Missing Will Insurance

Peace of mind for executors and beneficiaries:

  • Buy online in a couple of minutes.
  • Suitable for lay executors, administrators or Solicitors.
  • Insure against the risk of a newer missing Will being found - forever.
  • The costs of the insurance policy can be claimed as an estate expense.
Missing Will Insurance

A key insurance cover for executors, personal representatives and beneficiaries

What's on this page

On this page, you will find a lot of useful information to help you arrange Missing Will Indemnity Insurance for UK estates online in a couple of minutes.

If you have questions about the cover, you should find answers on this page.

If not, start a chat or contact us. You can click on any of the items in 'Contents' to jump to the section that interests you.

Contents

What is Missing Will Insurance?

Missing Will Insurance is an important cover for executors and personal representatives who can be liable if the estate is not distributed in line with the latest Will.

If a newer Will is found, which results in a claim against the estate, beneficiaries could also be made to repay some or all of their inheritance to redistribute the estate.

This can happen. Versions of a Will can be lost, misplaced, or stored in a location no one knows about, and new Wills can be created without the knowledge of family members.

Wills can be hard to trace as they can be stored anywhere. They can be stored in the following locations:

In the home;

  • By other family members;

  • By a solicitor, Will writer or other professional advisor; or

  • By a bank

It is easy to imagine how a Will everyone believes is the latest version turns out not to be.

Now, imagine this Will was used as the basis of distributing the estate, but the new Will is found that is different.

The new Will may require the estate to be distributed differently. Or the new Will could includes different beneficiaries.

This would likely lead to a legal dispute over the previous Will and how the estate was distributed.

Without insurance, this would create a potentially significant liability for the executors, personal representatives, and beneficiaries.  They would have to fund any legal defence.  If the challenge is successful, they would have to repay the beneficiaries contained in the new Will.   

Missing Will Indemnity Insurance can be purchased in isolation or combined with a missing beneficiary insurance policy for greater protection.

The need for Missing Will Insurance?

No one can be certain that the Will being used as the basis of distribution is the most current will. Even if a missing will search is conducted, as not all wills are registered with the National Will Register.

Where estates are being distributed as an intestacy, no one can be certain that there isn’t a will somewhere waiting to be discovered.

If the estate is distributed on the wrong basis, the executors and personal representatives can be held liable to put things right.  The beneficiaries may also need to repay their inheritance if they are not provided for, or on the same basis in the new will.

In the absence of insurance, this scenario could:

  • Be a financial disaster for those involved.
  • Lead to a significant professional indemnity insurance claim if a firm was providing a full estate administration or professional executor service.

The latest market data suggests that 20% of people who have a Will, later updated it with a different provider.  This could mean that 7 million Wills are out of date.

The above highlights the importance of offering Missing Will Insurance to every client or purchasing the cover if you are acting as the executor.

Why buy Missing Will Indemnity Insurance?

  • The policy provides cover forever.
  • Offers protection for the personal liability of the executor or Administrator. It allows them to distribute the estate without any future liability to the estate should an unknown Will be located which results in redistribution of the estate.
  • Beneficiaries can receive their share of the estate safe in the knowledge that if an unknown Will is located in the future, they will not be asked to repay any received funds from the already distributed estate.

How to get a quote

Step 1.  Conduct a Will Search with the National Will Register, who search of over £10 million records to help reduce the risk of an unknown will being found.  However, this does not eliminate the risk as not every Will is stored on the National Will Register.

Step 2. Check with family members and friends to see if they are aware of a Will.  It is possible that there may be a paper copy somewhere, such as with a local solicitor, accountant or family member.

Step 3. Undertake a search of the deceased's house to check for a paper copy of the Will.

Once you are confident there are no known issues in Steps 1 to 3 above, you can arrange Missing Will Insurance for your peace of mind.

How does Missing Will Indemnity Insurance work?

Missing Will Indemnity Insurance enables the executors or personal representatives to distribute the estate. It gives them peace of mind that should a new Will appear in the future they have financial protection.

If this happens, Missing Will Insurance would fund:

  • The legal defence costs associated with the challenge to the Will

  • Any other costs incurred by the insured with the prior consent of the insurer.

  • The payment of damages and money owed to Beneficiaries if their legal challenge is successful.

If you are an executor or beneficiary of an estate, you should consider purchasing Missing Will Insurance. It is a relatively inexpensive way to protect yourself from financial liability and to ensure that the deceased person's wishes are carried out.

How much does Missing Will Insurance cost?

The Missing Will Insurance policy provided by Insuristic runs in perpetuity, which means there is no expiry date to the policy.  This provides long-term peace of mind for executors, personal representatives, and beneficiaries.

The premiums are small, especially when you consider the risk the policy protects and the cover period.

The cost is usually calculated as a percentage of the total estate value, with the average premium during 2024 being £450. 

The actual cost will vary depending on the size and complexity of the estate.

What is insured on a Missing Will Indemnity Insurance Policy?

  • A financial loss by anyone insured on this policy as a result of a claim against the distributed estate. This will include any executors, personal representatives or beneficiaries;
  • Any defence costs; or
  • Any other costs and expenses in relation to a claim that you incur with the Insurer’s written.

What is not insured on a Missing Will Insurance Policy?

