22 July 2025: Elite Law Solicitors have uncovered £270,000 held in a previously unknown account while managing an estate administration case. The discovery was made following a Financial Profile Search carried out through the legal technology group Estatesearch, which provides a range of estate administration services to help legal teams save time and mitigate risk during probate and deputyship cases.
Meg Wilton CILEX Lawyer and TEP, Elite Law Solicitors explains: “We pride ourselves on offering comprehensive advice to clients. This often means asking the right questions and checking the wider picture to see if there is a recommendation we can make beyond our services which is in the best interests of our client.
“We have used Estatesearch’s services for several years and it is not uncommon to discover the odd account or asset but no one was prepared for what transpired on this occasion. The search yielded a positive match, and further enquiries revealed an account containing over £270,000 which no one was aware of.
“This represented a huge windfall for our clients. Although funds and the estate was now subject to IHT, both beneficiaries will both still receive a substantial sum once the HMRC account and legal fees are settled. By contrast, if the asset had been discovered after the estate had been distributed, it would have been likely they would have needed to pay interest and penalties to HMRC, so they were pleased and relieved this bank account was discovered thanks to the Estatesearch’s Financial Profile Search we recommended. It was rewarding to work on a case which had such a positive impact on our clients.”
Estatesearch’s Financial Profile Search makes enquiries of more than 150 organisations, searching over 450 companies and brands including banks, building societies, investment managers, share registrars, pension providers and insurers to help identify accounts. Private client solicitors then make further enquiries if a financial institution confirms the subject holds, for example, an account or a pension of which they were previously unaware.
Meg Wilton continues: “This case has also been a useful example to share with clients to explain about the importance of an asset search. It’s not just about the potential of finding ‘buried treasure’ but also avoiding any penalties or fines relating to IHT or potential additional legal fees should assets become known, even years later and the estate needs to be re-distributed.”
Ben Furlong, Managing Director, Estatesearch confirms: “While it is unusual for our Financial Profile Search to contribute to the discovery of an account containing such a significant sum of money, identifying unknown assets is not. Feedback from the 2,000 legal firms we work with regularly shows that 70% of private client firms have identified assets their clients were previously unaware of, thanks to our Financial Profile Search. This particular case highlights the importance of asset searches in supporting due diligence during estate administration.”
For more information about Estatesearch’s Financial Profile Searches or Will Searches please see: https://www.estatesearch.co.uk/
For more information about Elite Law Solicitors please see:https://www.elitelawsolicitors.co.uk/
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