A stark statistic that brought the first month of 2021 to an end was that January saw the highest mortality rate in England since 2002, primarily caused by the Covid-19 pandemic.
Data from the Office for National Statistics revealed that there were 68,796 deaths registered, which was 15,685 more than the five-year average for the month of January.
Sadly, record deaths also mean the likelihood of further probate delays.
Figures from the HM Courts & Tribunals Service show that following the move to online applications for probate there are delays in issuing Grants of Probate. Before the pandemic an average of 5,000 grants were issued each week. In comparison, one week in January this year saw that number fall to just 2,390.
And according to our own, Tower Street Finance research, these delays could spell financial hardship for many as our managing director recently revealed to the Daily Express that nine out of ten UK adults are relying on an inheritance to pay off debts, afford retirement or even pay for current living expenses.
Dicky Davies business development director for Tower Street Finance said: “Now’s the time that professionals dealing with probate could see their phones ringing off the hook with clients chasing up their inheritance.
“A spike in deaths, a reliance on an inheritance and probate delays – it’s a perfect storm. Thousands of people want access to their inheritance sooner than the current process can provide.
“We’ve got the solution. Our award winning Inheritance Advance product gives people the opportunity to access a proportion of their inheritance early with no personal risk or liability. It’s a unique product in the market, that enables estate professionals to help more clients.”
To find out more email firstname.lastname@example.org or call 0343 504 7100.