Probate loans enable you can borrow against the value of the estate before probate is granted – and that can take well over a year (see probate delays). When taking control of a person’s estate, you may need to restructure their assets or pay off debts before even undergoing the probate process. This is where a probate advance could come in handy — they’re fast, short-term and flexible. Beneficiaries may need an advance on their inheritance for their own purposes.
Probate Lending And How It Can Help.
- Funding Probate Disputes
- Probate Funds to pay Inheritance Tax, so that probate can be granted. IHT loans are probably the most common.
- Inheritance Advance Loans so that beneficiaries can release funds early.
- Probate Loans to help pay the cost of dealing with the estate.
- Release funds to pay for essential maintenance, legal fees and more.
- Probate loan to pay debts of the estate (or beneficiary).
Not every executor has the funds available to deal with these and other issues, and why should they take on the personal liability for funding the release of the estate to the beneficiaries?Let’s take the types of probate lending in order:
Loan to Fund Probate Disputes or other Inheritance Disputes.
- Perhaps there is a dispute over the validity of the Will.
- Claims from dependents who have not been fairly treated.
- Have been left out of the Will
- Or come outside the Rules of Intestacy.
- Whose inheritance has been affected by Undue Influence.
- For these types of probate lending, you will need to be represented by an expert contentious probate firm, and the one we point people to offers a free initial review, so we would suggest you at least have an initial chat with them as soon as you have used the enquiry form below.
Funding Probate Loans to Pay Inheritance Tax: IHT Loans
Stumped as to how to pay Inheritance Tax when you can’t get access to any assets until probate is granted, but you can’t apply until the IHT is paid? Many estates do not have the cash to pay IHT within 6 months of the end of the month following the month in which the person died (sorry that is a bit of a mouthful!) If the Inheritance Tax is not paid, then the executor can’t even apply for probate, so an IHT loan may be essential to break the log jam and get things moving.Many asset holders will release money in advance provided the funds go directly to the Taxman. HMRC may agree to payments over a period where the estate is tied up in property. But if those don’t solve the problem of getting HMRC to permit a Probate application to be submitted, an IHT Loan may be the only way forward.
Beneficiaries: Get an Inheritance Advance.
With probate delays, it is not uncommon for beneficiaries to have to wait a year or more before they can actually use their inheritance so an advance loan may help to:
- Pay off or reduce their mortgage.
- Pay off loans to reduce the pressure on spendable income.
- Pay school fees.
- Fund home improvements or property purchase.
- Probate loans to pay beneficiaries’ care costs.
- Get that business idea off the ground.
- Get that once-in-a-lifetime holiday done up to a year early.
If you think a probate loan would be of benefit, please do contact the page sponsor via the form below. There is no cost, no risk, no credit checks, no monthly repayments, no charge over property, and up to 60% of an inheritance may be advanced. The advance and interest are repaid out of the inheritance. Do be aware that the option is not always available, but there is no charge for enquiring.
What are probate loans?
Sometimes referred to as an inheritance loan or a probate loan, it enables beneficiaries to get some of their inheritance earlier. Get your money quickly!If you’ve inherited a property and would like to borrow against it – perhaps to do some home renovations or purchase another property – that’s an option, as once probate has been granted you can borrow against the property in the normal way.
Does it matter where I live?
How do you borrow money against an inheritance?An estate loan is often referred to as an inheritance loan or a probate loan. These loans let you borrow against real estate assets you don’t have access to yet. You receive your funds and then repay the amount plus a fee, with the estate functioning as collateral for the loan.
Can’t wait for your inheritance claim to go through? Find out how to get quick access to your funds with inheritance loans.
Coping with the loss of a loved one is heartbreaking. And if you’ve been left an inheritance, going through the long and complicated process of an inheritance claim can make the whole experience even more devastating.But if you need access to your inheritance funds quickly, it’s worth considering inheritance advance loans.
What are inheritance loans?
