What could be the reasons

 behind the loss of assets

 within the estates of your

probate clients?

The existence of such a substantial sum of money within financial institutions might raise questions about how it remains hidden, and why unclaimed funds often evade detection during probate proceedings.

Financial assets can become lost and unclaimed for various reasons, with the primary factors being unreported changes of address, account inactivity, and insufficient record-keeping practices.

Recent research from Zoopla indicates that Britons tend to relocate approximately every 8.63 years. With each move, it is expected that individuals notify their financial institutions of their new address for communication purposes. However, amidst the upheaval of moving, informing every institution about the change can be easily overlooked. Failing to update address information can lead to the loss of financial assets.

According to the Bureau of Labor Statistics' 2019 research, an individual changes jobs around 12 times during their lifetime. This pattern can contribute to overlooked assets. If an individual contributes to a pension scheme with each job, their earlier accumulated savings can be forgotten, especially when lacking documentation. Reports from the Financial Times Adviser suggest that one out of every five Britons has misplaced a pension fund.

An account that remains inactive—without withdrawals, deposits, or usage—can eventually be deemed dormant. HSBC states that an "inactive or dormant account is one that hasn’t been used in at least 6 months. Given the irregular monitoring of such accounts, they become susceptible to fraudulent transactions." This adds yet another avenue through which financial assets can be misplaced.

The Solution

Harrisons Asset Search Solutions offers a financial asset search meticulously covering over 450 financial institutions. This search reveals concealed accounts and policies that may have eluded discovery. The investigation is customized to unveil any assets associated with the deceased, whether those accounts are lost, inactive, or still active.

Through the Harrisons Asset Search Solutions' cost-neutral search, probate solicitors and estate administrators can promptly ensure no asset goes unnoticed, augment the value of their clients' estates, and circumvent the hassle of individually reaching out to each financial institution. With a single click, this solution streamlines the process and enhances efficiency.