Probate Insurance

We have a broad range of insurance products available:

  • Probate Property Insurance
  • The Asset Searches you can buy to reduce your risks
  • Early Distribution Insurance
  • Section 27 Indemnity Insurance
  • Missing Beneficiary Insurance
  • Missing Will Insurance
Probate Insurance

Introduction

This page explains the risks that you face as an executor (if there is a Will) or administrator (if there is no Will). 

It will also explains the insurance products available to protect you, any other executor or administrator and the beneficiaries.

You will learn what probate insurance policies to:

  • Review and arrange immediately

  • Consider whilst preparing to apply for the grant of representation; and

  • Consider when you are ready to distribute the estate.

You can click on any of the items in 'Contents' to jump to the section that interests you. Each section will also link to further information on each product.

If you have further questions on executor insurance, start a chat or contact us.

Contents

Why consider Probate Insurance?

If you have lost a loved one, we are sorry for your loss.  We know this is a difficult time for you, with lots to do and consider.

If you're named as their executor in the will, you have a crucial role to play: ensuring their wishes are carried out and their estate is handled properly.

It's a big responsibility, and unfortunately, mistakes can happen. This page highlights the potential risks you face as an executor and explains how insurance can help protect you and the beneficiaries.

What are the risks?

  • Mistakes: You could be held personally liable for errors like miscalculating the estate's value, paying the wrong taxes, or distributing assets incorrectly.
  • Inheritance Tax: Getting this wrong can be costly. Underpaying will land you with a bill from the HMRC, while overpaying leaves you out of pocket.
  • Claims against the estate: Someone might sue the estate if they have been missed out or the deceased owed them money, leaving you responsible for legal fees, settlements, and expenses.

Why should you consider insurance?

If you don't properly insure the estate, the beneficiaries could look to you to reimburse the estate for any losses.  Clearly this is a significant risk for you.

Also, you and the beneficiaries can face claims from third parties following the distribution of the estate.  These claims can result in costly bills and some might force the beneficiaries to repay the inheritance if it turns out they weren't fully entitled to the money or there was an unknown creditor against the estate.

Thankfully there are a range of probate insurance policies available from Insuristic to help you to protect against these risks.

Probate Insurance Policies to review immediately

Unoccupied House Insurance

Executors are responsible for arranging suitable property insurance.

If a claim would have been covered under an insurance policy but the insurance was either not in place or did not respond to a claim because of a breach of policy conditions, it will usually mean the executors have to put things right out of their own pocket.

Particularly as the beneficiaries will seek to be reimbursed for any uninsured losses.Insuristic has developed a probate house insurance product specifically for this purpose.  

Occupied Property Insurance

If someone lives at the property during probate (maybe a dependent or a paying tenant), finding the right insurance can be tricky but we can help offline.  If this is your situation, please contact us to arrange a call with one of our insurance broking team.

Land Insurance 

If a deceased person owned land in their name that wasn't included in the property deeds for their home you should consider arranging land insurance. 

A landowner has a duty of care to prevent injury to anyone on their land.  When they die, this liability would pass to the estate during probate.

As such, the executors should arrange a land insurance policy to protect the Estate against any claims from people who were injured or had their property damaged on the land.

Arranging Finance for Probate Insurance

If there aren’t the funds in the estate to pay for the insurance protection upfront, you and the beneficiaries don’t need to worry.

Insuristic customers can fund the cost of any of our Probate Insurance Policies with our partner, FSL Finance.

The loan is simple to arrange, with 90% of applications being accepted immediately.

There are no arrangement fees or early repayment charges. 

Once a loan is approved, the money is paid to Insuristic to finance your insurance policies.  You will then need to pay FSL Finance a monthly amount until the loan is repaid.

If you need cover before the loan is repaid, we can help you.  Instructions of what to do in this scenario will be provided in your quotation.

You can find out more or to start on application on our Probate Loans page.

Finding Lost Assets and Reducing Probate Insurance Risks

If you're handling the affairs of a deceased loved one as an executor, administrator, or personal representative, you have a big responsibility. Part of that includes identifying all the assets in the estate. But what if some assets are missing?

Here's where asset searches come in. These helpful services track down hidden assets, giving you a complete picture of the estate and protecting you from potential risks.  Not only that, many are a key component when arranging probate insurance.

Why are asset searches important?

  • Peace of mind: Knowing everything is accounted for gives you and the beneficiaries confidence.
  • Reduced risk: Uncovering hidden assets ensures you fulfill your duties correctly and avoid legal and financial problems.
  • Insurance benefits: You may find that some of these searches are an essential part of some probate insurance products application process.  If you have done these prior to arranging insurance, some products might then receive a discount in return for improving the risk.

Ready to find out more?

Explore the different types of asset searches available below to discover how they can help you fulfill your role with confidence and peace of mind:

Conduct a Certainty Will Search

Loss brings grief, but amidst the sadness, ensuring their wishes are respected matters. As an executor, you hold the key.

