Law & Legal 280 | New Law Journal

Finding a needle in a haystack

Date: 20 February 2009
Authors: Experian
Issue: Vol 159, Issue 7357
Categories: Features, Legal services, Other practice areas, Wills&probate

Experian explain how UAR is reuniting people with their rightful inheritance

A conservative £15bn in assets is reported to be sitting unclaimed in the UK. Much of it is owed to estates of the deceased, but there are many reasons why an allocation of money is separated from its rightful owner— including illness, old age, death, loss of paperwork, and natural disasters. Locating the necessary paperwork to lay a claim on the assets of a deceased person usually involves going into someone’s house and rummaging through their things—a process agreed by probate professionals as akin to finding a needle in a haystack.

Another option involves engaging in a private investigation, although this can be hugely expensive and take several months. One crucial resource available to those carrying out probate is the Unclaimed Assets Register (UAR), established in 2000.

What is the UAR?

Solicitors carrying out probate to settle the estate of a deceased person must resolve all claims relating to the distribution of the individual’s property according to their will.

The UAR is a central database holding more than five million records of UK individuals’ unclaimed financial assets. It is the only registry of its kind in the UK providing both consumers and professionals—including solicitors—with a search facility to trace for lost or forgotten investments. It also helps insurers, pension schemes, financial institutions, and listed companies address the issue of unclaimed money, by providing a single point of reference to search for lost investments.

Reuniting people and property

The UAR provides a fast, efficient and cost-effective service to those acting on behalf of executors, helping them to carry out a simple search at the time of probate. The UAR identifies lost assets by cross-referencing personal information provided, for example a full name, address history and date of birth, against data held on the UAR registry. The service costs £25 per search and the process is simple—all it requires is the submission of a simple application form. Within days, the UAR can report whether the person’s details are on record or not. It is important to note that Experian does not take any percentage of recovered funds.

The value of unclaimed assets

The UAR assists hundreds of solicitors in probate every month and has already helped reunite over £6m with its rightful owners.

The UAR is recommended by the Commission of Unclaimed Assets, the Financial Services Authority, Citizen’s Advice, the Association of British Insurers and the Pension Tracing Service as an important point of contact for solicitors performing probate.

The government has expressed concern over the issue of unclaimed money and is working with the financial services industry to ensure everything is done to reunite assets with their owners. Ultimately though, this is in the hands of probate professionals, who are encouraged to make use of the public benefit service.

Share this page