Life insurance- scottish widows

[Nickydonut]

I wonder if any of you may know, I am dealing with the will of a family friend (my husband is the executor) who recently passed away. He was self funding in a nursing home with dementia. I think he has pretty much come to the end of his self funding and is just about on the threshold.
Anyway amongst his possessions I have found lots of documents relating to a policy he has with scottish widows, I have rung them but they will not disclose anything over the phone which I can understand but Im not sure if the policy is valid or not ? It states it's a life insured policy for our family friendThe earliest date on the statements are 1988 and the latest being around 2006. The say units or shares held invested in scottish widows global growth fund and it also gives the policy value each year.
I'm just not sure if it needs to be included in the estate or not? Does anyone have any idea?

Thanks

 

[marionq]

Surely if your husband is the executor he is entitled to a quote of its value? Send them a letter with details of the document and / or a photocopy and see what happens.

 

[BeckyJan]

I feel sure it should be included. I think your husband has executor should write to them and include an official copy of his Probate Grant. Then hopefully they will respond with more details.

 

[Nickydonut]

Sorry guys I should have said, I have sent off a copy of the will and death cert today, I was wondering if anyone could share any light on what it was really. Thank you

 

[sue38]

If it's a policy that only pays out on the death of your family friend then it wouldn't have needed to be declared for funding his care. It should however be included in the figures when applying for a grant of probate. Now you've sent the death certificate and copy will they should come up with the necessary info.

 

[legolover]

It sounds possibly like an endowment policy which matured in 2006 in which case the money would have been added to his general assets at that time.

But as executor you should be able to get details

 

[Nickydonut]

Thank you sue, I didn't realise there would be so much work involved it's been a headache xx

 

[Nickydonut]

I did think that but there has never been a mortgage as the property was handed down from his mum, but then again I suppose there could still be an endowment policy. I shall see what happens when I get a response, thank you

 

[mrjelly]

It sounds a bit like one of their investment bonds which can include an element of life cover. Your friend may have cashed it in already in 2006, which would be why the statements ceased. You would want to get this confirmed though.

http://www.scottishwidows.co.uk/extranet/products/investments/investment-bond

 

[Fed Up]

Just done this today with the Prudential, so simple. I had mums "paid up" policies one from 1952 and gave them the numbers and provided identifying information they told me value and will put check in the post in next 5 days! No idea why you have a problem but Prudential were so helpful. Its included in estate for probate.

 

[nicoise]

Thank you sue, I didn't realise there would be so much work involved it's been a headache xx

Dear Nickydonut,

I had no idea of the amount of work involved in being an executor until I became one!

And all the detective work of tracking down bits of paper, accounts and then writing letters and copies of probate and will etc, then waiting for a response before being able to take the next step.

If nothing else, it is a salutary lesson in trying to make sure our own financial paperwork is all organised, preferably with a list to guide whoever takes on this duty for ourselves in the future.

I did it for my mum's estate (and still am 3 years on - but it was a bit complex), so it is really the last thing I can do for her. I might feel differently about a friend's estate!

Good luck, you will get there but I'm afraid it takes longer than you'd think or like.