But what if their Will is hidden? A Certainty Will Search acts like a detective, unearthing missing Wills, not just from registries, but from every corner. Now, you can move forward with confidence, knowing you're carrying out their true wishes.

It doesn't protect you entirely. You can extend this protection with Missing Will Insurance (more on that later).

You can buy a Certainty Will search from £105+VAT by registering for an account on our online Inheritance Data Portal.

Purchase a Digital Asset Search

Our loved ones don't just leave behind physical possessions.  They often have digital a digital footprint too – from cryptocurrency to social media footprints

As an executor, ensuring you have a complete picture is crucial.

That's where this comprehensive Digital Asset Search comes in.

It goes beyond traditional searches, reaching hidden corners of the online world to uncover:

  • Cryptocurrency accounts: Find hidden Bitcoin, Ethereum, and other digital currencies.
  • Marketplace transactions: Unearth forgotten purchases or sales on Etsy, eBay, or other platforms.
  • Online shopping trails: Discover forgotten memberships or subscriptions.
  • Gambling activity: Account for any online gambling accounts.
  • Digital and social media presence: Trace their online footprint on Facebook, Twitter, and beyond.
  • Registered email and domains: Uncover hidden email accounts and website ownership.

This affordable search removes the guesswork and gives you confidence as you navigate their digital legacy. By knowing what's there, you can honor their wishes with complete peace of mind.

You can buy a digital asset search from £25+ VAT by registering for an account on our online Inheritance Data Portal.

Financial Asset Search

Executors have a duty to locate all the assets due in the estate.  They must also be able to demonstrate that they have thoroughly searched where assets may have been held by the deceased.

You can buy a financial asset search for £160+ VAT by registering for an account on our online Inheritance Data Portal.  This will give you peach of mind whilst fulfilling your duty.

Liability Search

If you are acting as the executor, you need to identify any debts of the deceased and settle them prior to distributing the estate.  If you fail to do this, the creditors can claim repayment from you (in the absence of a Section 27 notice - we will explain this in this section) or the beneficiaries.  You can insure against the risk of unknown creditors with a Section 27 Insurance policy, more on that later.

You can buy a liability search for £15+ VAT by registering for an account on our online Inheritance Data Portal

Placing a Section 27 Notice

The Trustee Act 1925 offers executors, trustees, and personal representatives a shield: the Section 27 Notice. This legal notice, published in The Gazette and local papers, protects you from potential claims on distributed property.

Think of it as a public announcement, letting any creditors or beneficiaries know you're ready to settle the estate. Follow the Act's guidelines, publish the notice, and breathe easier knowing you've done your due diligence.

Keep in mind though, it doesn't protect the beneficiaries.  You will need to buy a No Section 27 Insurance policy for this.

You can place a Section 27 Notice from £85+ VAT by registering for an account on our online Inheritance Data Portal

Tracing the deceased's National Insurance Number

If you are struggling to find the deceased's national insurance number it may slow down the administration of the estate. 

Thankfully you can buy an NI Number Search, which takes around 14 days to complete and can seamlessly be used as part of our Financial Asset & Liability Search request.

You can buy a National Insurance Number Search for £25 + VAT by registering for an account on our online Inheritance Data Portal

Tracing known or unknown beneficiaries

If the estate is large or has a wide range of beneficiaries it may be difficult to track everyone down.  If this is the case, you can appoint a professional genealogist.  They can help you trace missing beneficiaries or next of kin, help you fill in the blanks and also help solve complex inheritance questions.

To find out more visit our probate genealogy page.

Next: Arrange Probate Indemnity Insurance Policies

The following probate insurance policies should be considered when you are preparing to apply for the Grant of Probate.  You could arrange these policies with Missing Will & Missing Beneficiary Insurance and achieve a discount of 30% or more in return for buying in one go.

No Section 27 Insurance

Even with a Section 27 Notice, unknown creditors can still emerge after an estate is distributed, potentially impacting beneficiaries with an unforeseen bill to pay.

No Section 27 Insurance acts as a safeguard, protecting both executors and beneficiaries from costly claims.  

Here's how it works:

  • Notices aren't foolproof: While Section 27 Notices offer some protection for executors and personal representatives, they don't cover beneficiaries.
  • Insurance fills the gap: No Section 27 Insurance steps in, covering claims from unknown creditors, even if a notice wasn't placed.  That's right, you can arrange this insurance without arranging a Section 27 notice.  Whilst the insurance will cost more, it will save you having to buy a Section 27 Notice or place adverts in local papers.  So buying insurance could actually work out cheaper whilst providing better cover.
  • Peace of mind, affordable price: With premiums starting from just £89.60 (including IPT), this insurance offers valuable peace of mind for a small cost.

Consider adding No Section 27 Insurance to your estate planning toolkit. It's a wise investment that can help ensure a smooth and secure distribution for all involved.  You can get a quote online from our Section 27 Insurance page.

