what is the procedure when an assurance policy with some value is discovered a few years after the estate of the deceased has being fully probated and distributed.
What was written in the will, if there was one? Was anyone left the "residue"?, if so, it's probably theirs. Otherwise, i'd imagine it's as per will and last testament.
It depends on the wording of the will and you need legal advice.
If the will says who inherits the estates money, it may be that the proceeds of this policy should be distributed to those people.
If happened a distant relative of mine a few years ago. The entire estate was split a number of people so the proceeds of the policy was split in the same proportions .
As I said in my other post, "residue" can be taken to mean monies, etc, after remainder of estate, eg, land, property, etc, has been distributed. Solicitors frequently use the word in wills, but sometimes people just don't get its real meaning.