Beneficiary Tracing
Solicitors often encounter cases requiring investigators to locate beneficiaries. Tracing beneficiaries, whether for wills, intestacy, or trust administration, is an essential but challenging task. This guide offers practical insights to streamline the process and ensure accuracy.
What is Beneficiary Tracing?
Beneficiary tracing is a helpful way to locate an individual entitled to inherit assets or benefits under a will, trust, or intestacy. This service is crucial when the beneficiary’s whereabouts are unknown, they are estranged, or there is limited information about the individual.
Why is Beneficiary Tracing Crucial for Solicitors?
Solicitors must demonstrate due diligence in locating beneficiaries to prevent legal disputes and safeguard their clients interests, they must ensure all rightful beneficiaries are found to reduce the risk of future claims against the estate. A delay in finding beneficiaries can stall the administration process, causing stress for the executors and administrators.
When is Beneficiary Tracing Required?
There are several reasons you would need to trace a beneficiary, if someone has died without a will, their estate is distributed according to intestacy laws meaning all relatives will need to be located. Even when a will exists beneficiaries can be hard to locate, they may have moved address or be missing.
Beneficiary Tracing Process
Beneficiary tracing involves a combination of advanced technology, legal knowledge, and expert analysis. How it works:
1. Initial Assessment
Any available information about the beneficiary will be provided:
- Full name
- Date of birth
- Last known address
2. Comprehensive Research
Tracing agents use multiple credit reference agencies for up-to-date addresses, verified phone numbers, and email addresses. They have access to Electoral Roll, both private and public, and Ex-Directory numbers.
3. Reporting
Once the beneficiary has been located the solicitors will receive a detailed report, providing the current address, verified numbers and email addresses and any evidence found to confirm the residence.
Key Considerations for Solicitors
Solicitors must ensure that beneficiary tracing adheres to the General Data Protection Regulation (GDPR). They should make sure they choose the right tracing service, not all tracing services are equal, look for providers with experience in legal and beneficiary tracing, with high success rates and positive client testimonials, GDPR compliant practices and transparent pricing and clear terms.
Beneficiary tracing can save solicitors time, allowing them to focus on their core responsibilities, it can reduce stress and enhance accuracy.
The Role of UK Tracing
UK Tracing is a leading tracing agency that specializes in locating missing beneficiaries. Our services are no-trace, no-fee; if we can’t find the subject, your money is refunded.
Conclusion
Beneficiary tracing is a valuable service for solicitors, enabling them to fulfill their legal obligations and support their clients. Solicitors can ensure accuracy, efficiency and peace of mind when they use UK Tracing to conduct searches.
