It can be more than a little frustrating when you are counting on an inheritance that is rightly yours, but the probate process seems to drag on endlessly. Even today, bringing all legal, and financial matters to a swift conclusion in the wake of the death of a loved one can be surprisingly (and disappointingly) complex.
Not to mention, cripplingly expensive.
In such circumstances, a small inheritance advance could be the lifeline you need to navigate these complications. But how exactly does an inheritance loan work, and who is eligible for such facilities?
What is a small inheritance advance?
A small inheritance advance, also known as an inheritance loan or probate advance, is a financial product that allows heirs, and beneficiaries to access part of their inheritance money, before the conclusion of the probate process. Instead of waiting for months (or even years) to receive your inheritance, an advance offers immediate access to a percentage of your entitled assets.
Lenders typically cap their maximum loan amounts at 60% to 80% of the total value of the assets you own, which means you could gain access to a significant sum of money much faster.
Who could benefit from a small inheritance advance?
Anyone who needs (or wants) to gain access to their inheritance prior to the completion of probate could benefit from a small inheritance advance. Potential applications for such funds are limitless, but common uses for probate advances include:
- Immediate financial needs: If you have urgent bills to pay or time-critical costs of any kind, an advance could be a useful option.
- General purchases: You may also simply want to gain access to the funds that are rightfully yours to purchase a car, pay for a holiday, invest in a second home and so on.
- Debts and obligations: The funds from an advance can be used to settle debts, business bills, or other major expenses.
- Investment opportunities: An opportunity for a good investment might not wait for probate to conclude, and an inheritance advance may just provide the needed funds.
In short, a small inheritance loan can be used for any legal purpose, with no specific restrictions imposed.
Eligibility for a small inheritance advance
Requirements vary significantly from one lender to the next, but the following generally apply in all instances:
- Probate must be open: For a beneficiary to qualify, probate on the decedent’s estate must have begun.
- Verification of inheritance: You must show proof of your rightful claim to an inheritance.
- Proof of Inheritance value: The advance is typically a percentage of the inheritance value.
- Aged 18 years or over: Though there is typically no upper age limit.
- Good credit: Some lenders will only accept applications from individuals with a good credit score.
Along with the above, there are several potential complications that can hinder a probate advance application, or render an applicant unviable. Examples of these include:
- Insufficient estate value: Only beneficiaries who stand to receive a substantial amount can usually qualify.
- Not all estates are eligible: Some types of assets and other issues may disqualify the estate.
You must also be able to meet the required costs of a small inheritance advanced, which along with the agreed rate of interest may include an arrangement fee of around 1.5%.
Why use an independent broker?
An inheritance advance can offer a lifeline in a period of concern and complexities.
Using a reputable independent broker to secure a small inheritance advance can ensure you get the best possible deal while offering the objective advice you need to make an informed decision. They can provide different options from various lenders (some of which do not work directly with borrowers), helping you make a well-informed choice and negotiating on your behalf.
For more information or to discuss the potential benefits of inheritance advance loans in more detail, contact a member of the team at UK Property Finance today.
Can I Get a Small Inheritance Advance?
It can be more than a little frustrating when you are counting on an inheritance that is rightly yours, but the probate process seems to drag on endlessly. Even today, bringing all legal and financial matters to a swift conclusion in the wake of the death of a loved one can be surprisingly (and disappointingly) complex.
Not to mention, it is cripplingly expensive.
In such circumstances, a small inheritance advance could be the lifeline you need to navigate these complications. But how exactly does an inheritance loan work, and who is eligible for such facilities?
What is a small inheritance advance?
A small inheritance advance, also known as an inheritance loan or probate advance, is a financial product that allows heirs and beneficiaries to access part of their inheritance money before the conclusion of the probate process. Instead of waiting for months (or even years) to receive your inheritance, an advance offers immediate access to a percentage of your entitled assets.
Lenders typically cap their maximum loan amounts at 60% to 80% of the total value of the assets you own, which means you could gain access to a significant sum of money much faster.
Who could benefit from a small inheritance advance?
Anyone who needs (or wants) to gain access to their inheritance prior to the completion of probate could benefit from a small inheritance advance. Potential applications for such funds are limitless, but common uses for probate advances include:
- Immediate financial needs: If you have urgent bills to pay or time-critical costs of any kind, an advance could be a useful option.
- General purchases: You may also simply want to gain access to the funds that are rightfully yours to purchase a car, pay for a holiday, invest in a second home, and so on.
- Debts and obligations: The funds from an advance can be used to settle debts, business bills, or other major expenses.
- Investment opportunities: An opportunity for a good investment might not wait for probate to conclude, and an inheritance advance may just provide the needed funds.
In short, a small inheritance loan can be used for any legal purpose, with no specific restrictions imposed.
Eligibility for a small inheritance advance
Requirements vary significantly from one lender to the next, but the following generally apply in all instances:
- Probate must be open: For a beneficiary to qualify, probate on the decedent’s estate must have begun.
- Verification of inheritance: You must show proof of your rightful claim to an inheritance.
- Proof of inheritance value: The advance is typically a percentage of the inheritance value.
- Aged 18 years or older: Though there is typically no upper age limit,
- Good credit: Some lenders will only accept applications from individuals with a good credit score.
Along with the above, there are several potential complications that can hinder a probate advance application or render an applicant unviable. Examples of these include:
- Insufficient estate value: Only beneficiaries who stand to receive a substantial amount can usually qualify.
- Not all estates are eligible: Some types of assets and other issues may disqualify the estate.
- You must also be able to meet the required costs of a small inheritance, which, along with the agreed rate of interest, may include an arrangement fee of around 1.5%.
Why use an independent broker?
An inheritance advance can offer a lifeline in a period of concern and complexity.
Using a reputable independent broker to secure a small inheritance advance can ensure you get the best possible deal while offering the objective advice you need to make an informed decision. They can provide different options from various lenders (some of which do not work directly with borrowers), helping you make a well-informed choice and negotiating on your behalf.
For more information or to discuss the potential benefits of inheritance advance loans in more detail, contact a member of the team at UK Property Finance today.