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Indemnity form needed?
cahoot-complaints
Posts: 10 Forumite
Hi,
As an executor, I need an indemnity form or letter to send to beneficiaries for them to sign so they can receive an interim payment.
Anyone know where could I get one as I've googled but no luck?
Many Thanks
As an executor, I need an indemnity form or letter to send to beneficiaries for them to sign so they can receive an interim payment.
Anyone know where could I get one as I've googled but no luck?
Many Thanks
0
Comments
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Who has told you need one? AFAIK you don't!.cahoot-complaints wrote: »Hi,
As an executor, I need an indemnity form or letter to send to beneficiaries for them to sign so they can receive an interim payment.
Anyone know where could I get one as I've googled but no luck?
Many Thanks0 -
I have read on a few sites where they outline the steps for executors and they advise that a form or letter of indemnity as an added layer of protection just in case something pops up before we are able to issue the final payments to all beneficiaries.
It is the first time either of us has been executors so want to make sure we cover ourselves. We also are getting executors insurance.0 -
Noted. I have never heard of anyone using one. As for insurance this seems a waste of money unless the estate is very complex. Really you should only need to issue interim payments if there is some unusual delay. Are the beneficiaries harrasing you to pay?cahoot-complaints wrote: »I have read on a few sites where they outline the steps for executors and they advise that a form or letter of indemnity as an added layer of protection just in case something pops up before we are able to issue the final payments to all beneficiaries.
It is the first time either of us has been executors so want to make sure we cover ourselves. We also are getting executors insurance.0 -
Yes been going on for too long and not due to complete until early 2018 so we want to release an interim distribution as well as fully cover ourselves with insurance and an indemnity agreement signed by beneficiaries. Do you know where I could get an indemnity form/letter from? Thanks0
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Don't be hassled by impatient beneficiaries; quite a few people don't realise the complexities of estate distribution until they are actually doing it themselves. You must take your time to make sure that all the primary bills are paid before even considering them. This way you will cover yourself.
There is no need to buy insurance if you follow the set procedure. The Probate Office website has plenty of information to guide you, and they have excellent advisers you can call when you need to.
If you haven't done so already, a notice in the London Gazette is usually enough to cover a layperson's liabilities from the likes of the DWP etc.0 -
As a beneficiary I would be reluctant to sign anything like that, and as you still have the proceeds of a house sale as part of the final payment it seems you have plenty of assets to cover any depts crawling out of the woodwork before making those final payments.
If you have any doubts about that don't make any interim payments. Perhaps you should have let the solicitor finish the process after all.0 -
Why the long delay? In any case why should a beneficiary sign an indemnity anyway. There really is no obvious reason why one is needed. Please could you tell us why you think it is needed.cahoot-complaints wrote: »Yes been going on for too long and not due to complete until early 2018 so we want to release an interim distribution as well as fully cover ourselves with insurance and an indemnity agreement signed by beneficiaries. Do you know where I could get an indemnity form/letter from? Thanks0 -
'Going on for too long', is that their opinion, your's, or the Law's? I get the impression that it is perhaps becoming a worrying burden to you. If that is the case, you can always ask a solicitor to help you out on an ad-hoc basis. I have done this in the past when I became too ill to manage a simple executorship. The costs were minimal and were paid from the estate.0
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'Going on for too long', is that their opinion, your's, or the Law's? I get the impression that it is perhaps becoming a worrying burden to you. If that is the case, you can always ask a solicitor to help you out on an ad-hoc basis. I have done this in the past when I became too ill to manage a simple executorship. The costs were minimal and were paid from the estate.
The OP did use a solicitor to get probate but wanted to do the distribution and house sale themselves, but that, with hindsight, may not have been the best idea.
https://forums.moneysavingexpert.com/discussion/57101360 -
Thanks for your input everyone, no indemnity needed.0
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