The Financial Profile Service helped identify a previously unknown life insurance policy valued at £2,500
For over 125 years, Timms Solicitors have been providing legal advice and guidance to a range of business and personal clients, and are committed to providing a comprehensive, professional legal service by understanding their clients’ needs and helping them to achieve the best result for their circumstances.
In this case study, Timms Solicitors were appointed as the Executor alongside one of the deceased’s sons, and instructed Estatesearch to undertake the Financial Profile Service in order to complete a comprehensive search for assets and liabilities in the estate.
An initial search of digital credit records rapidly confirmed the deceased’s accounts with Lloyds Bank and provided reassurance there were no outstanding liabilities or unknown open credit facilities.
By notifying a wide range of financial institutions the final report confirmed the existence of a bond with Aviva, which helped to identify a previously unknown life insurance policy. The policy, previously having been managed by the Co-operative, was now managed by Royal London and valued at approximately £2,500. Estate assets that were previously unknown to the Executor or the family and may otherwise have gone unidentified.
Charlotte Day, Solicitor at Timms Solicitors, said “The Financial Profile Service helps us demonstrate all reasonable due diligence in matters where we are appointed as Executors. In this matter, the Report helped us to identify additional assets in the estate which our client and the beneficiary greatly appreciated.”