A Guide to Financial Asset Searches and How they Simplify Asset Discovery

Managing someone’s financial assets after they die can be a heavy burden at an emotionally challenging time. Conducting a financial asset search can be a simple way of getting an estate in order and making the executor process as quick and straightforward as possible.
Read on to discover what’s involved in a financial asset search, why it’s so important and where to seek assistance.

What is a financial asset search?

A financial asset search is a comprehensive search of financial institutions and databases to locate all assets due to an estate.

What is the purpose of a financial asset search?

The search aims to uncover the full financial history and all unclaimed assets of the deceased, quickly and concisely. Financial asset searches are essential for estate management and probate, as they aid in the due diligence process, ensure all assets are repatriated and redistributed to their rightful owner and can mitigate the risk of any financial abuse down the line.

When financial asset searches are needed  

Financial searches are required in a number of scenarios:

• Managing the estate of a deceased person, streamlining the due diligence process and protecting those appointed to oversee the estate.
• Division of assets following divorce or separation, ensuring that there is full financial disclosure, and fairness in the distribution of money and property.  
• Locating missing or unclaimed assets, uniting assets with their rightful owner.  

What a financial asset search typically covers

A financial asset search interrogates financial institutions and databases to build a full financial picture of the deceased’s assets. The search typically covers:

• Bank accounts, savings and investments
• Pensions and life insurance policies
• Shares, bonds and other financial instruments
• Unclaimed or dormant accounts
• Utility accounts

Benefits of conducting financial asset searches

The benefits of commissioning or conducting a financial asset search are many and varied. The main advantages are discussed here.

Ensuring transparency and accuracy in the estate administration process

Accurate searches with full disclosure demonstrate best practices and can prevent potential financial abuse against the estate in the future. They also protect the personal representative and beneficiaries from the risks associated with missed assets and liabilities.

Preventing unclaimed assets from being lost

Database searches will uncover assets from active, dormant and unknown accounts, allowing the executor to fulfil their duty and ensuring that all assets can be redistributed according to the will.

Saving time and effort by consolidating information

Managing someone’s estate can be a time-consuming and confusing task. Authorising a single, comprehensive search can be an efficient way of building a financial profile, by eliminating paperwork checks and having to contact individual organisations.

Mitigate financial risk and the possibility of delays

Commissioning a financial asset search is a simple, cost-effective method for asset discovery. It reduces the risk of having to conduct the whole process again if assets are found after probate is completed; this can be costly and time-intensive.

How financial asset searches work

Overview of the search process

To commission or conduct a financial asset search, you will need all the deceased’s personal details, including:

• National Insurance Number
• Last 5 years of address history
• Death certificate (from the local authority)
• Will (if applicable) or your birth or marriage certificate to prove your relationship to the deceased.

The details of the deceased are uploaded to a portal, and hundreds of UK companies and financial databases are interrogated to locate any unknown assets. When a financial institution reports a ‘match’, a real-time notification and details of how to claim the asset are received.

Tools and resources commonly used

There are a variety of places that asset-tracing companies search to find financial assets, including online databases, financial institutions and public records. Personal records can also be scrutinised, such as those related to bankruptcy or CCJs held against the deceased.

Sophisticated technology, such as specialist computer software, streamlines the process, enabling a quick and comprehensive search and result. The scope of the investigation depends on the individual’s requirements and reasons for wanting a search.

Be sure you’re working with a reputable asset-tracing company, and agree on pricing prior to any searches being conducted. Seeking assistance from a legal professional is the best way of ensuring you’re protected.

Collaborating with professionals to ensure thoroughness

There are many different types of financial asset search – from basic asset location and credit bureau searches to liability protection and anti-money laundering. Many people attempt to conduct their own financial asset searches, but fail to find every asset available to be claimed.

As such, it’s advisable to source the expert help of a solicitor: they’re best placed to explain your available options, guide you through the search process and guarantee the best possible outcome, considering your individual needs and reasons for requiring a financial search.

Some companies work directly with non-legal professionals, others purely with solicitors. Financial asset searches conducted on behalf of legal practitioners can often offer more in-depth services – protecting the will administrator and beneficiaries from liabilities or confirming that they are not handling proceeds of crime, for example.

It's advisable to read trusted reviews before deciding if a solicitor is a right advocate for you. Many legal practitioners offer free initial consultations, so there is no obligation to proceed, and some will offer a one-time fee to ensure you can budget effectively.  

Conclusion:

Conducting the financial affairs of a deceased family member can seem a daunting task, but it’s one that shouldn’t be delayed. Financial asset searches are invaluable tools for those who’ve been assigned to oversee someone’s estate, ensuring that their family member’s financial affairs are in order and that their wishes are fulfilled – ultimately offering the executor some much-needed peace of mind at a difficult time.

Enlist the help of an expert solicitor to receive an extra layer of protection, so you can be safe in the knowledge that every avenue to locate assets has been scrutinised and that you’re protected from future harm.