Why Probate Genealogists Secure Missing Inheritances?
Posted: Tuesday, February 09, 2010
by Jon Liptrot
Essio Marketing Ltd
Have you ever wondered what happened to the estate of that person in your street who didn't seem have any visitors or any family to speak of? If they didn't leave a Will, then the matter is made all the more intriguing.
In such cases, probate research is required. If no legal heirs to the deceased estate are found, then all the money goes to the government. The responsibility of the probate researcher is to find heirs and provide proof of their claim to the inheritance. As we are living longer, the task of tracing missing heirs becomes more and more difficult, regardless of the web based research tools that are now available. People may have emigrated and have lost touch with branches of their family completely.
Probate researchers will usually work on a "no win no fee" or contingency basis where potential heirs are required to sign an agreement stating that if they are entitled, they agree to pay the research company a percentage of their inheritance. This figure can range anywhere from 10 – 30% or more in some cases. The largest figure that I'm aware of is 70%! No fee will ever be asked of the potential heir upfront, although there are many bogus e mails in circulation that contradict this point. There have been many calls to regulate the industry as the fees charged by some companies are seen as disproportionate. The problem is that each case varies in complexity and many estates end up with no heirs being found, despite lengthy research. No commission is made and the probate researcher is left heavily out of pocket as they work on a contingency basis.
Due to the sceptic that lies within all of us and also because of e mail scams for example, one of the hardest tasks that a probate researcher has is convincing potential heirs that they are above board and that they may be entitled. However, when you read the fact that 300,000 people die every year and don't leave a Will, it really isn't that uncommon. From these cases, around 60,000 people a year discover that they stand to inherit money from either a relative they never knew or from someone they have lost touch with.
The average amount they receive is £65,000 each, so it is a good idea to at least entertain the prospect that the person telling you this tale might be bona fide. After all, if you are entitled, it should never be the case that you are required to pay any money to the probate researcher in advance of the estate being settled. The fee of 20% of £100,000 may sound high at first glance but 80% of something is better than 100% of nothing.
Meet Your Family are a UK company who provide probate genealogy to find heirs and provide proof of their claim to the inheritance.
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Top-level comments on this article: (2 total)This is fantastic information for everyone to take notice of! Get a will made!Thanks very much for your comment, greatly appreciated
An intriguing article with some very interesting points. Thanks for contributing Jon.Glad you enjoyed the article, thanks very much for your comments
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