As an executor, you've been entrusted with the important task of managing a loved one’s estate. It's a responsibility that can sometimes feel like a treasure hunt, especially when it comes to tracking down those elusive, dormant assets. With so many accounts moving online and paper records becoming a thing of the past, discovering these hidden assets has become more challenging than ever. Most people would overlook the idea of "Dormant Assets", what even are they and how could they come to exist? However, it is a real problem and one that could lead to unclaimed inheritance as well as executors not fulfilling their duties properly and often without realising.
What Are Dormant Assets?
Dormant assets are financial accounts or investments that have been inactive for a long period. These can include forgotten bank accounts, misplaced investment funds, or unclaimed pension plans. In the UK alone, it’s estimated that over £200 billion is currently unclaimed! That’s a lot of forgotten wealth potentially waiting to be uncovered.
Your Role as an Executor: Leaving No Stone Unturned
One of your key responsibilities as an executor is to identify and account for all the assets in an estate. This includes both the obvious and the less apparent, like dormant assets. Failing to locate these could lead to missed inheritances or even disputes among beneficiaries. In some cases, an executor might even face personal liability if it’s found that their duties were not performed thoroughly.
Why Dormant Assets Are Harder to Find in the Digital Age
The digital age has transformed the way we handle finances. Today, many accounts exist only in digital form—without any paper statements to serve as a clue. Whether it’s a forgotten online bank account, a cryptocurrency wallet, or a subscription service, these digital assets can easily be overlooked if not properly documented.
This shift to paperless systems makes it more critical than ever for executors to perform a thorough search, ensuring nothing is missed. Fortunately, there are resources available to help you do just that.
How Toucan Law Can Make Your Job Easier
At Toucan Law, we understand the challenges of administering an estate, particularly in today’s digital world. That's why we’ve partnered with Estatesearch to provide a comprehensive Financial Profile Service.
This service performs a detailed electronic search across a wide range of financial institutions, including banks, building societies, investment managers, share registrars, pension providers, and insurers. It’s designed to help you uncover any lost or inactive accounts—some of which might not have any visible records. Estatesearch also checks credit data to identify any debts that need addressing, helping you build a full picture of the estate.
By using Estatesearch, you can be confident that you’ve met your obligations to locate all assets, minimising the risk of future claims or disputes and ensuring a smooth estate distribution.
Additional Options to Support Your Role as Executor
Estatesearch also offers several other valuable services to support you, including:
Digital Assets Search: Extends the search to include online accounts such as digital wallets, online marketplaces, and money transfer services.
Will Search: Confirms that the Will in your possession is the most recent version or identifies if a valid Will exists.
Statutory Notices: Notifies potential creditors to prevent unexpected claims against the estate.
Insurance and Vehicle Valuation: Helps ensure all estate assets, from properties to vehicles, are accurately valued and managed.
Partner with Us for a Smooth Administration Process
Navigating the responsibilities of an executor can be complex, but with Toucan Law by your side, you can ensure that all assets—digital and otherwise—are accounted for. We help make estate administration a clearer and more manageable process, giving you peace of mind that you’ve done everything possible to honour your loved one’s wishes.
If you’ve been named as an executor or need assistance with estate administration, contact us today. We’re here to guide you every step of the way.
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