What is No Section 27 Insurance?
Section 27 of the Trustee Act 1925 requirement allows for the administrator of an Estate to “give notice by advertisement” that the deceased has passed away in the London Gazette and in a newspaper circulating within the local area from which the estate of the deceased lies can be eradicated to give the opportunity for any rightful beneficiaries to come forward and stake their claim. Publishing such notices and allowing time for responses can limit the liability of the administrator should individuals who believe they have an entitlement subsequently come forward.
A no s.27 cover enables the administrator of a deceased’s Estate to distribute to the beneficiaries without having to wait for the results of an advertisement in the local newspaper or gazette, as well as not having to pay the cost of these advertisements..
In what circumstances is cover required?
No Section 27 Notice insurance can be arranged where the administrator wishes to distribute the estate of the deceased without following the relevant procedures of s.27 of the Trustee Act 1925, enabling earlier and more straightforward distribution of the Estate.
What does No Section 27 Insurance Cover?
The insurance covers the administrator or executor of the Estate together with the beneficiaries against losses, legal costs and other pre-agreed expenses that arise should a claimant come forward s after the estate has been distributed.
What will the cost of No Section 27 Insurance be?
The cost of No Section 27 Insurance will vary depending on the size of the Estate and the potential for unknown beneficiaries or creditors to come forward, but usually proves very cost-effective when viewed against the additional costs of advertising and the implicit delay in distribution
Risks covered: payment of any amount that the executor and/or beneficiaries may be called upon to pay together with costs and expenses.