Managing client expectations during the probate process can be challenging. And it’s little wonder, as research from Tower Street Finance reveals that many beneficiaries have unrealistic expectations about how soon they will receive an inheritance.
According to a survey of 2,000 UK adults, 20 per cent expect to receive their share of an inheritance in less than 6 months, with a further 19 per cent believing that an estate left without a will would be granted probate within the same period – or indeed sooner.
The survey participants were shocked to hear that in fact probate can take an average of 9 to 12 months – longer if there is no will or the estate is complex – resulting in more than half (56 per cent) saying they want to receive their inheritance sooner.
What’s more, 50 per cent said that they expect a solicitor managing their loved ones’ estate to inform them about risk free products that can help them access their inheritance sooner.
The award-winning Inheritance Advance product is regulated by the Financial Conduct Authority. It enables beneficiaries to access up to 60 per cent of the value of their net inheritance. There are no credit checks, no charge over property, no personal liability or monthly repayments.
The loan is repaid from the estate funds once the estate is ready to distribute. There is a 2 per cent origination fee, which is capped at £1,500 and can be added to the loan, and a fixed yearly interest rate of 19.6 per cent. Interest roll up is capped at 30 months.
And there is also no need for a Will. If there is an intestacy situation Tower Street Finance work with the administrator to understand the distribution of the inheritance to the beneficiaries.
Tower Street Finance works with more than 100 partner solicitors in the UK to provide a solution to this challenge. Partners just need to introduce the product to clients, there are no arduous processes or paperwork – just providing some of the information that’s already been gathered.
Tower Street Finance offers a fee to partners at the time a product is taken out – which can be accepted or donated to our charity partner Cruse Bereavement Care.