Guarding against risk

Our reputation for accuracy means that our research results are trusted. As a result, we can offer you value for money and speed when it comes to insurance policies. We are authorised by the Financial Conduct Authority for indemnity insurance business under reference number 459862.

We base our reputation on digging deeper than anyone else. Why, then, should you need to guard against risk?

With over 45 years’ experience in the field of probate research, we understand that people can sometimes drop out of the historical record when they emigrate to particular regions. We understand that past anxieties about illegitimacy might mean that some entitled relatives are effectively untraceable.

Just as debts can come home to roost after an estate has been distributed, so can long-lost family.

We always give specific advice tailored to the circumstances of each case, so that you and your clients can assess the particular risks involved and compare the costs of all the appropriate options. Here we provide a general outline of three insurance products that protect personal representatives and other beneficiaries against future claims.

Missing Beneficiary Indemnity Insurance

A Section 27 notice offers personal representatives some legal protection from subsequent claims by an overlooked beneficiary. However, missing beneficiary indemnity insurance extends this so that all beneficiaries are protected. In almost all cases, it is quicker and cheaper than applying to the court for a directions order.

• Known Risk cover (also known as Specific Risk)

Designed for cases where, despite thorough genealogical research, some uncertainty remains about the existence of surviving heirs. For example, the deceased’s aunt may have emigrated many years ago, and neither she nor any children she may have had, can be traced.

• Comfort Cover (also known as General risk cover)

Ideal for cases where every entitled beneficiary appears to have been found, but there remains a small risk of untraced illegitimate births or errors in the historical record.

Once we have completed our investigation, competitively-priced missing beneficiary indemnity insurance can follow fast. A one-off premium, paid from the estate, allows you to proceed to distribution with confidence, knowing that both the personal representative and the beneficiaries are protected.

If an overlooked beneficiary does come forward after the estate has been distributed, their claim will be met by the insurance cover in place.

With cover offered in perpetuity, what better way to give total peace of mind for all concerned?

Our own Joe Lander took part in the Today’s Wills and Probate podcast on the topic of Missing Beneficiary and Missing Will insurance with host David Opie. Within the podcast, Joe discusses the options available to practitioners and draws on 20 years of experience in the insurance industry to discuss the “who, what, how where and why” of indemnity insurance products in the probate world. You can listen to the podcast below.

Missing Will Insurance

There is often a worry about whether an intestacy is a genuine intestacy. Is it possible that the deceased left a will, but it hasn’t been found?

When a valid will is found after an estate has been distributed, beneficiaries may be asked to repay the money they have received. To guard against this, we often recommend a specialist search is undertaken to find a lost will.

Unfortunately, in the UK there is no mandatory, central will registration. This means that when a search fails to uncover a will, it is often still advisable to take out missing will indemnity insurance. A one-off premium, paid from the estate, ensures that beneficiaries will not have to return their inheritance should a valid will turn up after the estate has been distributed.

• We can carry out insurer-approved will searches and arrange an appropriate insurance policy.

Unknown Creditor Indemnity Insurance (also known as No Section 27 Notice Insurance)

A Section 27 notice offers personal representatives some legal protection from subsequent claims by overlooked creditors. However, unknown creditor indemnity insurance extends this so that all beneficiaries are protected.

• This type of insurance is properly known as “No Section 27 Trustee Act (unknown creditor) indemnity insurance”. The estate pays a one-off premium and in the event that an overlooked creditor does come forward after the estate has been distributed, their claim is met by the insurance cover.

For more specific advice, tailored to your individual circumstance, please contact us.

Anglia Research works with highly skilled legal indemnity underwriters to obtain insurance products tailored to the requirements of each case. Because we are an introducing intermediary, we receive a commission in line with the market norm for this type of business.

Capacity is provided by an “A” Rated global insurer.

Anglia Research is a trading name of Anglia Research Services Limited, a company authorised and regulated by the Financial Conduct Authority for indemnity insurance business under reference number 459862.