Anyone could be contacted by an heir hunter such as Fleetwood Heir Hunters at any time. It happens if they are determined – after an in depth investigation – to be the next of kin of someone who has died intestate (ie, without writing a will). It may be that you have never even heard of the deceased, but that doesn’t mean that you are any less entitled to all or some of the estate that they have left behind.
Being contacted by an heir hunter is almost always going to be a big surprise, and because you won’t have had any time to prepare for it happening, you may not have any idea of what you should do. This can lead to rushing and panicking, and not making the right decision for you. Because we always want to do the best for our clients, we have put together this guide on what to do if you are ever contacted by an heir hunter.
Step 1: Verify Their Legitimacy
In life there will always be people who try to take money from others through scams, and the same is true when it comes to ‘heir hunters’ (who many not even be heir hunters at all). If they come to your door, call you, send an email, or write a letter, the first thing you should do is to do nothing at all. Step back, take a breath, and think. Next you should check that the company contacting you is genuine. The internet will help you hugely here. If you find that the company is a genuine one, you can arrange an appointment at a time that suits you.
Step 2: Ask Essential Questions
When you are face to face (or talking over the phone if that is easier) with the heir hunter after determining that they are genuine, then it is imperative that you ask a lot of questions. You need to know – at the very least – how much the estate is worth and how many other beneficiaries there are. Ask as many questions as you want to, and don’t worry about feeling embarrassed about it; you really need to know all the answers and feel comfortable about what is happening.
Step 3: Discuss the Heir Hunter’s Fee
As well as the questions about the estate, the inheritance, and the deceased, you must also discuss the fee. There are a number of different ways that heir hunters can charge for their work, including taking a percentage of the inheritance, or charging a fixed fee. If it is a fixed fee, you must check that the fee won’t be more than the inheritance, for example. Plus, find out if the fee is negotiable, or if it will be capped.
If anyone tried to make you sign something without giving you the fee details first, step away. You need to know how much you will be paying before you agree to anything.
Step 4: Don’t Rush Your Decision
Although there is a time element involved in claiming these estates, you can – and should – certainly take your time. There will be 12 years before the estate is handed to the Treasury (although some parts of the estate might be able to be claimed for 30 years), so you can really think about what you are doing and how you are going to do it.
Think Ahead
Even if the estate is a large one, there might also be a large number of beneficiaries who will all claim a share of it. Therefore, you might not be receiving a huge inheritance after all. It could also be that not all the beneficiaries have been traced, and that means that the share you receive will be larger than you really are entitled to. If that is the case, you may have to pay some of the money back. However, if you take out missing beneficiary indemnity insurance you won’t have to.
Write A Will
If you haven’t yet written your own will, then you certainly should once you have received your inheritance. It isn’t just about making sure that those who you want to inherit do so after your death; it’s also about peace of mind, especially if your inheritance is a large one. If you’re unsure about where to get started, contact IWC Probate Services for expert advice.