Asset searches are often necessary in numerous instances of Intestacy. They involve scouring public records to verify the personal property and real estate owned by an individual or business entity. Sometimes, the deceased may possess dormant assets that form a portion of their estate. Blanchards responsibility lies in locating these assets.
What is an asset search?
An asset search is a process typically undertaken to identify and locate assets owned by an individual or a business entity. This type of investigation is often performed for various reasons, such as during legal disputes, divorce proceedings, or debt collection efforts.
The aim of an asset search is to uncover a comprehensive list of an individual’s assets, this includes bank accounts, pensions, cryptocurrency, life insurance and so on. The process can involve reviewing public records, conducting financial investigations, examining property deeds, scrutinizing corporate filings, and exploring other relevant sources of information.
When is an asset search required?
Asset searches can be vital in legal cases where it is essential to determine the financial standing of an individual or an entity. They can help in assessing the ability to repay debts, evaluating the true financial situation of an individual in divorce cases, or identifying hidden assets that may be crucial for settlement negotiations.
In Blanchards case, we use asset searches to ensure we have the full value of a deceased’s persons estate. Often, the bulk of larger estates are made up from the ownership of a property. However, we have had instances where the contents from bank accounts and other holdings have far outweighed any property involved. These assets are discoverable through our asset search service. Unlike some of our competitors, Blanchards always perform assets searches when handling an estate.
Asset searches for solicitors
Solicitors may need to conduct asset searches in various legal contexts. Here are some situations Blanchards have encountered where asset searches were needed for Solicitors.
- Debt Collection: In cases where a client is owed money and the debtor is suspected of concealing assets to avoid payment, solicitors might conduct asset searches to identify any hidden assets.
- Divorce Proceedings: During divorce cases, solicitors might conduct asset searches to ensure fair division of assets and to prevent any party from concealing assets to manipulate the outcome of the settlement.
- Probate and Estate Planning: Asset searches might be conducted to locate all assets of a deceased person in order to properly execute the will and distribute the assets among beneficiaries.
- Business Disputes: In cases of business disputes, such as partnership dissolutions or breach of contract, solicitors might conduct asset searches to assess the financial standing of the parties involved.
- Fraud Investigations: Asset searches can be crucial in cases of suspected fraud, where individuals or entities might be attempting to conceal assets or financial resources.
- Bankruptcy Cases: Solicitors might conduct asset searches to assess the financial status of individuals or businesses filing for bankruptcy and to identify any undisclosed assets that could impact the proceedings.
Asset searches are essential for solicitors to ensure transparency and fairness in legal proceedings, preventing fraud and ensuring that all parties receive a just outcome.
Our asset search is tailored for both solicitors and the general public. If you need an asset search performed or even a company to handle the entire estate on your behalf please fill out our form below and we will get back to you. For more articles like this, please read our other blogs and follow us on LinkedIn.