How Does Probate Advance Work

Inheriting assets in the wake of bereavement can sometimes feel more like a curse than a blessing. The UK’s approach to probate loans and inheritance taxation is notoriously complex.

Getting your inheritance can sometimes turn out to be more of a headache than a windfall, especially when the process involved, known as probate, gets drawn out over weeks or even years.

But what if there was a way to access a portion of your inheritance upfront without having to wait for the seemingly endless probate process to finish?

Potential problems with the probate process

After the passing of a loved one, the last thing anyone needs is a raft of legal and financial complications. Unfortunately, probate brings both into the mix. and in no small measure.

Difficult at the best of times, the process can get dragged out further due to disputes over the will, outstanding debts, property sales, or simple administrative delays. During this period, rightful beneficiaries may find themselves facing a dead end, unable to access the inheritance due to them.

Introducing probate advance

While such circumstances can leave you feeling helpless, there is a solution that can offer some relief: a probate advance. This bespoke service enables beneficiaries to receive a portion of their inheritance early, usually within a couple of weeks at the most.

Probate advance, also known as inheritance advance or estate advance, is a swift and affordable way to access some of your owed inheritance without waiting for the probate process to finish. It is essentially a secured loan, wherein the assets you are owed are used as collateral for the facility.

You may be able to access anything from 60% to 80% of your owed inheritance in advance, at the cost of a low monthly rate of interest in the interim.

How does probate advance work?

The process of obtaining a probate advance loan is fairly straightforward, consisting of the following steps:

1. Application: The process begins by applying for a probate advance with a reputable company, ideally via a specialist broker. The application usually requires minimal paperwork. Typically, a copy of the death certificate, a will, if applicable, and some basic identification
2. Evaluation: The lender will then assess the estate and perform due diligence. They will validate your inheritance claim and the value of assets in the estate.
3. Agreement: Once verified, the lender will offer you an advance, typically a percentage of the inheritance you’re owed. You’ll receive a contract outlining the terms and conditions.
4. Transfer: After the contract is signed, the advanced amount is wired to your bank account within a few days, which you are free to use as you wish.

The benefits of probate advances

Sourced from a reliable and reputable provider, a cost-effective probate advance can offer a broad range of benefits.

Examples of these include:

• Fast Access to Funds: Probate Advance provides you with immediate financial relief during a challenging period, thereby reducing financial stress.
• No Repayment Obligations: Unlike a conventional loan, there’s no obligation to repay the sum before you gain access to your inheritance, which makes it an attractive option for many beneficiaries.
• Credit Status is Not an Issue: The advance does not depend on your credit score or financial history. The main matter of importance is the value of the inheritance you are set to receive.
• Avoids Family Conflicts: As every beneficiary can apply for their share, it prevents potential family disputes over access to the inheritance.

Making the right decision

Choosing the right financial support during a particularly sensitive time can be challenging, but it is important to consider all available options before making your decision. While probate advances offer a fast, flexible, and affordable solution, it’s crucial to balance this against any potential costs or drawbacks.

Your aim should be to ease financial stress during a difficult time, not add to it. Precisely the input and support of an experienced broker can prove invaluable. Along with helping you choose the ideal products to suit your requirements, your broker will pair your case with the best available lender and negotiate hard to ensure you get an unbeatable deal.

For more information or to discuss the potential benefits of probate advance in more detail, contact a member of the team at UK Property Finance today.