SPONSORED: Expert guidance for Scottish executry bonds

RSA shares their top five tips on how you can gain certainty over complex applications.

Gain certainty over complex applications

Families can be complicated. One place we see this time and again is in executry bond applications. Estranged children. Forgotten cousins. There are many reasons why many applications need modification to be successful. This is why it’s reassuring to have a team of experts on your side to unravel the facts.

Partner with your local team

Based in Glasgow, RSA’s team have been issuing bonds for 35 years and have a wealth of experience to share. They can provide the guidance you need to navigate complex applications with confidence and aim to ensure your bonds are issued correctly. This can help you minimise future administrative headaches and safeguard against potential claims.

Prudent underwriting and expert claims service

We underwrite Scottish executry bonds on a case-by-case basis and we try to issue every case. Only two bonds have not been issued in the past 20 years. If a claim does arise, you have RSA’s specialists onside to resolve it quickly.

Five real-life examples of how we help prevent claims

Sometimes it’s hard for solicitors to determine if they’re working with incomplete information, but getting the full picture is crucial. Here are five examples of how we’ve spotted problems and helped prevent claims against the bond.

1. Prevented potential claims by identifying missing beneficiaries

A cousin had been appointed executor and the estate was to be divided by 12. We requested a genealogist to confirm this as the beneficiaries were so remote. An estranged son of the deceased was found and entitled to the entire estate. This prevented a claim against the bond.

2. Saved solicitors from PI claims by correcting distribution errors

A firm of solicitors presented us with a scheme of distribution and a family tree to show how the estate would be divided. They had divided the estate from six branches of the uncle/aunts of the deceased. This was incorrect as they should have come down to the next level of beneficiary, which was cousin. There were 13, so the estate should have been divided equally between 13 people or (if deceased) their children. Our review prevented a possible PI claim against the firm and the bond.

3. Ensured bond validity by uncovering undisclosed heirs

A niece had been appointed as executor. The estate was more than £250,000, so we requested confirmation from an extra source – someone who knew the deceased well. From this we discovered that there was a surviving brother of the deceased who was entitled to 50% of the estate. We later found out that the niece also had a conviction for fraud/dishonesty. This prevented a claim against the bond.

4. Additional beneficiaries identified, preventing a potential claim

A firm recently presented us with the beneficiaries at the level of cousin; there were three. We requested confirmation by way of a genealogist/family tree report. This confirmed that there were eight branches entitled to share. This prevented a claim against the bond.

5. Error in wording spotted, preventing the court from rejecting the bond

Our team spotted an error on the description of an executor on the bond, which is a legal document. We pointed this out to the solicitor. They commented that the court would have rejected the bond had this been missed and it would have caused them more work.

What can our team help you with?

We can issue bonds in the following cases:

• The deceased is domiciled abroad
• There is estate abroad
• There is a non UK-based executor
• The deceased had a cohabitee
• When a genealogist is involved
• Remote beneficiaries
• Missing beneficiaries
• Half-blood executor/beneficiaries
• Beneficiaries are under-age children
• Sequestrated/insolvent estate
• When the executor has a criminal conviction
• Where a power of attorney acts on behalf of the executor

Pricing

The price for a caution amount of £100,000 is £270 for a straightforward case. For caution amount over £250,000 up to £2.5m, please get in touch with us for further information.

Partner with us on Scottish executry bonds

We are the lead insurer for the Law Society of Scotland, covering every solicitor in Scotland. We’re committed to supporting you through every step of your Scottish executry bond applications. Let’s navigate the complex cases together.

Speak to a member of our team today:

Profin Senior Bonds Trader, National

Emma Gillan

bonds@uk.rsagroup.com

(+44) 0141 285 8248

Profin Bonds Trader, National

Sarah McConnell

bonds@uk.rsagroup.com

(+44) 0141 285 8095

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Article submitted by RSA as part of their sponsorship