Probate delays are now so bad that registries are only responding to questions about applications they’ve had for eight weeks. This is according to a senior associate at Wilsons, a private wealth law firm.
It’s been widely reported that the pandemic has caused delays, with offices having to close their doors for much of the past year and many probate staff being placed on furlough. And the move to online applications has caused the issue to worsen.
Wilsons also point out that the delays are causing huge financial stress for dependents left behind who relied on the family member for living expenses. With the probate process stretching out ahead of them, they are often having to turn to applying for benefits or emergency loans.
Dicky Davies, business development director for Tower Street Finance, says: “To find yourself in financial straits while grieving for a loved one makes it a doubly difficult time.
“Applying for emergency loans also gives the potential for failing credit checks which will add to their woes.
“Our Inheritance Advance product could help many of these families out of this situation. They can get access to some of their inheritance quickly and easily. There are no credit checks, no repayments and no risk.”
Wilsons is also seeing the delays impacting some dependents who are responsible for paying the inheritance tax, with interest accruing on the amount owed while they wait for the Grant of Probate.
Continues Dicky: “This is where our other flagship product comes in. Our IHT Loan helps executors or Personal Representatives who are liable for picking up the tax bill access the money to do this earlier. It’s another unique product that doesn’t require credit checks or repayments, and we settle the bill directly with HMRC.
“We’ve already partnered with many solicitors, IFAs and administrators who are seeing the benefits of our offerings both for them and their clients.”
To find out more about Tower Street Finance’s products and to partner with them contact firstname.lastname@example.org or call 0343 504 7100.