Executors' insurance

Paranoia or sensible??

Anyone ever done this?
Cost?

Thanks All

Comments

  • JGB1955
    JGB1955 Posts: 3,823 Forumite
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    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.
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  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    If you don't know what you are doing or matters are extremely complex employ a professional. 
  • lincroft1710
    lincroft1710 Posts: 18,772 Forumite
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    If you don't know what you are doing or matters are extremely complex employ a professional. 
    Sound and very sensible suggestion
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  • p00hsticks
    p00hsticks Posts: 14,353 Forumite
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    edited 3 February 2022 at 6:57PM
    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
    SeniorSam Posts: 1,673 Forumite
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    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.
    I'm a retired IFA who specialised for many years in Inheritance Tax, Wills and Trusts. I cannot offer advice now, but my comments here and on Legal Beagles as Sam101 are just meant to be helpful. Do ask questions from the Members who are here to help.
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