If you are acting as a Personal Representative (PR) of an estate, you have a legal obligation to identify all assets and liabilities of the deceased’s estate. An Asset Search will aid you in establishing any financial assets linked to the deceased and protect you as a PR. Our solicitors at Johnson Astills can assist with the preparation of an Asset Search.
When someone dies, their estate must be distributed to the relevant beneficiaries by the PRs of the estate. Where the deceased left a valid Will, the PRs of the estate are the Executors. If the deceased left no Will, the PRs are the Administrators, appointed in accordance with the Rules of Intestacy.
One of the responsibilities of a PR is to identify the assets in the estate. A PR has a legal duty to reasonably investigate and establish the extent of the deceased’s financial assets before distributing the estate, so as to not disadvantage the beneficiaries. This process can be challenging, particularly in the event of missing or incomplete financial documents in the deceased’s name. Assets may be hidden or forgotten, especially as it is not uncommon for individuals to open multiple bank accounts, pension/life insurance policies, or investments during their lifetime. Additionally, complex finances, frequent changes of address, or dormant activity on accounts can further add to the burden of tracing all financial assets.
An Asset Search is therefore appropriate and helpful to provide families with the reassurance that all assets have been discovered. It is a service that aids PRs in identifying assets easily and effectively during the administration period. Typically, a search will notify and check a comprehensive list of banks/building societies, pension and life insurance providers, share registrars, and investment managers. Where matches are found, the financial institution will report back and prompt any further action needed.
Asset Searches also help with the identification of any outstanding liabilities, such as any credit cards or loans. This is important as any debts must be settled by the PR before distribution of the estate can take place. Moreover, Asset Searches provide evidence for the PR that they have taken reasonable steps to fulfil their role of locating and distributing the assets of the estate.
If you are appointed as an Executor or acting as Administrator and would like to discuss an Asset Search, our expert solicitors at Johnson Astills would be pleased to assist you. For further information, or to arrange an initial fixed fee appointment, please call our Leicester Office on 0116 255 4855 or our Loughborough Office on 01509 610 312, or fill in our free online enquiry form and one of our friendly team members will be in touch.
