Did you know that in Canada it is now possible to buy an insurance policy to protect you if you become an executor or trustee and you fear being sued by dissatisfied heirs?
The Waterloo insurer (Economical Insurance) that backs the insurance will pay for a lawyer to defend an Executor against allegations they sold property or investments at the wrong time or price, played favourites with heirs, or put their own interests ahead of others.
It also provides the cash if a judge ever orders you to make up for an error or omission.
The new ERAssure policies are only for estates of up to $5 million, and may only be purchased for a three-year term within 60 days of a person’s death.
For more details go to http://www.moneyville.ca/article/1011632–where-there-s-a-will-there-s-now-insurance?bn=1
What a wonderful link to send all your clients, and something new to talk about and help seed the insurance conversation during RRSP season!
To all of my subscribers outside of Canada, you would do me a great favour by taking a minute to send me a note as to whether or not you are aware such coverage is available in your country!
Cheers, Helena
p.s. Insurance Know-How’s Store will have lots of easy to use products and templates that will dramatically improve your insurance sales results!
p.p.s. Are you adding a family prot&eactue;gé to your practice? Don’t struggle with training; hire a training and coaching professional! Click here to learn more about Insurance Know-How’s new Family Matters programme.
Tags: executor
Helena Smeenk Pritchard
Helena Smeenk Pritchard has over 36 years of experience in the insurance industry and is the Principal of Helena Smeenk Pritchard & Associates, a leader in “Insurance Know-How” training. Helena has had articles published in Advocis’ Forum Magazine as well as Advisor’s Edge, and is a very popular columnist for Advisor.ca.
