Lost assets

Geoff9999

Hello, I’m the executor for a will for an elderly gentleman who had many different accounts.
i worry he may have had accounts i am not aware of so would it be worth my while paying a company to search for any assets i’m not aware of?
if so, are there any companies you would recommend and how much would that cost?

Cloth_of_Gold

Geoff9999 said:

Hello, I’m the executor for a will for an elderly gentleman who had many different accounts.
i worry he may have had accounts i am not aware of so would it be worth my while paying a company to search for any assets i’m not aware of?
if so, are there any companies you would recommend and how much would that cost?

You might want to have a look at this.  https://www.ageuk.org.uk/information-advice/money-legal/debt-savings/how-to-trace-lost-money/

fatbelly

You shouldn't need to pay anyone.

Also note that there should be no rush. As executor it is reasonable to see what comes in the post for him.You need to be sure all liabilities are uncovered before you start to distribute anything to beneficiaries

fatbelly

You shouldn't need to pay anyone.

Also note that there should be no rush. As executor it is reasonable to see what comes in the post for him.You need to be sure all liabilities are uncovered before you start to distribute anything to beneficiaries

Hoenir

Executorship is a legal responsibility that carries potential personal liability. Therefore worth taking your time to ensure that both assets and liabilities of the estate are fully ascertained prior to applying for probate. Shifting through paperwork belonging to another person can be a time consuming and arduous task. 

Malthusian

The AgeUK link has given you a good list to work through.

If you distribute the estate and suddenly another bank account comes out of the woodwork, it is not a huge problem - you just settle any extra Inheritance Tax due and then distribute the rest as per the Will.

What you really don't want is for creditors to turn up after you have distributed the estate and to be potentially on the hook. That can be avoided by taking all reasonable steps to find out what money the estate owes, and placing a notice in the Gazette. Placing the Gazette notice means that any Johnny-come-lately creditors cannot pursue you personally for the estate's debts. 

If the idea of finding assets or liabilities long after you thought the job was done is worrisome, have you considered handing the job to a solicitor? The estate would pay.