Executors' insurance

sgx2000

Paranoia or sensible??

Anyone ever done this?
Cost?

Thanks All

JGB1955

I hadn't even considered it (or knew it existed) when my father passed away in 2020.  

I had POA for my father and had been dealing with his financial affairs for a couple of years.  I had already sold his house.  I had been completing his tax returns.  I knew that the only other beneficiary (my brother) wasn't going to challenge anything in the will, so it would have been overkill for me to take out insurance.

I can (possibly) see the attraction, if you are don't have sufficient handle on the affairs of the deceased..... not sure it would be worth the £500+ I've seen suggested though.

Thrugelmir

If you don't know what you are doing or matters are extremely complex employ a professional. 

lincroft1710

Thrugelmir said:

If you don't know what you are doing or matters are extremely complex employ a professional. 

Sound and very sensible suggestion

p00hsticks

I wasn't aware it existed, and I donlt know what sort of things it covers, but if I thought I would be likely to be in a position where I'd need to make use of it (debtors coming out of the woodwork ? Will being challenged ?) I think I'd rather just renounce the executorship.....

SeniorSam

You don't need it.  In acting as an executor you can be held liable if you make a deliberate error, or if you distribute the estate fully and a debt pops up after you have completed the estate.

As long as you have advertised the death and called for any debts outstanding in the Gazette Newspaper (as all solicitors do as executors) then you are not liable even if a big debt pops up later. Your advert clears you.

Glass_full_not_empty

Following on from SeniorSam's post above, can you please confirm that once the adverts are placed in The Gazette, an Administrator can not be held legally liable for any future claims?  My brother died intestate and I am the Administrator and the Section 27 Notice has just been published, so does that mean I am covered?

Keep_pedalling

It will cover you as an executor, but not the beneficiaries.