Southend, Essex (PRWEB UK) 3 July 2015
LFC Risk and Insurance today launched Executor Liability Insurance to provide insurance cover and protection for those who are chosen as executors of a will.
In excess of 5,000 wills are read in the UK each week (according to legacy trends from Smee and Ford). Wills, by definition, need beneficiaries and executors. Being an executor of a will means that it is your responsibility to carry out the wishes of the deceased in terms of his or her estate. Whilst this could also involve probate, being an executor of even the simplest will can be fraught with financial risk.
According to LFC Risk and Insurance Consultants (http://www.lfcriskandinsurance.com), there are three distinct messages to note:
1. Executors of a will should be fully aware of the financial liability implications of executing a will.
2. LFC Insurance has launched a policy that insures the executor against potential financial liability claims incurred as a result of executing a will. This is called Executor Liability Insurance.
3. Financial liability claims could come from the deceased’s banks, lenders, credit card companies, utility providers, local authorities, HMRC, healthcare providers and other disgruntled individuals. Claims can be brought many years after the death.
Peter Collins is the Chief Executive Officer of LFC Risk and Insurance Consultants. An industry expert on legacy funding Peter explained: “We know that 64% of people who have retired in Britain expect to leave an average inheritance of £182,144.00*. There is a real financial risk in terms of third parties staking claims to their share of the deceased’s estate. If the courts uphold third party claims then executors can be financially liable to settle the third party claims out of their own pocket.
With the cost of Executor Liability Insurance premium often being taken directly from the proceeds of the estate, a policy from LFC ensures peace of mind (and up to £10,000,000 cover for 7.5 years). Policy cover also includes a bereavement advice line.
Full details are shown here: website: http://www.lfcriskandinsurance.com
For those people that have not yet made a will, every March and October is Free Wills Month for those age 55+.
- source http://www.dailymail.co.uk/news/article-2517699/Two-people-expect-leave-average-inheritance-180-000-loved-ones.html#ixzz3dmNzbLMu - research carried out by HSBC
Legacy Funding Corporation Limited is an Appointed Representative of Kinetic Insurance Brokers Limited; its registration number 568326. Wilmington Publishing & Information Limited is an Introducer Appointed Representative of Kinetic Insurance Brokers Limited; its registration number is 599350. Kinetic Insurance Brokers Limited is Authorised by, and Regulated by the Financial Conduct Authority, registration number 309540. This can be verified by visiting the FCA’s website http://www.fca.org.uk or by contacting the FCA on 0845 606 1234.