Asset Searches – do you go the extra mile?
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Jack Andrews was born in 1893 in Norfolk, England. In 1933, a long way from his English roots, he married Rose Andrews Nee Taylor in New Zealand. Rose gave birth to their first child, a boy named James and two years later, she had their second son, a boy named Douglas. A couple of years later, however, almost to the day, tragedy struck and Rose Andrews died leaving her husband and two young sons behind.*

Back in the UK, the Treasury Solicitor, published details of an unclaimed estate left by a man named James Andrews.

James Andrews, it transpired had moved from New Zealand to Leyton, East London where he died at the age 77. As so little was known about him, the estate was a complete mystery. In fact, the most anyone knew of his life at this stage, was his death. Of course the mystery surrounding this estate is what led it to the Treasury Solicitor, who were unable to locate James’ next-of-kin.

Had James Andrews ever written a Will? Were there any outstanding assets yet to be discovered?

When there is such minimal knowledge of a person, finding confidential and sensitive financial information about them seems like a daunting, almost impossible task not worth undertaking. But the administering solicitors of this estate knew better. Aware of the specialised expertise required to find asset related information, they did not hesitate to enlist the help of a professional probate research firm, Fraser and Fraser.

A thorough asset search should involve searching through dormant bank and building society accounts, stocks and shares, pension schemes, life policies and investment funds. Credit checks should also take place along with a search for any pension schemes through the Department of Work and Pensions. In addition to this, Directorships can be searched for and located through Companies House and the Land Registry.

Not only are specialized probate firms better placed to undertake such research, but often the unexpected twists and turns taken by some cases require the trained eye of an expert. In this case for example, it turned out that the deceased had often gone by two names: sometimes James Andrews and sometimes Jack Andrews. Being able to recognise and confirm details like this avoids being thrown off course and grinding to a time-wasting, expensive and inconclusive halt.

Ever since the 2009 IHT penalty regime was introduced it has been more important than ever for probate professionals to take the necessary reasonable care when searching for any outstanding assets. The case of James Andrews did not initially have any assets attached to it but to ensure the avoidance of penalties, the administering solicitors’ decision to instruct a full asset search to be undertaken was one that paid off.

Fraser and Fraser were successful in uncovering £13,000 worth of shares and NS&I premium bonds. Had these assets remained unfound, the administering solicitor would have failed to provide accurate valuations to HMRC, therefore putting themselves in danger of facing penalties of up to 30% of the later found assets.  This professional probate research firm were also able to undertake a Will search which amongst other measures involves a search through 2.7 million Will records registered on the system. Instructing a proper Will Search was another prudent move made by the solicitors putting them at a much lower risk of a valid Will appearing after the estate had been distributed.

Despite being geographically distant, in terms of blood relations, this heir was very close indeed and turned out to be Douglas Andrews, the full-blood brother of the deceased, who was still living in New Zealand. Sadly he knew very little about his brother’s life and nothing of his death, let alone anything about his assets. The estate including the assets found by Fraser & Fraser’s Asset Search service, was rightfully distributed and the case was closed, leaving Douglas Andrews with an unexpected windfall, and the information regarding what happened to his brother.

*Names have been changed to for confidentiality purposes.

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