Probate delays don’t just affect the beneficiaries and executors going through the process of releasing an inheritance, they are also impacting estate practitioners – especially those who work on a fixed fee basis.
The delays have been an issue for a while and there are several factors affecting how long the probate process is taking including the pandemic, the move to an online system and the centralisation of probate offices.
This is causing frustrations for those waiting for an inheritance but it’s also coming at a cost to law firms. If they are working on a fixed fee, they are not able to charge for the extra hours worked administering an estate (e.g., chasing up progress, dealing with the executor/beneficiaries for updates, etc.) meaning they’re spending more and more time on cases with less and less return.
Add to that the stress and uncertainty caused to the customer who is already going through a tough time by having to wait up to year before they can see any of the estate proceeds.
Tower Street Finance’s Dicky Davies says: “Our products are designed to help consumers and practitioners who are struggling with probate delays.
“There are a number of testamentary expenses that have to be covered before the Grant of Probate is issued including inheritance tax, professional fees, funeral costs and upkeep of property and land. The longer the probate process, the more these type of costs increase.
“Our IHT Loan and newly launched Estate Expense Funding products were designed specifically to help executors and personal representatives who find themselves facing costs they didn’t expect they’d have to meet. We can help them access the money quickly and easily so they don’t have to worry about holding up the release of the inheritance for the beneficiaries.
“Inevitably the current delays mean that beneficiaries are left waiting to receive their inheritance too. We know many rely on it and have probably already mentally spent the money before the receive it. Our Inheritance Advance product means they can access it sooner and as the loan is paid back from the inheritance there’s no risk and no monthly repayments.”
Find out more about us at www.towerstreetfinance.co.uk or call us on 0343 504 7100