The insurer could refuse to pay a claim for the following reasons:
  • A missing Will has not been located;
  • There is a loss arising from any matter which the insured party was aware of at the Inception Date;
  • You make steps to trace a missing Will after the inception date;
  • The insured confirms the statement of fact is true where you could reasonably have been expected to know it was not true;
  • The insured party makes a claim knowing that it is false or fraudulent
  • The insured party discloses this policy exists to another person.

Cover restrictions to be aware of

Here are some conditions you need to be aware of when buying Missing Will Indemnity Insurance. There may be others, so always read your policy documents.
  • You or any other insured should not disclose the existence of this policy to a third party, other than your legal representatives, without the written consent of the insurer.
  • You or any other insured shouldn't communicate on any matter regarding the insured risk with any party who may have an interest in enforcing an insured risk. An example of this could be a new beneficiary mentioned in another Will.

Making a Claim

If you receive a claim on Missing Will Indemnity Insurance you must adhere to all the claims conditions listed in the policy.

Failure to do this could mean the insurer rejects your claim, or they could reduce the value the policy pays out if the breach of conditions increases the value of the loss.

You should ensure you read and understand all of the policy conditions listed in the policy.

Here are some pointers on what you should do in the event of a claim:

  1. You should never tell a third party about the existence of this policy.

  2. If there are circumstances that might cause a claim, you must tell the insurer in writing as soon as possible. You should also provide the insurer with as much information and documentation as you can.

  3. Don't incur any costs relating to a claim without first consulting your insurer

  4. Never admit liability or offer to pay or settle with someone else. You should refer the matter to your insurers claims team.

  5. Pass all correspondence and requests for meetings to your insurer's claims team.

For full details of your claims conditions, you must read your policy wording or speak to the insurer's claims team for guidance.

Arranging Finance to pay for this insurance

If there aren’t 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 on what to do in this scenario will be provided in your quotation.

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

 

Frequently Asked Questions

The cover is recommended to anyone acting as an executor or administrator (professional or non-professional).

The cover protects the personal liability of the executors, administrators and personal representatives of the estate. It also protects the beneficiaries should there be a successful claim, as they would not need to repay any of the money they have received.

Any executor or personal representative listed on the policy plus the beneficiaries mentioned in the will used as the basis of distributing the estate.

The benefits of missing will insurance include:

  • Protection from financial liability if a claim is made against the estate

  • Assurance that the beneficiaries of the estate receive their inheritance as intended

  • Peace of mind for the executors and beneficiaries of the estate

The risks of not having missing will insurance include:

  • Exposure to financial liability if a claim is made against the estate

  • The possibility that the beneficiaries of the estate may not receive their inheritance as intended

  • Stress and anxiety for the executors and beneficiaries of the estate

The cost of missing will insurance varies depending on the size of the estate, but it is typically a small price to pay for the peace of mind that it can provide.

The average cost of Missing Will Insurance is c£450.

An Escalator Clause can help you avoid under insurance as it increases the limit of indemnity by 5% each year from the inception of the policy.

Imagine if a missing will indemnity insurance claim was made against the estate 5 years after distribution and the Estate's value was £300,000.  If the value of the Estate at the end of the 5 year was now worth £382,884 (based on a 5% growth each year), the administers would be liable for the shortfall of £82,884. This is because the Limit of Indemnity was set at £300,000.

If the Escalate Clause had been included for a small increase in premium at the outset, there would have been no additional liability as the Limit of Indemnity would have increased each year to cover the Estates increase in value.

As an executor or personal representative, it is your responsibility to ensure the estate and the beneficiaries are adequately insured.

You should be considering the following types of insurance (click the links to go to the relevant page):

We have written a guide to Executor Insurance, which explains the need for these types of policies. You can find out more here: https://insuristic.co.uk/executor-insurance/

Why not try Insuristic for a Missing Will Insurance Quote?

Latest Probate Insurance Blog Posts

Other Probate Insurance Pages

You can find out more about our products on the following pages. You can also click the 'Get a Quote' button on each page to get a quote in a couple of minutes.

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.

Follow us on Social

Insuristic Logo

Insuristic Limited is an Appointed Representative of SJL (Worcester) Ltd, who are authorised and regulated by the Financial Conduct Authority with the reference number 763599.  This can be checked by visiting https://register.fca.org.uk/s/

Registered Office: Unit 2, 262 Walsall Road, Cannock, England, WS11 0JL.  Registered in England and Wales No: 13926650. 

Insuristic is a registered trademark. ©Copyright 2023 Insuristic Limited.  All Rights Reserved.

Interested in Insuristic Estate Protect?
Interested in Probate Pro?

Get a painter and decorator insurance quote

Please Note: Our broking team at SJL Insurance will need to talk to you to discuss your requirements. This is an advised service. 

We are sorry that you need to make a complaint.

Please complete the form below and a senior member of our team will be in touch as soon as possible.

Get a Pub or Bar Insurance Quote

Please Note: Our broking team at SJL Insurance will need to talk to you to discuss your requirements. This is an advised service. 

Get a plumbing and heating engineer insurance quote

Please Note: Our broking team at SJL Insurance will need to talk to you to discuss your requirements. This is an advised service. 

Get an Unoccupied Property Insurance Quote

Please Note: Our broking team at SJL Insurance will need to talk to you to discuss your requirements. This is an advised service. 

Occupied House Insurance During Probate

Please Note: Our broking team at SJL Insurance will need to talk to you to discuss your requirements. This is an advised service. 

Arrange a call back

Please Note: Our broking team at SJL Insurance will need to talk to you to discuss your requirements. This is an advised service.