Estatesearch Launches International Financial Profile Searches to Help Identify Overseas Assets
Growing Need for International Estate Asset Searches
Mark Taylor, Sales Manager, Estatesearch confirmed:
“Hundreds of thousands of people emigrate from the UK every year. Similarly, ex pats return from living overseas. Increasingly, therefore, where individuals have previously lived or worked abroad, estates can unknowingly include overseas assets whether that’s a pension, property or bank account.
As a result, UK searches alone may no longer provide legal representatives with the full picture in estate administration cases.”
The Risks of Missing Overseas Assets During Estate Administration
“This can create a difficult situation for private client practitioners, as without physical documentation, it would be extremely difficult to know where to even begin with investigations. Furthermore, family members may not be aware of accounts held abroad, or may only have partial or anecdotal information.
This can unfortunately increase the risk of assets being missed and executors not fulfilling their duty to identify all assets. However, our new International Financial Profile searches now enable due diligence to extend beyond the UK, so executors can move forward with more confidence.”
Helping Executors Demonstrate Due Diligence
“Just like our UK Financial Profile Search, our International Financial Profile Searches can be ordered through our free, secure portal and we carry out enquiries with banks, insurers and institutions in the relevant country. Results are returned in a clear, structured report which can be saved as part of an audit trail to demonstrate all reasonable steps before estate distribution.”
Streamlining Cross Border Estate Investigations
Estatesearch’s International Financial Profile Search now helps legal firms save time on complex cross border investigations and reduce the risk of missed assets in estate administration.
