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Monday, September 24, 2018

Have you considered executor's insurance?

Have you heard about executor's insurance? It covers not just the loss to an estate caused by mistakes made by executors, but also the legal costs of defending the lawsuit that might otherwise be paid by the estate. If you've been named the executor of an estate, particularly one in which you anticipate a tough time dealing with beneficiaries, you might want to think about this kind of insurance.

Click here to read a really good article that explains  how executor's insurance works, and sets out what is covered and what is not covered.

If any readers have used executor's insurance, let us know how it worked for you.

6 comments:

  1. What executor’s insurance covers… and what it doesn’t
    What it covers…

    Liability arising out of negligent administration of an estate
    Defense costs associated with defending an action based on such negligence, whether actual or alleged
    Damages to correct an executor’s error or to “make the estate whole”
    …And what it doesn’t

    Foreign or business assets: if foreign assets or business assets exceed 15% of the total value of the estate, the policy limit is reduced to the lesser of $100,000 or 15% of the limit of liability stated in the policy for claims arising out of such foreign assets
    Tax liabilities owed to federal, provincial, or municipal governments
    Failure to provide or maintain insurance on estate assets: fire insurance on real property within the estate, for example
    ***Fraud, dishonesty, and malicious acts or activities

    ReplyDelete
  2. http://www.erassure.com/i-am-a-legal-professional/executor-insurance

    ReplyDelete
  3. Lynne
    I did speak to Jane at ERAssure®.........
    .. executor liability insurance is now available for the estate and your executor, estate trustee, or estate administrator clients.
    It is too late for my Estate matter ..of 14 years. It is best to look into such insurance in the before stage....before the horse is out of the barn. Makes sense. TBC
    Webeye

    ReplyDelete
    Replies
    1. Yes, it makes sense. Sometimes you know ahead of time that things are going to be rough in the estate, but not always. I'm sure you had no idea just how bad things were going to get for you.

      And Jane is great; I recently attended a seminar that she presented.

      Lynne

      Delete
  4. Lynne...of interest to reader's?
    Webeye

    So You’ve Been Asked To Be An Executor
    I (Rob Carrick-Globe & Mail) once asked a lawyer specializing in wills what someone’s response should be if asked to be an executor for an estate. Her response, only sort of tongue-in-cheek, was to say ‘no thanks.’ Being an executor is a tough job. If you want to know what’s involved, check out this blog post. https://boomerandecho.com/youve-asked-executor/

    ReplyDelete
  5. Lynne...of interest to your readers?

    Should You Simplify Your Investment Holdings for Estate Purposes as You Age?
    http://www.thebluntbeancounter.com/2018/10/should-you-simplify-your-investment.html

    ReplyDelete

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