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Claims Case Study – Bespoke Probate Policy
Untraceable Burial Society Member Claims £100,000 After Social Media Post! How A Bespoke Insurance Policy Saved the Day
The trustees of an old-style and long-running burial society had a problem, they needed to close up the fund and distribute the remaining money, but some members had not been traced. After initiating an advertising campaign with little response, the trustees found a solution in a bespoke insurance policy from DUAL Asset. This policy enabled them to pay out the remaining funds to the members they had been able to trace, with the added protection of covering any untraceable members who might come forward in the future.
Incredibly, after the fund had been wound up, a claim was received from a previously untraceable member who had seen posts about the fund on social media! In this day and age, where it is easier than ever to access information online, it is essential to ensure your clients’ protection.
Fortunately, the policy from DUAL Asset paid out their share of the fund, plus the interest incurred up to that point, protecting all the trustees’ money with no liability for them. The trustees were able to successfully complete the winding up of the burial society’s fund, with £100,000 distributed to all members.
Read more about DUAL Asset’s Executor & Inheritance solutions here.
To discuss a specific enquiry, please contact Kate Thorp on 07519 129136 or by email at kthorp@dualgroup.com.
Claims Case Study – Comprehensive Probate Policy
Unknown child of the deceased strikes to claim money from the estate after it was distributed to nieces and nephews
The deceased had apparently passed away a widower, leaving an estate of approximately £30,000 to his nieces and nephews. To protect the estate from potential future claims, the estate took out a DUAL Asset Comprehensive Executor & Inheritance policy, which included missing beneficiary cover, as well as protection for the estate for 11 other risks.
Subsequently, a claim was received from someone claiming to be the deceased’s child. It was then discovered that the deceased had had another relationship with a woman, and although they had never married, they had had a child. Given the child was born out of wedlock and there had been no indication that the deceased had another relationship and a child, the estate had been incorrectly distributed under the laws of intestacy.
Fortunately, the policy paid out to the deceased’s child, and the administrator and original beneficiaries, who were now wrongful beneficiaries, were indemnified by the policy. The result of this was that they were not required to return the money they had received, despite no longer being entitled to it under intestacy laws. The administrators had been wise to insure the estate as a precaution. All legal costs in dealing with the claim were also covered by the insurance.
Read more about DUAL Asset Executor & Inheritance solutions here.
To discuss a specific enquiry, please contact Kate Thorp on 07519 129136 or by email at kthorp@dualgroup.com.
This article was submitted to be published by DUAL Asset as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.
