimated £200 billion lies in dormant accounts held by UK financial institutions, in lost pensions and in National Savings and Investments, such as stocks, and the figure is increasing year on year.
Statistics on the subject aren’t widely publicised but in 2007, Norwich Union, the UK’s largest insurer, published that they were looking to return around £40 million of “unclaimed assets” to 40,000 customers. The money is held in life and pension policies dating as far back as the 1950’s – many held by other companies that were subsequently merged into Norwich Union and its subsidiaries.
How are these “lost” assets created? People change jobs and can hold a number of accounts and policies, they move several times during their lifetime, financial institutions expand, merge, go into administration, and change names. All of these occurrences can create a disconnect between owner and asset.
The ID financial asset search looks in all possible corners to uncover a FULL financial profile of unclaimed assets belonging to the deceased and provides a detailed report to the probate professional By ensuring the Executor has the complete picture of the deceased’s bank accounts, pension policies, national savings and investments, the Executor fulfils their legal duties and reduces the possible liability for any omissions that can result in a loss to the estate and potential legal costs over a dispute.
In fact, Inheritance Data undertakes to claim legal fees and costs incurred by The Executor on their behalf in cases where Financial Asset Searches have been performed and monies are subsequently found.
Completing a financial asset search in every case, means that the Executor is able to demonstrate that they have completed their duty to search for assets and, the financial institution is at fault for failing to disclose the asset.
How does Financial Asset Search work?
- The Probate professional uploads the search;
- ID conducts a detailed, online search of over 200 financial institutions and 350 affiliated databases;
- The Institutions receive the deceased’s profile information and respond with matches or no matches;
- Responses are collated into one easily accessible online report, accessible 24/7. The majority of responses are received within 28 days and at 50 days it is still accessible but
marked closed. If responses are received after this the report is updated and an email is sent to the client to advise to look at the report.;
- The Probate professional receives a full overview and is given details on how to claim on discovered accounts.;
One simple form through our online portal and we do all the hard work.
Simply upload all relevant data about the deceased such as name, previous addresses, date of birth, date of death, NI and previous occupations along with a death certificate and letter of authority and ID then submits this to all financial institutions.
What will the Inheritance Data search cover?
- Banks and building societies;
- Personal pensions;
- Department for Work and Pensions search (company name essential)
- Life assurance;
- National savings and investments;