Sponsor Spotlight: Inheritance Data
In a series of Supporters in Focus pieces, we are thrilled to introduce our supporters of The British Wills and Probate Awards 2021
Alongside headline sponsor Executor Solutions we look forward to recognising achievement, highlighting progression and championing innovation.
Today we profile Solicitor Firm of the Year, National sponsors, Inheritance Data.
We’re delighted to have Inheritance Data on board with the fourth year of The British Wills & Probate Awards. First of all, tell us who you are and what you do.
Inheritance Data is the UK’s leading Financial Asset Search, engineered to explore 200 financial institutions, 350 databases in total and to unearth concealed accounts and policies which may have been previously missed. The investigation is tailored to expose all assets belonging to the deceased, whether the accounts are lost, dormant or still active, all via our industry leading secure portal. The portal offers 24/7 access to the probate professional to monitor results and act to recover the assets as responses from financial institutions are returned.
In one click of the Inheritance Data’s cost-neutral search, probate solicitors and estate administrators can ensure no asset is missed, maximise the value of their client’s estate and save themselves the time and inconvenience of contacting each financial institution individually, thereby fulfilling their obligations as Executors.
What have Inheritance Data been doing over the past 9 months since The British Wills & Probate Awards 2020?
We’ve had a tremendously busy and successful year, developing new services and products for both the wills & probate and asset discovery fields; these will be launched in the near future! Significantly, in February, we introduced the only search warranty in the industry, covering Executors for any future costs incurred by discovering assets after probate has been completed. We’ve grown as a team and significantly expanded our client base as well as contributed to industry round tables and thought leadership with our partners. On that note, we’ve been developing our strategic partnerships and have been chosen as the asset search specialist for CLS PI’s PIPA platform, the digital assistant for estate administration. It’s been an exciting time and there is much more to come!
What do you think is the biggest challenge the sector has faced over the last 12 months?
It’s been an extremely challenging year for the whole sector, as it has for us all. In particular, the Pandemic has caused significant delays in the bereavement process, whether it be delays issuing death certificates, Court Of Protection documentation, receiving Grants Of Probate or releasing assets to the beneficiaries once located. In addition, the legacy of a sector which has suffered from lack of innovation and technological advancement has exacerbated these delays and it’s been a particularly painful and frustrating time for the families of the bereaved and also for those of us in the industry navigating those challenges.
And what innovations were you seeing in the market?
2020 into 2021 has seen an exciting emergence of dynamic companies set to shake up and revolutionise the probate and administration process, which for too long has been neglected by technology. As a technology driven firm ourselves, we’ve been delighted to see new players keen to enhance and simplify the process, automate, consolidate systems and crucially, to simplify and speed up the whole experience for the families of the bereaved and probate professionals.
What are your predictions for the sector in 2022 and beyond?
We’ll see a huge ‘boost’ in the sector, with solicitors, estate administrators/planners and will writers hugely benefitting from this innovation, reduced costs and the choice of new products and services to improve their jobs. We’ll also see consolidation of suppliers as streamlining continues. Important changes aimed at easing the pain of bereavement like The Bereavement Standard will come into their own as technology and new processes drive the sector and how it manages probate, estate administration and the arena around preparing and planning for bereavement.
Have you got any messages for the sector and our shortlisters?
We want to congratulate all those who have been shortlisted for this year’s awards, all of whom are worthy of winning! Also, a huge well done to everyone in the sector for surviving the last 12 months, driving and adapting to change, supporting families who are going through a terrible time and yet so positively embracing the future!
Thank you to Inheritance Data for their support for The British Wills & Probate Awards 2020.
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