Finding Assets During Probate

A key part of the process when dealing with probate and estate administration is identifying and valuing the assets that belonged to the deceased before they can then be distributed to the beneficiaries.

Depending on the complexity of the person’s affairs, uncovering all of their assets can be a challenge. There are some free tools that anyone can access such as https://www.mylostaccount.org.uk/about, which helps trace lost bank and building society accounts and National Savings & Investments accounts.

A step up from this would be The Unclaimed Assets Register (UAR), which costs £25 including VAT. This service covers a wider range of financial institutions such as insurers and pension providers. At Rowlinsons we also offer the Landmark Financial Asset Search. This can only be bought by law firms and costs £155+VAT, but includes the UAR search above plus:

  • Personal Pensions
  • Life Policies
  • Occupational Pensions via DWP (if requested at the point of order)
  • Unit Trusts & Investment Trusts
  • Investment Bonds
  • National Savings & Investments
  • Building Society & Bank – Dormant Accounts
  • FTSE100 Shares registered with the three share registrars: Capita, Computershare & Equiniti
  • Wills registered with the Certainty National Wills Register

Are these searches worthwhile? Well the first time we undertook a financial asset search was done as a trial whilst dealing with the estate of one of my own family members a few years ago. The Executor wasconvinced that he knew of all the assets, but I persuaded him to do a search anyway. The result came back and told us about a dormant Halifax bank account that had long since been forgotten!

We’ve recently seen another example where an asset search would have proven its worth on an estate which we administered over 9 years ago, before this search was available. By pure luck an asset has just come to light, which no one knew of……valued at £30K.

If you need help or advice on probate and estate administration we offer a free initial telephone consultation where we will answer any questions you may have and explain the process in more detail. To make your appointment please call 01928 735333 or email info@rowlinsons.co.uk