Probate Insurance Guide
The role of an executor or personal representative carries with it great responsibility. If anyone involved in administering an estate makes a mistake, it could create liabilities for all the executors, personal representatives and beneficiaries. These risks can usually be insured against via a range of probate insurance policies.
Insuristic has written a probate insurance guide which may be useful for you. You can find out more here.
Probate Quotes: How much can we save you? It costs nothing to find out.
Probate Property Insurance (Unoccupied Property)
Executors are responsible for arranging suitable property insurance. If a claim would have been covered under an insurance policy but the insurance was either not in place or did not respond to a claim because of a breach of policy conditions, it will usually mean the executors have to put things right out of their own pocket. Particularly as the beneficiaries will seek to be reimbursed for any uninsured losses.
Insuristic has developed a product designed specifically for insuring unoccupied properties in probate. You can find out more or get a quote from Insuristic here.
Section 27 Indemnity Insurance
A Section 27 Notice only provides protection to the executors if an unknown creditor makes a claim against the estate. In the absence of insurance, this debt could be left to the beneficiaries to settle. Section 27 Insurance will respond if a claim from an unknown creditor is received after the estate is distributed. The insurance policy can be arranged with or without a Section 27 Notice and will cover any legal costs and award. This will give peace of mind to the beneficiaries, knowing if there is a claim, they have nothing further to pay.
You can find out more or get a quote from Insuristic here.
Early Distribution Probate Insurance
Most beneficiaries would like to receive their inheritance as soon as possible. With Early Distribution Insurance you can distribute the estate during the 6-month waiting period. The policy protects executors, personal representatives and beneficiaries if a claim is made. Peace of mind for all involved.
You can find out more or get a quote from Insuristic here.
Missing Will Insurance
If a newer will is found after the estate is distributed, it can lead to a costly legal process and redistribution of the estate. Missing Will Insurance enables the estate to be distributed and protects any future liabilities of the executors, personal representatives and beneficiaries. Beneficiaries can relax safe in the knowledge that if another will is discovered, they won’t need to repay any of their inheritance.
You can find out more or get a quote from Insuristic here.
Missing Beneficiary Probate Insurance
Missing Beneficiary Insurance allows the estate to be distributed without any future liability if a missing or unknown beneficiary comes forward to claim against the estate. It protects the liabilities of the executors, personal representatives and beneficiaries. The beneficiaries can relax safe in the knowledge that they won’t need to repay any of their inheritance if another beneficiary comes forward.
You can find out more or get a quote from Insuristic here.
Probate Insurance Guide
The role of an executor or personal representative carries with it great responsibility. If anyone involved in administering an estate makes a mistake, it could create liabilities for all the executors, personal representatives and beneficiaries. These risks can usually be insured against via a range of probate insurance policies.
This is the situation which would have faced a friend of mine – he was lucky, he handed the probate duties to a solicitor the very day before the fire. The solicitors Professional Indemnity Insurance paid in the end as the solicitor had failed to check the insurance immediately and put full cover in place.
Insuristic has written a probate insurance guide which may be useful for you. You can find out more here.