Harper Macleod is one of Scotland’s leading full-service law firms with specialists across all legal disciplines, covering every service clients are likely to need in both their professional and personal life. With a focus on customer centred care, Harper Macleod’s experienced private client team with a headcount of over 50 people put clients’ needs at the heart of everything they do.
Cinzia Duncan, Senior Associate, Harper Macleod based in the firm’s Glasgow head office explains:
“No problem is too big. We often take on complex cases from other firms and think outside the box to resolve issues. So, when I was first introduced to Estatesearch in May 2023 I quickly realised that their Financial Profile Search could potentially help with an executry where it was proving challenging to identify all of the assets within the estate.”
Estatesearch’s Financial Profile Search provides a comprehensive and detailed report to support an efficient fact-finding process, helping Solicitors quickly build a better understanding of clients’ financial affairs to manage and/or administer an estate effectively. Using information and data from a variety of sources, the resulting report helps support due diligence, with a clear audit trail to demonstrate the steps undertaken to identify all assets and liabilities. The search includes AML and identity trace, Liability Search, Financial Asset Search and, in the Financial Profile Premium, Company Directorships and an Unclaimed Asset Search which includes up to 40 additional pension and insurance providers to help locate forgotten accounts, policies and shareholdings. All subjects are automatically enrolled with the Vulnerability Registration Service to prevent fraud and financial abuse against the estate too. Cinzia Duncan continues:
“In this particular case, the deceased had developed dementia before passing away. Although the family knew their father had intended to leave them money, they had no knowledge of how much or where it was located. We had reached an impasse and the only solution would have been to write to every financial institution to find out if they had a record of the deceased on file. This would have been time consuming and would have proved a significant expense for the estate with no real guarantee of a positive outcome as a result.
Estatesearch’s Financial Profile search proved invaluable, quickly identifying six bank accounts containing hundreds of thousands of pounds plus an annuity. Uncovering these unknown assets has enabled us to move forwards with the Executry process and will ensure the beneficiaries will now receive what is rightfully theirs.
Ordering the Financial Profile search couldn’t have been easier. Through Estatesearch’s secure, online portal we simply input the deceased’s name, known addresses, date of birth and death, and Estatesearch contacted the financial institutions to establish a match. We received regular updates via email and were notified of a completion date for the report, so we were able to keep the family fully informed.
I have also been able to use Estatesearch’s share services to verify and sell shares in another executry case recently. As there was only a small shareholding, our time to sell the shares would have ultimately outweighed the benefit for the beneficiaries. However, Estatesearch was able to complete the sale quickly, efficiently and cost effectively helping to ensure there was no hold-up in distributing the estate. Estatesearch now provides us with more tools in our armoury to resolve complex cases and we are always happy to recommend their services to other legal colleagues.”
For further information about Harper Macleod please see: A different kind of law firm – Harper Macleod LLP
For further information about Estatesearch please see: www.estatesearch.co.uk
This article was submitted to be published by Estatesearch as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.