Probate & Asset Protection
24 October 2020
The loss of a loved one can sometimes bring with it some unexpected information; a family secret or possessions you didn’t know about.
The ZEDRA Estate Administration Team have encountered many bereavements where such situations have required a unique approach.
One example of this is when a family discovered a deceased relative had over £150,000 of silver and gold bullion stored in their home.
The family were unaware of the fact that the family member held such items and had no idea what to do with the bullion or how to store it and asked ZEDRA what they should do. As we were appointed as Executor in the Will, we are responsible for the protection of the assets, we always check that the property is insured and that any valuables are removed.
Precious metals like these require specific insurance protection and need to be stored carefully. It’s important that gold and silver are kept separate to avoid damage. The family were not aware of any of this, so it was important that it be communicated quickly and clearly.
The items needed to be placed in appropriate storage as soon as possible, professionally valued and included within the deceased’s estate.
As a temporary measure, one of the beneficiaries of the deceased’s estate had moved the bullion into their loft for safe keeping but was reluctant to add them to their home contents insurance as the value would increase the premium substantially. This left the bullion exposed to loss, damage or theft, so sufficient protection needed to be put in place immediately.
Within hours of being alerted to the issue, ZEDRA’s Julie Garnett and her team had arranged for an appropriate expert to safely collect the items, value them and place them into secure storage.
Once the Grant of Probate was issued, the family ultimately decided to sell the bullion and distribute the proceeds among the beneficiaries. Another option discussed with the family was to create a structure for asset protection with the assistance of ZEDRA’s Corporate Services Team.
Julie and her colleagues in the Estate Administration Team ensured the estate administration process was handled as quickly and painlessly as possible for the family.
One of the family members was so impressed by ZEDRA’s assistance with this matter that, once the estate had been distributed, she instructed us to update her Will, in which she chose to appoint us as her Executor.
This is just one example of how here at ZEDRA we do more so that you can achieve more.
We swiftly took over this matter of asset protection and resolved it quickly and efficiently; we put the family’s minds at ease and relieved them of the burden of handling this significant property.
To find out more about how we can help you or how we’ve helped others like this, contact our specialist estate planning team.