What Happens If You Find an Asset After Probate is finalised?
Finding a forgotten bank account, investment or other asset after an estate appears to have been completed can be unsettling. In many cases the asset can still be dealt with, but the executor may need to reopen parts of the administration.
Does the Asset Still Belong to the Estate?
Generally, an asset does not stop belonging to the deceased's estate merely because it was discovered late.
Can the Executor Still Collect It?
Often yes. The financial institution or asset holder may require the Grant, identification and other estate documents before releasing the asset.
Does Probate Have to Be Applied for Again?
Not necessarily. The existing Grant may be sufficient, although particular circumstances can require additional steps or professional advice.
What About Inheritance Tax?
A newly discovered asset can change the value of the estate. Depending on the circumstances, tax reporting or additional tax may need to be considered.
What If the Beneficiaries Have Already Been Paid?
The newly recovered asset can normally be considered for an additional distribution after relevant liabilities, tax and expenses are dealt with.
What If the Late Asset Reveals a Bigger Problem?
One forgotten asset may indicate that the deceased's records were incomplete more generally. Executors may then wish to consider whether other accounts, investments, pensions or liabilities could also have been missed.
Can Late Discovery Be Avoided?
No search can guarantee that every possible asset will be identified, but systematic enquiries before final distribution can reduce the risk of having to revisit an estate later.
Not Sure Whether All the Estate's Assets Have Been Identified?
Estate Resolve helps executors and administrators search for assets and liabilities that might otherwise be overlooked. Our UK estate searches start from £175.
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Disclaimer
This article is provided for general information only and does not constitute legal, financial or tax advice. Every estate is different and professional advice should be obtained where appropriate. Estate Resolve provides asset-search services and does not provide legal representation.