Tower Street Finance

What is Probate and how does it work?

Probate is the legal and financial process of dealing with the property, money and possessions of a person who has died. It is a long and complicated process.


The Executor of a Will (or Personal Representative when there is no Will) applies to the Courts for a Grant of Probate. This gives them legal control over the deceased person’s assets so that they can start the process of disposing of them, and therefore settle any liabilities of the Estate, before distributing the residual proceeds to the Beneficiaries.


However, in order to get the Grant of Probate, any Inheritance Tax (IHT) has to be paid to HMRC before a Grant can be issued by the Courts. This means that the Executor/Personal Representative has to find the money to pay the IHT before they have access to the assets held in the Estate.


Given how complicated the process is, it is usually 9-12 months before any of the Beneficiaries are able to receive any money from the Estate.


Tower Street Finance recognised that the payment of IHT and the delay before Beneficiaries receive any money can have a significant impact on the Executor/Personal Representative/Beneficiary and have therefore designed the IHT Loan (for paying IHT to HMRC) and Inheritance Advance (to allow Beneficiaries to access a proportion of their inheritance earlier) to help customers.


This explains the Probate process and how Tower Street Finance’s products fit alongside the process to benefit customers….

You may have heard of a Probate Loan (sometimes called Probate Finance, Inheritance Loan, Probate Funding or Probate Bridging Loan) but they are generally a re-badged standard Bridging Loan.

They also normally require you to wait until probate is granted before you can take one out.

The Inheritance Advance product has taken the best features from other products on the market to design something which is available to a wider audience of people, and you don’t need to wait for probate to take one out.

The table below shows how the Inheritance Advance product compares with other products:

Product Features
Bridging Loan
Personal Loan
Inheritance Advance
No personal credit check
Available to people with adverse credit (e.g. CCJs)
No charge over property
No personal liability
No inheritance shortfall risk
No monthly repayments
Inheritance Advance is superior to a Probate Loan as it does not require a credit check or charge over a property, and there is no risk to the customer.