By Becky Haslam
The inheritance process can be complicated – families can become estranged, executors can disagree, distant relatives can appear – it may take years to resolve how the money is distributed. However, even after the probate process is completed, funds due to the estate can continue to appear years or even decades later. Old bank accounts or pensions can be found, compensation can be granted, and once again executors and next of kin must be located. Often it becomes the duty of the financial institution or insurance firm to track down the beneficiaries,but as time passes, people move house, executors pass away, and the process becomes even more difficult. And what happens if there are hundreds, or even thousands, of these cases to deal with?
This is where bulk beneficiary tracing becomes necessary, and our specialised services are required.
What is bulk beneficiary tracing?
Arkline classifies Bulk Beneficiary Tracing as the tracing of a large volume of deceased customersto find a next-of-kin and/or someone authorised to accept money on behalf of the estate, such as Executors or Administrators.
Bulk beneficiary tracing will often be required when a company or institution has accrued a longlist of customers who they believe to be deceased, and yet they still hold money which was owed to the individual. They therefore need to track down next of kin e.g. spouses or children, or beneficiaries to the estate, to whom the funds can go to instead.
Our clients for this service are typically financial institutions, insurance companies, or legal firms. This could be in relation to old bank accounts, compensation, etc.,ranging from ten pounds into the thousands. These clients can sometimes be dealing with complicated legal requirements and time constraints, which is why we make an effort to tailor the bulk tracing service to each client.
What service do we offer?
Arkline has years of experience handling bulk beneficiary projects containing thousands of potentially deceased customers. As standard, we can confirm that the customer is deceased (mortality screening), and trace a name and address for a next of kin for our clients to contact (beneficiary trace). We also offer a more tailored service to meet clients’ specific needs, which can include:
Documentary Evidence:
Supporting documentation is an important step in finding the appropriate beneficiaries to an estate. We are skilled in finding and acquiring Probates and Death Certificates or their equivalents from England, Wales, Scotland, and Northern Ireland, as well as Overseas. This documentation can provide clients with the extra assurance they need that the beneficiaries we trace are official Executors, Administrators, or listed beneficiaries to the estate.
Tracing services:
Arkline has access to databases not available to the general public, and can therefore conduct batch screenings for large amounts of data. As standard we will use a combination of online and database searches to confirm that the subject is deceased, and to trace a name and address for a family member. If probate or death certificates are obtained, we will use database tracing to find a current address for the listed beneficiaries. Should our enquiries find the Executor or Informant are deceased as well, we can also conduct further enquiries intof amily members listed in the customers’ Will.
Getting in contact:
If required, we can conduct a bulk letter writing service to contact potential beneficiaries. This will provide the opportunity to obtain signed indemnity, confirming that the beneficiary is authorised to accept funds on behalf of the deceased’s estate and to obtain the most up-to-date contact details. Arkline has a strong understanding of the potentially upsetting nature of these cases, and therefore have expertise in dealing with contact regarding deceased’s family members with great sensitivity.
Our Guarantee
Whilst this process occurs in bulk, we guarantee that each case will be individually checked by our qualified team to confirm that the result meets our high standards, and that the client receives back the best quality of information that they require.
We uphold strict adherence to UK GDPR standards amongst our staff, and are experienced in dealing with FCA compliance. We are dedicated to providing ahigh-quality service that is flexible to your timescale and budget requirements.
