When contacted by an heir hunter, it’s important to recognize that you may be a potential heir to an unclaimed estate, but these percentage-based researchers often employ manipulative tactics to pressure you into signing contracts that could cost you a significant portion of your inheritance. To protect yourself, seek independent legal advice, verify the heir hunter’s credentials, and conduct your own research to gather information about the estate before making any commitments.
If you’re contacted by an heir hunter know that the following has already taken place. Someone has already requested the courts to decide on an estate (property or finances) left by the deceased. Secondly, you may be that missing heir or a critical lead to finding an unknown estate beneficiary.
Family members, creditors, or a public administrator can notify the courts of an unclaimed or unsettled estate, and the courts give out notices to alert the public interested in the same. The public notice welcomes anyone with a claim on the estate, be it creditors, unknown heirs, or estranged family members.
These public notices are also a critical resource for commission-based researchers ready to find potential beneficiaries in return for a share of the inheritance. Granted, heir hunters help heirs receive fortunes that they knew nothing about, but charging them on a percentage of their share sums up to extortion.
Unfortunately, the percentage-based heir hunters withhold some crucial information about the estate, such as the value and location, until you sign the exploitive contract that gives them an average of 33% of your share. They create a perception that they discovered a hidden treasure for you, and only they can lead you to it.
So, as an already surprised potential heir, whatever share you’re charged makes sense since you don’t want to lose the entire fortune anyway. Don’t fall for it.
Here are the five steps you need to take.
Ascertain The Facts
A genuine heir hunter wouldn’t pressure you to act now or quickly. They should first provide their credentials, business address, contact information, and online presence to distinguish from the scammers who have flocked the industry.
The next important thing is to clarify whether they’re working independently or for the estate. There are two types of probate genealogists, and knowing which one you’re dealing with early enough could save you wealth, time, and stress.
Heir hunters are commonly referred to as the percentage-based probate researchers because they work independently and charge a percentage of the share. On the contrary, probate genealogy firms like HeirPros are also called flat-fee, hourly-based, or non-percentage-based probate genealogists because we charge a reasonable flat fee.
Another difference lies in the practice. The percentage-based ones ask for no permission when they look for heirs but flat-fee probate genealogy firms will only commence the research upon the request from estate administrators and a nod from the probate court. Therefore, heir hunters are likely to find you sooner than a probate research firm since the estate administrator has to undertake the due process of finding the most reasonable firm to work with.
Heir hunters also know that soon you could be contacted by the selected heir search firm. So, they lure you into signing a contract quickly, allowing them to be your representatives and agreeing to the terms of paying with a percentage of the share you get.
If, for example, your share is worth $600,000, a 33% share would amount to about $200,000 in payments to the heir hunter. That’s a lot, especially if the search is local and took a few hours. In these circumstances, a package that exceeds $160 an hour is a red flag and a classic example of a scam. So if your search takes 20 hours, you should pay about $3,000.
Don’t Be Fooled
Percentage-based heir hunters usually hijack the process before you’re privy to less expensive channels. They create the perception that only they know about your unclaimed treasure. This perception helps them justify why they want you to sign a contract before they give you the particulars.
But don’t be fooled.
If they claim you’re an heir, it means you have the right to that inheritance even without professional assistance. All you need is full disclosure of the estate, its value, location, the decedent, the probate petition, and the professional appointed to oversee administration.
If you ask them to let you think about it, they’ll likely warn you not to speak with anyone and insist that time is of the essence. These tactics are only meant to serve the interests of the unscrupulous heir hunters and deprive you of the ability to ascertain the facts.
Heir hunters will even refer you to an attorney, most of whom are accomplices already experienced in luring potential heirs to exploitative deals.
You Can Solve the Puzzle Yourself
You don’t need to enter into a contract or relinquish a share of your inheritance to find out the particulars of the unclaimed estate. An heir researcher working for the estate, and approved by the court, will likely call you soon and provide all the information.
With information about the value of the estate, locations, and contacts to the estate administrator, it becomes easy to connect the dots and follow the probate proceedings. Besides, you won’t need to hire a researcher to prove your heirship since the court-appointed hourly-based heir search firm has agreed on a flat fee to locate heirs and present evidence in court.
If your heir hunter won’t provide information unless you sign a contract, you can DIY research and discover the said estate. Review your family heritage and research distant or unknown relatives from whom you may be entitled to inherit.
Search obituaries and notices of death for names, addresses, locations, and contacts of the decedent or their family. Also, search court notices on intestate estates and the unclaimed assets list to see if any close relatives are listed and the contacts of the estate administrators.
Seek Independent Legal Advice
Working with a probate attorney will help dodge most of these traps. An independently hired attorney works in your best interests and is privy to the relevant probate and intestacy laws. Probate attorneys understand the pressure that comes with surprising news of an unknown inheritance and the mess heir hunters can create.
Your attorney will help determine the claims meted on you and connect you to a legit flat-fee heir search firm. They know the specific state regulations on legal charges and will advise on whether the fee is within the set standard. Your selected hourly-based probate genealogy firm will take over research and try to establish the source of the said inheritance and every other information about it.
Warn Close Relatives
If you’re contacted by an heir hunter, chances are that other family members have also been approached. Therefore, reach out to your close relatives like siblings, nieces, nephews, or cousins to find out if they’ve experienced the same. Also, warn them not to sign any contracts before they find all the facts about the claims.
Talking to your relatives about what you’ve learned creates an awareness that helps keep unscrupulous heir hunters at bay. It also can be a strategy to collaborate for fact-finding and expediting the probate process.
Avoid Extortion from Heir Hunters
Being contacted by an heir hunter as a beneficiary to an unknown estate can happen due to reasons such as estrangement, secrecy, or lack of closer relatives to the decedent. Percentage –based heir hunters know the excitement such news conveys and leverage it to lure you into signing an exploitive contract.
Before you commit anything, understand that being an heir to a property is a right and not a favor and that you have the right to remain silent and await independent legal assistance. Also, ascertain the facts about the estate and the researcher to help you make informed wise decisions.