Missing Will & Trustee Indemnity Insurance
Missing Will & Trustee Indemnity Insurance protects the Personal Representative (PR), Beneficiaries, Trustees, Executors, and Administrators from claims arising.
What is Missing Will & Trustee Indemnity Insurance (MWI/TTI)?
Missing Will & Trustee Indemnity Insurance protects the Personal Representative (PR), Beneficiaries, Trustees, Executors, and Administrators from claims arising should a Will, or subsequent Will, appear after the estate has been distributed, which would alter the way in which the estate has been distributed.
Benefits
- The policy would pay up to the full value of the estate – without such a policy the claimant(s) could look to the executor, administrator, trustees, and /or beneficiaries for compensation.
- Little or no risk of a Will or later Will existing – Executors and Administrators still take this type of Insurance as a comfort policy, as it protects against the risk of claims arising, allowing beneficiaries to spend their inheritance freely.
- Certainty members a preferential rate for their client – typically around 1.2% of the estate value which most clients who feel exposed see as a small premium for a large amount of protection.
- An allowable expense from the estate – no-one is personally responsible for paying this premium, and everyone can be protected
Who would take out this type of Insurance and why?
- The PR’s can take out this kind of insurance – The only person who can be 100% certain whether a Will or subsequent Will exits is the Testator themselves, and the solicitor/Will writer they used to assist in drafting it.
The Client has a Will, can I still obtain Insurance for them?
- Yes you can. It is not unusually for a client to suspect that a later Will exists and require protection.
The Client does not have a Will, can I still obtain Insurance for them?
- Yes you can. If a Will has not been discovered it goes without saying that no one can be 100% sure that a Will does not exists.
How much does it cost?
The cost is reflective of the simplicity or complexity of the matter. Typical premiums are usually around 1% of the value of the estate (so £1,000, for every £100,000). This is an allowable expense from the estate so no-one is personally responsible for paying this premium, and everyone can be protected.
Insurers?
The National Will Register work with Trust & Probate Insurance, a ‘triple A’ rated Insurer who are very well known and have been conducting this type of Insurance for many years. The National Will Register can obtain a non-obligatory quote on your behalf, all we need from you is the estimated value of the estate. This service is available for Should your client wish to go on cover, Trust & Probate Insurance will contact you directly and may ask further questions in order to provide you with a final quotation thereafter. A Trust & Probate Insurance policy remains in perpetuity.
For further information please contact us on 0330 100 3660, or email enquiries@certainty.co.uk.