Settling an Estate quickly and efficiently, following the death of a loved one, can be important to the grieving family. But, with the prospect of finding a missing or unknown beneficiary, the process could drag on indefinitely.

To enable an Estate to be distributed to the known beneficiaries, a Missing Beneficiary policy can be put in place to provide cover should any beneficiaries make themselves known after distribution. If a beneficiary does come forward at a later date, the value of their entitlement would be paid out by the insurer.

If the estate is dispersed without a policy in place, and a benefactor materialises, they could be entitled to seek compensation from the executor, causing distress and anxiety, not to mention financial difficulty.

A Missing Beneficiary policy is usually only considered once the tracing of Wills and descendants comes into its final stages, following on from extensive genealogy research.

As we have been providing a Missing Beneficiary scheme for a number of years, we understand the benefits it can bring, to both the solicitor and the family.