An inheritance loan is a quick, short-term form of financing that gives you access to the value of the funds or assets you’re entitled to through your inheritance.Estate and inheritance claims can take months and even years before they’re resolved. And even after the claim is approved, it can take between six and twelve months to transfer all the funds, assets and property in an estate.If you’ve got bills to pay, estate debts to clear up, or need the money for personal reasons, inheritance loans can help you gain access to your money quickly when you need it.How do inheritance loans work?There are two main types of inheritance funding:
An Advance Inheritance Loan
An advance on your inheritance, also referred to as probate lending, are the most common type of inheritance loans. A lender loans you part of the value of your inheritance, and in return, you transfer your right to your inheritance to the lender, who will give you the surplus, as the advance will not be more than 60% of your potential benefit.An inheritance advance loan is simply a loan using your inheritance as collateral
What are the benefits of inheritance loans?
Settling an estate after a loved one passes away can be expensive – with lots of fees and costs to cover. These probate costs include funeral costs, legal fees, estate debts, maintaining and repairing property, etc. If you inherit any real estate, you might also want to buy out the other heirs’ shares of inherited property. Lastly, you might also have personal debts that you want to pay off quickly to avoid interest charges or worse.Inheritance loans give you access to the cash you need quickly so you can make these payments.
What should I look for in a lender for an inheritance loan?
While inheritance advance loans can be beneficial, you’ll want to ensure you work with a qualified, experienced lender who will support you through the process. Some qualities to look for in a trusted lender include:
- A simple and straightforward application processThe application process to apply for your loan should be crystal clear and involve only a few key steps.No hidden feesLenders should be upfront and transparent about their fees. Check through the small print to ensure you aren’t being charged unknowingly.No credit checksInheritance loans do not require credit checks – so be wary of any lender asking for one.No maximum loan amountWhether it’s a big or small advance, your lender should be willing to process any application without loan restrictions. At BridgePoint Financial, we offer loans starting at $5,000 with no limit on the amount you can borrow.Quick turnaround timeOnce your application is approved, a qualified lender should be able to get you access to your funds within a few days.Crystal clear repayment optionsDo you have to start making repayments before the estate is finalized? Will you be penalized for repaying your loan too early? Make sure you’re aware of your repayment options upfront.If you need an advance on your inheritance, BridgePoint Financial can help. We offer a simple and stress-free application process and can have funds to you in as little as 24 hours once your application is approved.
Probate Lending Enquiry Form:
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FREQUENTLY ASKED QUESTIONS ON PROBATE LOANS:
Can you get a loan for probate?
You can receive anywhere from 25 to 75 per cent of your original inheritance with a probate loan. The exact range will depend on the lender’s agreement offer and the length of time probate takes. Some lenders rely on a maximum loan amount rather than a percentage of the inheritance and will only offer up to that amount. Use the form above to enquire.
Can you get a loan while waiting for probate?
You can get a bridge loan while waiting for probate to settle. In fact, many borrowers typically choose this option since funds are needed, especially during what is already a stressful time. Use the form above to enquire.
Can I borrow against an inheritance?
Yes. Your credit rating is not related to your ability to get some of your inheritance early. The advance is secured against the money you are due to receive from the estate. Use the form above to enquire.
How long does it take to get an inheritance loan?
It only takes a few minutes to complete the initial process. Once you are accepted for an inheritance loan, funding takes place to your bank account within a couple of days. The money may be yours to do with as you wish with no payments required until the estate is settled, and repayment would normally be direct from the probate lawyer. Use the form above to enquire.
What is an executor’s loan?
An Executor Loan helps personal representatives, or executors if there’s a Will, with estates where there is an Inheritance Tax (IHT) liability to pay but no funds available. It is the ideal solution if you are wondering how to pay inheritance tax before probate is granted. Use the form above to enquire.
Can I get an advance on my inheritance UK?
A probate loan enables you to have access to your inheritance earlier than the formal probate process will allow. The loan advance is secured by an assignment of the inheritance monies you are due to receive from the estate and you may be able to receive up to 60% of your anticipated inheritance monies. Use the form above to enquire.