Locating missing beneficiaries is an essential task in estate administration. Professional genealogists employ various tools and methods to trace these individuals. However, if research proves inconclusive, it may be necessary to obtain Missing Beneficiary Indemnity Insurance. This blog explores the consequences of advertising missing beneficiaries and discusses why placing adverts for missing beneficiaries can complicate the process.
The risks of advertising missing beneficiaries
Advertising missing beneficiaries may seem like a straightforward solution, but it can have significant implications. Placing an advert puts the estate or legacy in the public domain, potentially for many years. This can complicate applications for Indemnity Insurance, as the advert becomes an unanswered enquiry. Insurers may require a specific period to elapse before they will consider starting cover.
Jeff de-Rhune, Director of Trust, Probate & Estates at Trust & Probate Insurance, highlights:
“If speculative adverts are placed and no responses are received, insurers will typically wait for a period of at least six months to pass before providing cover. This is to allow the recipient, or indeed their successors, sufficient time to respond. It is therefore important to consider whether this might affect the proposed distribution of the estate and in particular the likely distribution timeline.”
The importance of Indemnity Insurance
Obtaining Missing Beneficiary Indemnity Insurance is crucial when a beneficiary cannot be located. Insurers typically request:
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A full report from a genealogist familiar to them
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A copy of the Grant and Will
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Copies of any s27 notices that have been placed
It is vital that no actions are taken that could prejudice the insurance application or delay cover inception.
Reports accepted by insurers
When engaging a genealogist, ensure that their research methods align with insurer requirements. Title Research’s genealogical research methods are conducted with insurance considerations in mind. Should we be unable to locate the missing beneficiary, we liaise with insurers to obtain a quote on your behalf, allowing you to close your case file efficiently.
Conclusions
While adverts for missing beneficiaries might seem beneficial, the consequences of advertising missing beneficiaries can delay the estate administration process. Always consider professional genealogical research and consult with insurers before taking any steps that could impact the distribution timeline.
Our missing beneficiary service guarantees results and can save you a substantial amount of time and effort. With our experience of locating thousands of beneficiaries each year, we know just where to look and focus our efforts. Click here to find out more about Title Research’s tracing missing beneficiaries service.
If you’d like to discuss the service with a member of our team, call 0345 87 27 600 or email info@titleresearch.com.
Topics: Intestacy, Estate administration, Missing Beneficiaries
