High Net Worth Bolt-On

It is a common misconception that wealthy individuals will better understand their finances. This may be because many will use the services provided by specialist private firms and financial advisors to track and report on their portfolios. However, as with any individual, assets can and do get forgotten. If there is no will in place, it can be even more difficult to identify where assets are held.

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High Net Worth (HNW) estates can present greater complications and risks to the estate administration process.

There are currently thought to be 2.8 million High Net Worth Individuals (HNWIs) living in the UK. HNWIs are generally classified as those with between £1m and £5m in liquid assets.

From a tax perspective, simply due to the sums potentially involved, HMRC sees wealthy individuals as potentially presenting a greater risk of error. With high interest rates imposed on unpaid inheritance, missed assets during the estate administration process can be even more costly to the personal representative.

In relation to investment and wealth management, in March 2017, The Independent Dormant Assets Commission stated that “There are potentially very significant values of dormant assets that financial services have not, or have been unable to reunite with customers.” In their report it was estimated that there was £2.9bn in potentially dormant assets.

 

Why can assets go missing?

  • Estates are inevitably likely to be a lot more complex.
  • The investment and wealth management industry is complex and highly diversified.
  • Dormancy can be misinterpreted.

Alongside this, there may also be trusts and succession plans in place that you will need to navigate. In order to manage and distribute the estate correctly, you need to be confident that you have identified all the assets in the estate.

The High Net Worth Bolt-On to our Financial Profile Search will help:

  • Assist in identifying estate assets across diverse portfolios.
  • Support your due diligence.
  • Helps you determine IHT by potentially identifying lost assets.

Interested in learning more about this service? Simply register your interest here, and a member of our team will contact you.

In our case study with Meridian Private Client Solicitors, they explore the complexities of High Net Worth Estates. Read the full article here.

All products

Available to order alongside our Financial Profile Search, the High Net Worth Bolt-On supports your due diligence processes when dealing with complex estates held by High Net Worth Individuals (HNWIs).

£250 + VAT
  • Private Banks
  • Wealth & Asset Management Companies
  • The Royal Mint
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  • Financial Asset Searches have become an integral part of estate administration. We now commission these searches as a matter of course, and have found that it makes the task of information gathering infinitely less time-consuming and difficult. Tom Bottomley, Partner
  • I feel by using Estatesearch I am using all possible tools out there to provide the most comprehensive search of a deceased's assets to enable a complete and full administered estate from the get go. Leonie Adams, Director
  • The Estatesearch Financial Profile Service gives us a comprehensive and robust due diligence process at the click of a button. Using a combination of data and technology goes beyond what we could reasonably achieve otherwise and Estatesearch have helped us identify additional assets in difficult Court of Protection matters. Holly Chantler, Head of Private Client
  • Having used Estatesearch many times I have always found it to be really quick and easy and if any questions the team are always willing to help and discuss matters and have managed to find other accounts for other clients but with less in them which we are all extremely grateful for. Would highly recommend these are done when dealing with any financial matters. Lynne Ragoubi, Senior Accredited Paralegal
  • I've found the range of services provided by Estate Search to be vital tools in my day to day work as a private client lawyer. The client portal is an excellent one stop shop for the full range of searches I often undertake. Barry Griffin, Partner
  • The Financial Profile Service helps us demonstrate all reasonable due diligence in matters where we're appointed as Executors. In a recent matter the Report helped us identify additional assets which our client and the beneficiary greatly appreciated. Charlotte Day, Solicitor
  • Estate Asset searches are something that I think most estates (and even living clients) need. It takes the burden off of the Executor/representative on death, and if a firm is acting as Deputy during someone's lifetime, it covers you to show that you have done a thorough look into the assets and liabilities Zoe Johnson, Solicitor
  • We use the Financial Profile Service when appointed as Executors to help us clearly demonstrate we’ve met all our statutory duties. The report is clear and easy to use, helping us quickly make targeted additional enquiries to secure estate assets when required. Rachel Roche, Solicitor Director
  • The Financial Profile Service helped us efficiently confirm all the estate accounts, and in our latest matter identified a historic pension adding greater value for the beneficiaries and our clients. Liyen Clutton, Biscoes Solicitors
  • The Estatesearch team are always willing to go the extra mile to help us with our cases and enquiries, using their knowledge and expertise to help us deliver an excellent service while reducing costs for our clients. Michael Graham, Head of Private Client
  • As trusted legal advisors, our clients appoint us in many different capacities, as executors, trustees, Attorneys and Deputies. Clients place their trust in us, and we take that responsibility seriously. As part of our best practice when undertaking those roles, we conduct an asset and liability search to identify and secure all assets and investments held in an estate, by a trust, or by a donor client. We place our trust in Estatesearch to produce a report that is both thorough and reliable. Estatesearch also support us with several other products that ensure we can provide a professional and comprehensive service across our private client team. Mrs Tracey Hatswell TEP, Partner, Wason Male & Wagland LLP
  • Just excellent service at all times, the staff are always friendly and are a pleasure to work with. Nothing is too much trouble. Swift, efficient and comprehensive services. (The socks are pretty cool too!) Tristy Pateman, Senior Private Client Executive
  • As a business reliant on accurate compliance we turned to Estatesearch for our insolvency and bankruptcy checks, and we couldn’t be happier with the experience. Their system is incredibly user friendly, allowing our team to navigate the process effortlessly. We appreciate how straightforward the platform is and look forward to an integration with our software provider shortly. We would recommend Estatesearch to any business seeking a reliable partner for insolvency and bankruptcy assessments. Laura Staples, Partner & Head of Private Client. HK Law

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