Why Does An Executor Or Administrator Of An Estate Need Insurance Protection?Even the most straightforward of wills can involve hidden difficulties and probate regulations are complex - this can leave executors/personal representatives and administrators vulnerable to potential legal claims by beneficiaries, estate creditors and the tax office.
What Does Our Executors Insurance Policy Offer?
Resources for Executors
The Trustee Act of 2000 which extends to England and Wales, has clarified the law on the management... Read More
Being an executor or administrator is a serious legal responsibility and any executor faces the... Read More
How We Can Help
The cost of taking out Executors Insurance for one year can be less than the cost of an hour of legal advice... Read More
Executor fails to tell insurer about mortgage interest and claim is unpaid
An Executor let out a house which was part of the estate to a tennant without telling insurers about interests of mortgage provider. As a consequence when a claim arose the insurers refused to pay. In addition the mortgage also had to be re-arranged at considerable cost to the executor.
Executor Personally Liable for £20,000 Overpaid Pension Credit Connected with Deceased Estate
An executor and sole beneficiary asked solicitors to release estate monies on account to her. The Pension Credit was the only matter left unresolved. All other debts had been paid and the monies collected in. She was advised that the Pension Credit issue was outstanding and the total amount of the liability was unknown and… View Article
Undeclared Gift Resulted in an Executor being Fined £10,000 by HMRC
An executor did not declare a gift which resulted in a fine of £10,000 from HMRC. Although liability insurance would not cover the fine it would provide defence costs for the executor if they had chosen to challenge HMRC.
Executor Faced with £33,000 Bill Over Non-refundable NHS Care Fees
An executor failed to advise the NHS in time after death to receive a full reimbursement of care fees paid in advance. The Executor was unable to recover the fees and the loss to the executor was £33,000.
Executor Failed to Notify HMRC of Fall in Value of an Asset and Forfeited the right to Offset the Loss
In this case an asset was discovered long after the death and had by the time of its discovery fallen in value. The 12 months statutory period for claiming IHT loss relief had expired. The executors were not able to extend the reporting period and factor in the loss of value. The estate suffered an unecessary… View Article