Experienced Legal Director Leads Complex Probate Case
With more than 20 years’ experience, Lindsey Bohanna is a Legal Director in the personal planning team at Anthony Collins Solicitors. Lindsey deals with the administration of estates and trusts, often working on more complex matters. She also specialises in the drafting of Wills and Lasting Powers of Attorney.
Challenges of Asset Discovery in Probate
Lindsey Bohanna explains:
“With the move to digital, it has become increasingly difficult to identify assets within an estate as often, even close family members are not fully across the finances of a deceased loved one. As a firm, we have used Estatesearch’s Financial Profile search for about four years to ensure that everything is captured.”
Tracing Hidden Assets Across Two Interlinked Estates
“This particular probate case came to us from another firm that had been acting as a deputy for a lady who had been in care and passed away in 2017. We had been acting as deputy for her daughter who had a life interest in her mum’s estate, when she too passed away. Although separate, the two cases were interlinked and complex.
“We were able to trace a family member who was the residual beneficiary of the estate. We could have proceeded as if this was a non-taxable estate as no information about assets was supplied to us by the previous firm. However, historically, I knew the family farm had been sold so I couldn’t help but wonder what happened to the proceeds of the sale. I decided to run an asset search through Estatesearch.”
Financial Profile Search Reveals £629K in Hidden Assets
“Estatesearch quickly reported multiple positive matches, enabling me to contact each of the banks to establish the nature of the assets held. More matches were confirmed and I continued writing letters. Ultimately, we discovered £629,000 held in multiple accounts with various firms.
“As well as ensuring the residual beneficiary will receive what is rightfully theirs, Estatesearch’s asset search has ensured that we can make the correct inheritance tax (IHT) calculations and that our client has full peace of mind that no further assets will be discovered at a later date. As a firm, we are also protected from the requirement to re-distribute any assets which may have come to light years down the line.”
The Importance of Digital Due Diligence
“Since Covid we have seen a dramatic increase in online banking. Previously, it was possible to monitor bank statements sent by post but this is no longer the case. I recently managed the estate administration for one of my colleagues when their parents passed away and an Estatesearch Financial Profile search revealed an asset that no-one was aware of. This demonstrates just how difficult it is for anyone to have complete knowledge of someone else’s financial situation.”
A Best Practice Approach to Estate Administration
“As a result, it is now our policy to always complete an asset search where we are executors and recommend a search to lay executors too. We have a large Court of Protection team, and they also use Estatesearch to confirm assets and liabilities. I also use Estatesearch’s other services including Share Valuations, Section 27 Notices and Overseas Bankruptcy Searches.
“Our firm’s approach is one of social purpose, where we use our experience to help clients as best as we can. Completing the searches and using Estatesearch’s range of services adds a layer of certainty for our clients, ensuring they are satisfied that everything has been dealt with correctly and there will be no surprises in the future.”
Originally published on Law News