Missing Beneficiary Insurance.
Missing beneficiary insurance protects the executor, administrator, trustee and the beneficiaries traced. You never know when any beneficiaries that are unknown or missing may come forward at a later date.
If any should appear, the cost of dealing with the claim is paid by the policy. If the claim is successful the policy would pay the claimant the amount claimed as well.
Without a policy, the claimant would look to the executor, administrator, trustee and/or beneficiaries for compensation. The premiums can be paid as reasonable expenses in the administration of an estate.
Missing Beneficiaries Insurance is usually only considered as the research and tracing of the wills and descendants comes into its final stages. The underwriters will only issue cover once they are satisfied that the correct steps to find all beneficiaries have been taken. In order to do this a proposal, outlining the actions taken with copies of correspondence and the search methods used is required.
We can obtain quotations for this cover. Sometimes the need is found when winding up a property under the Reverter of Sites Act 1987.
We would only obtain cover (through an appropriately qualified insurance broker) where we are running the case. If it is not a case of ours, we cannot get involved: just Google “Missing Beneficiary Insurance”.
Initial Information required for Missing Beneficiary Insurance.
• A good explanatory letter of the circumstances.
• Details of the will or intestacy.
• Full details of research undertaken with copies of correspondence and genealogists’ reports where applicable or required.
• A copy of the family tree.
• The value of the estate for distribution.
• The limit of indemnity required and how this has been calculated.
• Details as to when each missing beneficiary was last seen or heard of, by whom and the circumstances in which this occurred.
• If advertisements or notices have been placed on the internet requesting information or in newspapers etc relating to missing beneficiaries, full details should be provided.