Executor Liability Insurance
At Prosperity Insurance, we offer access to Executor Liability Insurance to safeguard executors during probate.
Guiding a client through their role as executor or administrator of a will and estate is a complex task and it’s important for your client to be protected against contentious circumstances, which can often arise. Protecting your client against the expenses and legal costs of defending a legal claim against the estate requires a detailed and effective insurance policy – and that’s what an Executor Liability Insurance policy offers.
What the policy covers
An Executor Liability Insurance policy ensures that should a claim be brought against the Estate that your client’s legal costs will be insured (subject to the policy Terms and Conditions).
A policy includes cover for the following claims against the Estate:
- A challenge to the validity of the will by a third party
- A legal claim for financial provision under the Inheritance (Provision for Family and Dependants) Act 1975
- A charity exerts a claim after the estate is distributed
- A charitable legacy is challenged by someone not named in the will
- A legal claim made under the principles of propriety estoppel
- A legal claim made via constructive trust
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Why is Insurance important in wills and estates cases?
A survey of 2,000 people, commissioned by Direct Line Life Insurance, found that a quarter of UK adults were willing to challenge a relative’s will in court if they disagreed with the division of the estate. Executing a will can be a demanding and complex task and, inevitably, where family inheritance is at stake, the likelihood of disputes arising is substantial.
If legal proceedings are raised against the Estate, your client will be named as defendant. Defending a legal claim against the estate can incur extensive legal costs, often thousands of pounds. Wills and Probate Insurance, such as an Executor Liability Insurance policy, protects your client should the circumstances arise.
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Other Services
ATE
Insurance
ATE Insurance is an insurance policy that protects and covers a client who wants to pursue a claim against the risk of having to pay their opponents legal costs and disbursements if the case is unsuccessful.
Conveyancing Indemnities
As an experienced provider of assisting lawyers and their clients regarding ATE insurance, we are well aware that the profession also has a need for other client-facing legal indemnities. One of the most frequent requests we get from solicitors is for legal indemnities for conveyancing transactions.
