Mitigating Risk in Estate Administration: How Jones Whyte Solicitors Use Estatesearch
Estate administration is becoming increasingly complex, with hidden assets, incomplete records, and growing expectations around due diligence. Here’s how Jones Whyte Solicitors use Estatesearch to mitigate risk, uncover unknown assets, and support clients with confidence.
Understanding Risk in Modern Estate Administration
Jones Whyte Solicitors is an award-winning legal firm which focuses on understanding and helping clients. The team always strive to respond and resolve clients’ needs, supporting them throughout their lives. Recognised as one of the leading law firms in Scotland, Jones Whyte Solicitors has over 170 solicitors, legal executives and professional business support staff. Although a Scottish firm, based in Glasgow and with clients across the whole of Scotland, the firm also provides support and help to clients across England and Wales.
Why Financial Profile Searches Are Essential for Executors
Nikki Bonini Senior Solicitor & Legal Link Team Lead TEP at Jones Whyte uses Estatesearch to help mitigate risk for the firm in estate administration cases. Nikki explains: “If we are executors, we always instruct a Financial Profile Search with Estatesesarch. This identifies all the assets and liabilities of the deceased, allowing us to make further enquiries to establish the full extent of the estate. Even if nothing is located, we are able to show on the file that we have completed a search.
The Growing Challenge of Unknown Assets in Estates
“This is becoming increasingly important, as families today often do not discuss financial matters, leaving relatives unaware of an older family member’s financial situation after they pass away. Sometimes a relative will still come into the office with a bin bag full of paperwork and receipts. However, this can put us and the client in a worse position. Much of the paperwork is usually out of date and so time and fees can be wasted contacting asset holders where account were closed a decade ago, or the bank itself may not even exist anymore.
Supporting Lay Executors with Asset Searches
“If we are working with lay executors, we explain that due to the volume of information and the fact that we simply don’t know what is current, means that an asset search would be a good option to identify assets cost effectively and swiftly.
Real-Life Examples of Hidden Assets Uncovered
“Searches can result in surprising discoveries. In the past and recently, we have identified substantial unknown assets following the Financial Profile Search. In one historic case we found assets worth £1 Million in various accounts belonging to a gentleman with mental incapacity. More recently our team uncovered a Santander account that contained £73,000, that the family were not aware following the asset search.
Due Diligence and Risk Mitigation in Complex Cases
“Our account manager at Estatesearch, Allan Hume is incredibly helpful too. Particularly if we have an obscure query. Recently, we had a situation where the deceased had married a Tunisian man but we were unable to locate a marriage certificate. Allan pointed us to the Tunisian Embassy to obtain the relevant information.
“Similarly, I’ve been working on another obscure file which contained multiple risk elements. Again, I spoke to Allan who put us in-touch with Estatesearch’s insurance arm Estatesure, to double check if insurance was an option to mitigate the risks. Due to circumstances in this instance, insurance was not a possibility, however, we were able to note on the file that we ruled this out as an option which is positive to demonstrate our due diligence.
Estatesearch’s Will searches also support risk mitigation as they comprehensive, searching all previous addresses of the deceased unlike other service providers who usually only search near one address.
Streamlining Share Valuation and Sale in Probate
“We also use Estatesearch’s share valuation and sale service. In the past, this was one of our team’s most dreaded tasks! It was time consuming and because we don’t value shares day in and day out like Estatesearch do, there was always the risk of human error. Further, shares are often not worth a great deal of money, so we could easily spend more time valuing and selling them than they were actually worth. Now, with Estatesearch’s share valuation, the process is swift and accurate and all of the clients this has been offered to have taken up the services as a cost effective choice.
Accurate Vehicle Valuations for Estate Assets
“Estatesearch’s vehicle valuations are also quick and accurate. Previously, we used ‘We Buy Any Car’ but this service is designed to buy and sell cars so didn’t really fit our needs as it tends to down value the vehicles. Estatesearch now helps us gain realistic valuations.
How Estatesearch Supports End-to-End Risk Management
“As a firm Estatesearch supports us in risk mitigation across a range of estate administration tasks, enabling us to demonstrate due diligence and ensure that we have done all that we can to support our clients in executry matters.”
Originally published in Today’s Wills and Probate
