Jackson Lees Group is an award-winning law firm in Liverpool and the North West committed to doing what is right, while valuing longstanding relationships forged with clients.
Best Practice in Probate: Supporting Families with Care
John-Paul Dennis, Partner and Divisional Director for Private Client at Jackson Lees confirms:
“We are part of the MAPD Group and our approach is to make a positive difference for all of our clients. We aim to provide reassurance and expert guidance during the difficult time following the loss of a loved one. Our team provides a professional and empathetic service to guide our clients through probate.
“Where we are executors, we always use Estatesearch’s financial asset search to ensure all assets and liabilities are identified. We encourage non-professional executors to instruct an asset search too.”
How Estatesearch Supports Asset Discovery in Probate
Estatesearch’s Financial Profile Search supports solicitors with asset discovery. It is a cost-effective and efficient way of making enquiries of more than 150 organisations, searching over 450 companies and brands including banks, building societies, investment managers, share registrars, pension providers and insurers to help identify accounts. Solicitors can then make further enquiries if a financial institution confirms the subject holds, for example, an account or a pension that the firm was previously unaware of.
Case Studies: Uncovering Hidden Assets in Probate
John-Paul continues:
“We’ve handled several matters that demonstrate just how crucial an asset search can be during estate administration. In one particular case, I noticed a dividend payment on a bank statement that the family of the deceased were completely unaware of. This prompted me to contact the Share Registrar, where I uncovered shares registered in the deceased’s name. That discovery raised concerns that there could be other assets not documented in the paper trail. To ensure nothing was missed, we carried out a Financial Profile Search through Estatesearch. This search revealed additional shares valued at approximately £15,000, assets the family had no prior knowledge of.
“Because this was a taxable estate, the inheritance tax on such a sum, if the assets had been discovered, say in ten years’ time, would have been significant. Fortunately, when identified, just outside the six-month time limit, the Inheritance Tax (IHT) due was minimal.
“We also used Estatesearch to value the shares, and the family were surprised and pleased with the results.
“In another probate case, we were aware of the existence of some assets but couldn’t work out where they were held, and writing directly to the bank didn’t yield any meaningful results. Following a Financial Profile Search with Estatesearch, we were able to make appropriate enquiries in the right place and identified £30,000 held in other accounts that the family were unaware of.
The Benefits of Using Financial Profile Search
“Estatesearch’s ordering portal is extremely easy to use and extra services can be added – such as share valuations – as required. When I have used share valuations, the report came back the next day, which was very efficient.
Jackson Lees’ Comprehensive Probate Services
“At Jackson Lees we offer a comprehensive service to help and support families when they have lost loved ones. For clients who only need help with a Grant of Probate, we also recommend they instruct an asset and liability search. Many take advantage of this option. Using Estatesearch’s services means we can demonstrate due diligence. Our best practice approach also gives all our clients peace of mind that assets won’t be discovered, at a later date, which helps avoid any associated IHT implications that might bring.”
Jackson Lees’ partnership with Estatesearch highlights how adopting best practice in probate ensures no asset is left undiscovered. By combining professional expertise with innovative tools like the Financial Profile Search, they provide families with reassurance, accuracy, and peace of mind throughout the estate administration process.
Originally published on Today’s Wills & Probate