Landmark Financial Asset Search

Your Due Diligence Requirements Use Landmark’s Financial Asset Search (FAS) to protect you and your client from potential future penalties or negligence claims by identifying lost and forgotten financial assets and shares during the administration of an estate. In addition our search will enable you to be confident that you have the latest Will in your possession. . Industry guidance is very clear: HMRC guidance notes for Inheritance Tax Forms, states you are obliged to ‘make full enquiries so that you can show that the figures you give and the statements you make are correct’. £15bn worth of assets remain unclaimed in the UK. The Law Society Probate Practitioners Handbook recommends a search of the National Will Register to identify a missing Will or ensure that the available Will is the latest version. Professional Indemnity Insurance requires that all reasonable steps are taken when acting as Executor or assisting the personal representatives to correctly identify and distribute an estate. In a recent survey*, 89% of the British public deemed it ‘important’ or ‘extremely important’ to know that, as a beneficiary, every reasonable effort has been made by their solicitor to identify all of the deceased’s financial assets. The Landmark FAS searches: ƒ ƒ 200+ financial institutions and organisations for dormant, lost or forgotten assets, including pension funds, life policies, unit trusts, bank and savings accounts. These organisations are responsible for over 95% by value of all UK collective investments. ƒ ƒ 200,000+ occupational pension schemes database held by the Department of Work and Pensions. ƒ ƒ Certainty’s National Will Register to help ensure you are in possession of the latest Will. Contact can also be made with solicitors closest to the deceased’s last known addresses. ƒ ƒ 4,000+ UK listed companies to check if the deceased held any shares** amongst 15 million UK shareholder records. A detailed report identifying potentially unknown financial assets is issued after 28 days. However the searches remain open for a further 90 days from the date on which the initial report was ordered. How can Landmark FAS help? Landmark’s FAS will help to identify all lost or forgotten financial assets, as well as the latest Will and shares. The search will demonstrate your due diligence and delivers ultimate peace of mind for your clients. This search is not designed to deliver a definitive list of assets but is a specific search for lost, forgotten or dormant assets which otherwise may not be identified. Landmark Financial Asset Search is available exclusively to legal practitioners and probate professionals.