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Why get executor and inheritance (Probate) insurance?

As a solicitor, you may be concerned about the potential legal pitfalls of distributing an estate. No matter how diligent you are, you could face liabilities during estate administration. For example, you could receive a claim from anyone named on the will or other parties involved with the estate.

Taking a proactive approach can help protect all parties involved. At Wesleyan Financial Services, we've partnered with DUAL Asset, to bring you comprehensive Executor and Inheritance Protection.

This policy covers a wide range of risks related to your responsibilities as an estate executor. It also provides peace of mind to both beneficiaries and charities.

How it works

With executor insurance, you'll be protected against a range of risks, including missing beneficiaries, missing wills and will dispute. It also covers personal representatives and beneficiaries of the estate. 

Probate policies can act as an alternative to going to court, skipping the costly and lengthy legal process. For example, they’re the go-to solution in professional indemnity claim cases where mistakes have been made in the drafting of a will.

What's covered?

This insurance protects you against the main risks associated with estate administration:

  • If a missing beneficiary appears after the estate is distributed
  • If a new or missing will appears, changing the entitlement to the estate
  • If the validity of the will is challenged because it’s fraudulent,
    improperly executed, or because the deceased lacked mental capacity
  • A spouse, civil partner, co-habitant or child makes a claim for financial provision under the Inheritance Act 1975
  • Claims from unknown creditors
  • Disputed ownership of items. For example, if a buyer claims that an item they purchased from the deceased’s estate was not rightfully owned by the deceased
  • A charity exerts a claim on the estate
  • A person is wrongfully paid after fraudulently identifying themselves as a beneficiary
  • Proprietary estoppel
  • Unknown tax liabilities

What's not covered?

Executor insurance can’t cover everything. For example:

  • Claims from beneficiaries named in a will (unless covered as a specific risk)
  • Claims from HMRC for unpaid inheritance tax and claims made from a foreign tax authority
  • Identify fraud claims from non-UK nationals
  • A will is discovered outside of the UK
  • You continue to look for people that can raise a claim to the estate, after you’ve taken out executor insurance, i.e. health care providers

Also bear in mind that inheritance tax isn’t insured, so it’s your duty to make sure it’s properly calculated and paid.

Frequently asked questions

  • How much does executor and inheritance insurance cost?

    For comprehensive cover that protects you against a range of risks, premiums typically range between £425 and £3,400 for estates up to £1m.

    For just missing beneficiary cover, premiums range between £350 and £2,900 for estates up to £1m.*

    * These prices are subject to the underwriting criteria being met.

  • How long will my executor and inheritance policy last for?

    Your policy lasts for as long as you’re at risk. The policy has no end date, so you can make a claim for an insured risk at any time.

  • If there is more than one executor, will the cover apply to all?

    There’s no limit to the number of executors you can have on one policy. You’ll just need to name each person when you take out the policy to ensure they’re all covered.

  • How do I make a claim?

    You should tell DUAL Asset of a potential claim as soon as you become aware of it (within 28 days). It doesn’t matter if you later decide not to follow through with that claim.

    Once this has been received, we’ll:

    • Register your claim
    • Give you a reference number
    • Explain the process, including what you’re covered for and next steps

    You can find contact information for DUAL in your certificate of insurance.

  • Who pays for the premium?

    The premium is paid by the deceased person’s estate.

  • Does this policy replace the normal due diligence carried out by a probate lawyer?

    No. You must still conduct reasonable enquiries before taking out the policy, such as checking with the deceased’s bank for a will and making enquiries with those closest to the deceased.

  • Do I need to search for a will using The National Wills Register?

    While it’s not a requirement that you search for a will if one is missing, you should use The National Wills Register if you choose to do so. This is done by carrying out a Certainty Will Search.

    Conducting a search helps you be sure on whether a will exists or not, decreasing the likelihood of one appearing when you least expect it. This could save you money as your risk is lower.

  • I want to place a Trustee Act Notice. Will that prevent me taking out a policy?

    If you choose to place a Trustee Act Notice or advert, you’ll need to wait six weeks before purchasing an executor and inheritance insurance policy.

    In the meantime, you can still get a quote and more information.

    Please note that you can’t place an advert or notice once the policy is issued.

  • Do I need to employ a genealogist?

    Some insurers will insist that you employ a genealogist, however it’s not always necessary. When you get in touch with us, we’ll ask you a few questions to determine if a genealogist is required.

Your guide to professional indemnity insurance

As a solicitor, we know that you have a million and one tasks on your to do list. That's why we've created a guide to make renewing your professional indemnity insurance that little bit easier.

Our 5 steps to a successful renewal takes you through the full process. From starting to plan and gathering your documentation, to evaluating the offer. We've got you covered.

Read the guide

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Important information

Wesleyan Financial Services is a broker. Executor and Inheritance Insurance is provided by DUAL Asset.

Limits, exclusions and charges do apply. Full terms and conditions of the policy and cover, including the policy benefits and exclusions, will be contained in the Policy Wording and Policy Summary.

Risk must be acceptable to underwriters at normal term.

Before you apply online, we recommend you read the following documents: