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Missing Beneficiary Insurance

Designed to protect and indemnify the executor, administrator, trustee and the beneficiaries traced in case any beneficiaries that are unknown or missing come forward at a later date. If any of these come forward, the cost of dealing with the claim is paid by the policy, and if successful the policy would pay the claimant the amount claimed.

Without a policy, the claimant could look to the executor, administrator, trustee and/or beneficiaries for compensation. The premiums can be paid as reasonable expenses in the administration of an estate.

Missing Beneficiaries Insurance is usually only considered as the research and tracing of the wills and descendants comes into its final stages. The underwriters will only issue cover once they are satisfied that the correct steps to find all beneficiaries have been taken. In order to do this a proposal, outline of the actions taken and copies of correspondence search methods used are required.

We can obtain quotations for this cover, sometimes found when winding up a property under the Reverter of Sites Act 1987, and usually we may charge a fee to reduce the cost resulting from high commission rates on high premiums.

Information required

  • a good explanatory letter of the circumstances;
  • details of the will or intestacy;
  • full details of research undertaken with copies of correspondence and genealogists’ reports where applicable or required;
  • a copy of the family tree;
  • the value of the residuary estate for distribution;
  • the limit of indemnity required and how this has been calculated;
  • details as to when each missing beneficiary was last seen or heard of, by whom and the circumstances in which this occurred;
  • if advertisements or notices have been placed on the internet requesting information relating to missing beneficiaries, full details should be provided.

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