Missing Beneficiary Indemnity Insurance

Missing Beneficiary and Missing Will indemnity insurance products, whilst niche, are a key part of the estate administration process. They offer Personal Representatives (PR) protection from claims against them for a share of an estate following distribution.

Claims could be made by untraced known beneficiaries, or unexpected beneficiaries who were previously not known to the family; a valid will can also appear unexpectedly following distribution. Therefore, an insurance policy is the only true way of obtaining total peace of mind for PR’s.

The truth is, no genealogist can ever be 100% sure that all entitled relatives have been identified; it just isn’t possible. Stories of rightful relatives making claims some years after distribution are not reserved solely for the press and movie makers; it happens in real life too.

Insurance should be considered as particularly relevant in intestacy cases. It is strongly recommended that a policy is taken out given the lack of certainty and mystery around these cases, which are historically more susceptible to claims.

Some other considerations about Missing Beneficiary and Missing Will Insurance:

  • A missing beneficiary or valid will can appear any time, any place, on any case, regardless of estate value.
  • Premiums typically are in the region of 0.5% to 1% of the net total estate value for distribution
  •  Cover is provided by specialist underwriting professionals who understand the risks
  •  Look for a firm that is FCA authorised for indemnity insurance business

Obtaining relevant insurance protection is the only true way of fully mitigating a PR’s risk as if the estate is distributed incorrectly, it is the PR who is personally liability.

Feel free to drop me a message if you have any queries.

This article was submitted to be published by Anglia Research 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.

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