Essential Executor Checklist

• You are responsible for identifying all the assets of the estate. Missing any can create a liability for you and would mean the estate is incorrectly valued.
• Gretel can help you track lost bank accounts, pensions, life insurance, trust funds and shares for free.
• Visit the Gretel website to start the free searches required now.

• You are also responsible for identifying all the estate's liabilities.
• Section 27 Notices are obsolete with Section 27 Insurance and a Credit and Liability report, which provides better protection for all personal representatives and beneficiaries without the two-month waiting period.
• You can get a free credit and liability search from either Experian or Equifax.

• Whether there is a Will or not, there is still a risk of another Will being discovered after the estate is distributed, which can create significant liabilities for the personal representatives.
• Buying a Will Search Combined from the National Will Register will search their 10m + Wills database as long as contacting regional Solicitors and Will Writers to check for the existence of a Will.
• The search is a prerequisite for arranging Missing Will Insurance.

• As a private individual, you cannot insure yourself against errors or omissions. Solicitors can.
• Whether or not you appoint a solicitor, you remain liable for losses to beneficiaries due to a lack of insurance protection or claims from third parties, just as the solicitor may be.
• Read:
  • Executor Insurance Guide
  • Home Insurance for Executors – which explains your liability if you fail to arrange adequate insurance or you underinsure the property.

• Standard home insurance is often invalid once a property is unoccupied for over 30 days, or if they agree to continue cover, new policy conditions may be added that are difficult to comply with.
• Beware – many online policies are not designed to protect the liability of Personal Representatives.  Cover can be basic (such as covering just Fire, Lightning, Explosion, Earthquake, Aircraft only – often called FLEEA Insurance).
• Insuristic’s policy has been designed to help Personal Representatives buy cover that provides broader protection of their liabilities

Get a Quote:

Probate Property Insurance – designed by Insuristic specifically to help personal representatives buy broad cover to protect their liability.

Essential Reading

• Insuring an empty house after the death of the owner.
• Executor Home Insurance – understand your risks.
• Occupied House Insurance During Probate - If the property is still occupied.
• The risks of extending the existing insurance during probate.

• Occupants living in the property with the executors’ permission can be insured under a bespoke policy. 
• Standard Home Insurance or Landlord Insurance (unless it was already in place for tenants) is usually unsuitable. 
• It is likely you will need probate-specific occupied property insurance that enables insurance to be arranged in the name of the estate and covers people living there with no insurable interest.

Get a Quote: Occupied House Insurance During Probate

• Rebuild Cost Assessment estimates that up to 80% of UK properties are underinsured.
• Your insurance must be based on the rebuild cost, not the market value or a best guess.
• Failing to insure for the correct rebuild cost can have serious consequences if the property is underinsured in the event of a claim. This can result in claims payments being significantly reduced, which can place legal liabilities on the Personal Representatives.
• If you are unsure, Insuristic can insure based on the number of bedrooms (max 4) and provide a blanket building sum insured up to £750,000.  Provided this is enough to rebuild the property you will avoid underinsurance.  Although you should note, the cost of insuring on this basis will likely be higher than if you know the rebuild value.
• You can arrange a rebuild valuation via BCH or get a quote on a blanket sum insured.

Essential Reading: The risk of building underinsurance for executors

Get a Rebuild Valuation: We have a preferential rate with BCH.  You can request a rebuild valuation on their website.

• All solicitors recommend waiting 6 months (the statutory waiting period).
• This isn’t required if there are no known issues.  You can protect against Inheritance Act 1975 claims by buying Early Distribution Insurance.  

Get a quote for Early Distribution Insurance

• No need for expensive and unnecessary Section 27 Notices, which also avoids delaying the estates distribution by two months waiting for a Notice to expire.
• Section 27 Insurance offers broader, permanent protection for Personal Representatives and beneficiaries against unknown creditor claims.

Get a Quote for Section 27 Insurance.

Get a discount on your insurance: Arrange a FREE Deceased Credit Report.

Essential Reading: Why Section 27 Notices are Obsolete.

• Whether there is a Will or not, there is always a risk another Will is found.  Claims need to be defended, and the costs if the claimant is successful are significant.
• In the absence of Insurance, Personal Representatives would be liable to pay the costs and estate value awarded to the successful claimant.

Get a Quote: Missing Will Insurance.

This cover is usually arranged in two situations:

1. The estate is intestate, and an unknown beneficiary may later come forward to make a claim.
2. There is a Will, but the Will includes vague terms (e.g. “all grandchildren”) or names a beneficiary who cannot be located, even after genealogy research.

Why this cover matters:

• Claims from unknown beneficiaries can be substantial.
• Without insurance, Personal Representatives are personally liable for any losses.
• This cover protects the Personal Representatives forever.

Get a Quote: Missing Beneficiary Insurance.

• Most policies require 7 to 14-day inspections and usually require written reports.
• Insuristic makes this easy by increasing this to 30 days, and no written reports are required.  Instead, you can evidence each visit with two pictures taken with a mobile phone that we only need to see in the event of a claim.  One clearly showing the front of the property, and another shows any room inside.

Essential Reading:

• Probate Property Insurance Risk Management
• The Risks of Unoccupied Home Insurance Inspections Explained