Tracing Assets: How to Find the Paperwork for an Intestate Estate

When a loved one dies without a Will, the biggest challenge for the Administrator is often simply knowing what assets they owned. So, without a Will to guide you, you must become a “financial detective,” piecing together an estate from bank statements, tax records, and digital trails. In the UK, failing to identify all assets can lead to personal liability for the Administrator and delays in inheritance for the family. This article provides a step-by-step checklist for tracing “hidden” assets, from dormant bank accounts to lost pensions, and the professional tools available to ensure no stone is left unturned.

The Assets Paper Trail: Where to Start

The first 48 hours are about securing the immediate physical evidence. Administrators should look for:

• The “Magic Box”: Most people keep a folder or box with insurance policies, share certificates, and old bank letters.
• Bank Statements: Review the last 12 months of statements for regular payments to insurance companies, pension providers, or utility firms.
• Tax Records: Contacting the HMRC Bereavement Helpline can reveal sources of income (like dividends or rental income) that the deceased had not mentioned to the family.
• Digital Access: If you have legal authority, check emails for “e-statements” or online-only banking notifications (e.g., Monzo or Starling).

Uncovering “Lost” Money: Free Tracing Services

Billions of pounds in the UK remain unclaimed in dormant accounts. You can use these free services to find them:

1. My Lost Account: A central portal covering banks, building societies, and National Savings & Investments (NS&I).
2. The Pension Tracing Service: A government tool to find contact details for old workplace or personal pension schemes.
3. The Unclaimed Assets Register: Useful for tracing lost life insurance policies and unit trusts.
4. The “Tell Us Once” Service: When reporting the death to the government, this service notifies the DWP, local council, and HMRC, which can help identify state benefits or overpaid taxes.

Professional “Financial Assets Searches”

For complex estates or where the deceased was particularly private, a manual search might not be enough. Therefore, we often recommend a professional Financial Asset Search.

• How it works: Specialist firms interrogate hundreds of financial institutions simultaneously using the deceased’s National Insurance number and address history.
• The Benefit: It identifies “active” accounts that are not yet dormant, as well as unknown shareholdings and insurance bonds, protecting the Administrator from future claims

The Risk of the “Unknown Debt”

Tracing is not just about finding money; it’s about finding debts. If you distribute an estate and a creditor later emerges, you, the Administrator, could be held personally liable to pay that debt out of your own pocket.

• The Solution: Always place a Section 27 Notice (Statutory Notice for Creditors) in The Gazette and a local newspaper. This gives creditors two months to come forward, after which you are legally protected when distributing the remaining funds.

Compassion in the Search

Sorting through a late relative’s drawers and digital life can feel like an intrusion of privacy during a time of grief. It is a heavy emotional burden to carry. Our team understands that “tracing assets” is more than a legal task, it’s about bringing order to the chaos left behind and ensuring that every part of your loved one’s legacy is honored and protected.

Read our guide and learn how to cope with the emotional toll of contesting a will: The Emotional Toll of Contesting a Will and How to Cope: Legal Grounds and When Not to Contest a Will

Let’s Do This Together

Contesting a will could become an overwhelming experience if not accompanied by expert guidance and support. Our mission is to provide you with all the needed information, support, and authority to get through this journey, with only one goal in mind: Fairness.

To our team, this process is not about winning; it’s about claiming what was yours from the beginning.

Get your free, no-obligation case assessment. Call 08002980029 or visit contestawilltoday.com

FAQs

1. Can I use the deceased’s debit card to pay for the funeral?

Technically, no. Once a bank is notified of a death, they will freeze the accounts. However, most banks will release funds directly to a funeral director if you provide the death certificate and an invoice.

2. How do I find out if they owned assets elsewhere?

You can search the Land Registry for any property in England and Wales registered in their name. For overseas property, you may need to hire a specialist international probate investigator.

3. What if I find a Will halfway through the tracing process?

The process immediately changes. The “Letters of Administration” become void, and the Executors named in the Will must take over. Any assets found must now be distributed according to the Will’s instructions rather than the rules of intestacy.