Early Distribution Insurance

The Inheritance Act allows forgotten dependents to claim against an estate, even for beneficiaries already paid out. This 6-month waiting period for distribution can be crucial, but sometimes the beneficiaries can't wait that long to receive their inheritance.  

That's where Early Distribution Insurance steps in. It empowers  the executors to:

  • Distribute sooner:  Helping beneficiaries pay urgent bills or support them financially without fearing unexpected claims.
  • Protect everyone: Insure the executors, personal representatives and beneficiaries against liability from unknown dependents.
  • Enjoy peace of mind: Navigate estate administration with confidence, knowing you're covered.

This affordable insurance offers a safety net, starting from just £112 (including Insurance Premium Tax). Don't let the Act be a roadblock – get a quote by visiting our Early Distribution Insurance page.

Lastly: Consider these probate insurance policies

When you are approaching the point where you are ready to distribute the estate you should consider arranging Missing Will Insurance plus, if the estate is large or complex, Missing Beneficiary Insurance.

Here is an overview of the protection each of these probate insurance policies provide you, personal representatives and the beneficiaries.

Missing Will Insurance

If a newer, missing Will surfaces in the future, in the absence of insurance it can be incredibly costly to you and the beneficiaries.  In worst case situations it can result in the estate being redistributed with hefty legal costs and the beneficiaries repaying the money they have received to those who are legal entitled to it.

Keep in mind this claim can happen years into the future.  What if the previous beneficiaries no longer have the money available to repay?

Thankfully Missing Will Insurance will shield you and the beneficiaries from this nightmare:

  • Executors: Avoid personal liability and legal costs if a new will appears.
  • Beneficiaries: No worry about repaying inheritance due to a surprise document.
  • Peace of mind: Navigate estate administration with confidence, knowing everyone's protected.

This insurance ensures even forgotten Wills won't unravel your careful distribution.

The Insurance policy ensures claimants are reimbursed and covers the associated legal fees.

For a relatively low cost, visit our Missing Will Insurance page to arrange a quotation online. 

Missing Beneficiary Insurance

Do you fear a missing beneficiary might emerge and disrupt deceased's legacy?

Missing Beneficiary Insurance offers a safety net.  It can shield you and the beneficiaries from two hidden threats:

  • Lost contact with a beneficiary: If a known beneficiary, entitled to a share of the estate reappears after distribution, they will want their money.  In the absence of Insurance it can make it tricky to distribute the estate and keep their share back.  The Missing Beneficiary Insurance policy would respond and repay a known beneficiary if they surface in the future.
  • An unknown beneficiary: It is possible that your research misses a beneficiary.  If they come forward in the future they could challenge how the estate was distributed and be legally entitled to a share of the estate.

This insurance safeguards everyone:

  • Executors: Avoid personal liability and legal costs.
  • Beneficiaries: Keep your rightful inheritance secure as the insurance policy pays for the beneficiary to receive their legally entitled share.
  • Harmony: As the insurance policy preserves the peace of the deceased's wishes.

The insurance policy compensates the missing beneficiary and covers legal fees, ensuring everyone receives their fair share of their inheritance.

For peace of mind for all involved, why not visit our Missing Beneficiary Insurance page to request a quote. 

Quick Tip:  Saving Money on Probate Legal Indemnity Insurance

If you intend on purchasing more than one of the policies in this section, it is worthwhile getting a quote all at once.  The insurer will often provide a discount for buying multiple products together on a combined policy.  If you buy 3 or more policies the discount can be as much as 30%.

Useful Probate Insurance Guides

The Complete Guide to Executor Insurance

Executor Insurance: The Complete Guide

As an executor, you face a range of risks when administering an estate. This Executor Insurance guide will explain what these risks are, how some of these risks can be transfered to an insurance policy. It will explain the insurance products you can buy and at what stage of the estate administration process.

Insuring an empty house after the death of the owner

Insuring an empty house after the death of the owner

If you need to insure an empty house after the death of the owner, this guide will help you understand what is involved and how to get a quote.

How to find out when a house was built

How to find out when a house was built

When you are obtaining home insurance, you will need to know the year the property was built. Rather than guessing (which could causes issues when you come to claim), why not learn how to find out when a house was built by reading this guide.

Empty House Insurance

Empty House Insurance: The Definitive Guide.

If your house is going to be empty for more than 30 days its likely you may need to arrange empty house insurance. Our empty house guide explains whats involved.

Probate Insurance related blog posts

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About the Author

Rob Faulkner CEO of Insuristic

Hi, I'm Rob, CEO and Founder of Insuristic. My mission is to make insurance easier to understand and buy online.

I hold an Advanced Diploma in Insurance (ACII) which demonstrates I have a solid technical understanding of Insurance and have committed to continuous professional development. I am also a member of the Chartered Insurance Institute and hold the a Chartered Insurance Broker status.

Over the last 27 years, I have worked for insurers, insurance brokers and insurance technology businesses, specialising in product, sales and marketing.

You can find out more about me on my author page.

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