• March 29, 2024
 Estate Administration And Managing Property & Financial Affairs During A Global Pandemic

Estate Administration And Managing Property & Financial Affairs During A Global Pandemic

What about Estate Administration and Managing Property & Financial Affairs during a Global Pandemic?

The past few weeks have seen the private client sector innovate and adapt to challenging circumstances. No firm has been unaffected, and everyone is seeking new approaches to continue being able to help their clients.

While the recent focus has been on preparing Wills, traditional methods across all areas of private client have been impacted including Estate Administration and Managing Property & Financial Affairs.

Estatesearch has always placed technology at the core of our services. Recently we’ve seen a dramatic increase in certain enquiries, so we thought it’d be helpful to share some of the regularly asked questions which you might not have simply had time to ask.

Q. I’ve recently been appointed Executor/Deputy/Attorney/Professional Advisor to a new estate, can I remotely identify details of the estate?

A. Travel restrictions or safeguarding issues might mean you are unable or ill advised to access property or personal files. However, there are a variety of free and premium searches which can help gather information on an estate. We’re happy to offer informal advice on options including our Financial Profile Service which can help to efficiently gather both personal information and financial information concerning live, on-line, lost and dormant accounts, helping minimise reliance on paper reviews.

Q. The estate includes an unoccupied property, what are the best insurance options and are there policies that don’t impost inspection clauses?

A. Many insurance providers have already extended their terms in respect of inspection clauses, so if you already have insurance in place, more information can be found here. If you are currently seeking unoccupied property cover, there are providers offering more favourable inspection clauses and we can help arrange inspections as required. Alternatively, there are now providers who can offer cover without any inspection requirements.

Q. We (the firm) are acting Executors and have been asked to make an early distribution because the beneficiaries are in financial difficulty due to the current outbreak. Can we get an indemnity to safely distribute before the expiry of the IA 75 claims period?

A. In short, yes! Many professional Executors might offer to distribute early with a signed undertaking not to spend the funds until the expiry date of the claims period, but once spent there is little recourse for the Executors. A sensible alternative is placing an Early Distribution Policy indemnifying the Executors and Beneficiaries against potential claims from unknown dependents, and cover can be incepted within the claims period and is in effect in perpetuity should a claim ever be successfully brought outside of the claims period in the future. Policies are cost effective and can be extended to include a range of risks including Testamentary Capacity and Proprietary Estoppel challenges.

If you would like more information on any of the above or for an informal discussion about how we might be able to help you and your clients, please feel free to contact us.

Jonathan Upton
E: helpdesk@estatesearch.co.uk
T: 0330 900 1700

Written by Jonathan Upton on 21 April 2020

Estatesearch

https://www.estatesearch.co.uk/

estate-search

Comprehensive, Simple & Efficient Due Diligence.

Estatesearch are pioneers in the legal technology industry driving innovation and technology in the private client sector. By combining high quality data with simple and effective technology Estatesearch are helping practitioners achieve more comprehensive and efficient due diligence in probate, estate administration and court of protection matters. Estatesearch Financial Profile Service Gaining a confident understanding of your clients financial affairs when administering an estate or appointed to manage financial affairs can be complex and time-consuming task. Poor bookkeeping, hoarding, online accounts and paperless billing all contribute to the challenges. Our award winning Financial Profile Service has been launched, in conjunction with global information services company Experian, to support private client professionals needing a comprehensive and efficient understanding of financial affairs. Our process combines real-time access to digital credit records with a wide ranging legal notification to gather the information you need to effectively manage estate assets and liabilities. Estatesearch Digital Dashboard Systems and procedures to support efficient working practices are essential in ensuring legal professions remain competitive and deliver great client value. Working with a variety of third party suppliers we are able to provide quick and simple access to a range of products and services in a single online platform helping you work faster. CPD & Training We are passionate about our work and are happy to provide CPD & training either in-house or online. To find out about the current range of CPD sessions on offer please click here To find out more about our products and services please visit our website www.estatesearch.co.uk or contact our Account Manager Ben Furlong. Key contact: Ben Furlong | Associate Director T: 07849 887 633   E: ben.furlong@estatesearch.co.uk A: 5 Chancery Lane, London, WC2A 1LG W: www.estatesearch.co.uk