Asset recovery is a specialised service provided by asset recovery professionals to assist clients in locating and claiming assets that have become lost or forgotten. If you want to find out whether you have unclaimed assets and need help claiming funds you are entitled to, an asset recovery specialist can make your life ten times easier by making sure you receive what is rightfully yours.
Keep reading to learn more about asset recovery services and specialists in Australia.
What does asset recovery entail?
Thousands of people in Australia walk around without knowing they have lost or unclaimed assets. Australia has a total of around AUD1.5 billion worth of unclaimed assets that are due to rightful owners but have become lost or forgotten due to a myriad of possible reasons.
Assets that come from sources such as bank accounts, shares, insurance policies and inheritances can become lost when a person forgets to update their contact information with a financial institution or organisation. Assets may also remain unclaimed when the rightful owner loses track of the assets, or if they are completely unaware that they are entitled to funds or estates.
Luckily, it is possible to find out if you have lost assets and to claim any funds that you are entitled to. In Australia, funds from bank accounts and life insurance policies are marked as ‘unclaimed’ after seven years of account inactivity or if the policy matures. If the rightful owner of the assets cannot be located, the funds will be captured by a legal custodian until it is claimed.
How to find out if you have unclaimed assets
Unclaimed assets held by a custodian can be claimed by the legal owner at any time. While it is possible to trace and claim assets that you are legally entitled to, it can be a lengthy, tiresome and challenging process. Working with a professional asset recovery specialist will ease and fast-track the process to make sure you receive your money while adhering to all the relevant policies and regulations.
If you are unsure whether you have lost or unclaimed assets, the first step is to conduct a quick and free unclaimed asset search. This online search tool will not only tell you whether you have unclaimed assets but it may also provide valuable information about the current legal custodian of the asset. If the contact information about the asset custodian is not available, it gets a bit more complicated to claim your assets directly. Not to worry — you can still claim your assets by enlisting professional help.
What does an asset recovery specialist do?
An asset recovery expert specialises in identifying lost assets, tracking down the rightful owners, and reuniting clients with financial assets they are entitled to. An asset recovery specialist will handle the entire process of locating and claiming assets on your behalf while monitoring any other unclaimed assets for future claims.
If you have conducted an unclaimed asset search and discovered that you have lost assets but you are unable to locate the asset custodian, an asset recovery specialist can help you by investigating the details of the asset, consolidating the applicable lost asset(s), and leading the entire process of identifying and recovering the lost funds.
Since each asset recovery case is different depending on the details and value of the unclaimed assets, there is no set timeframe for how long it will take to identify and claim your lost assets or estates. Typically, it takes 6-8 weeks to successfully claim lost assets once the claim documents have been submitted. The process could be extended depending on any complexities that may arise.
An asset recovery team consists of several team players, each with a unique set of specialised skills. Your asset recovery team may include a case manager and several researchers and recovery specialists. The case manager serves as a single point of contact throughout the process, keeping you up to date with all asset recovery developments. Asset researchers work with estate genealogy and family history to locate and interpret information that could identify and locate lost assets. Lastly, recovery specialists focus on asset claims to make sure you receive the funds and estate assets that are legally yours.
Worthington Clark is a boutique family-owned and operated professional genealogy and asset research firm in Sydney with over 40 years of specialist experience in genealogy research for lawyers, trustees, companies, executors and beneficiaries. Request a quote for asset research services from your genealogy specialists today.