We recently helped out Meadows Ryan Solicitors in Weybridge with a case where an estate was locked because the IHT liability couldn’t be paid and professional fees were racking up.
The estate of the deceased was worth around £800k including properties, life cover policies and cash. Just before he passed away a new will was made which excluded his son after a fall out about a fraud case and a messy divorce.
The son lodged a caveat which is why everything was delayed.
Head of probate at Meadows Ryan, Jade Gani, made contact with Tower Street Finance to see how they could help as the case wasn’t moving on.
Tower Street Finance’s business development manager Gary Shaw says: “We were able to help out with our Estate Expense Funding product which provided the finance to pay the IHT bill direct to HMRC, professional fees to Meadows Ryan and also property maintenance costs which were needed. There’s also provision in the funding to use against any other Testamentary Expenses including further caveats from the son.”
Client trapped by Inheritance Tax bill
Meadows Ryan’s head of private client Jade Gani said: “When I took the file over the clients felt trapped between a rock and a hard place – they needed the grant of probate to release funds in the estate to cover growing costs, but they couldn’t pay the tax required to obtain the grant.
“Amongst this, their anxiety over a possible dispute was growing. I suggested they speak with Tower Street Finance as I had heard about their estate funding options. Within two weeks, the clients had the funds they needed and we can now progress matters on their behalf. They also have the added reassurance that they can meet the expense of litigation, should the claim go to court.
“Overall, my clients were very happy with Tower Street Finance’s options and I found Gary and the team an absolute breeze to work with – I couldn’t believe how quickly they turned things around and they didn’t require us to complete endless amounts of paperwork! I would definitely recommend their services to anyone else dealing with locked estates or facing an inheritance dispute that they can’t fund.”
For any enquiries, please take a look at our Inheritance Tax Loan product or call 0343 504 7100.