Where there’s (not) a will there’s a way

Nov 20, 2020

There are many reasons cited as to why people don’t make a will.

They range from being uncomfortable talking about death to trusting their families to do the right thing when the time comes. And many say they’ve just not got round to it or are put off by the cost.

As a result, around 54 per cent of UK adults don’t have a will. And in the absence of a will, there’s also the absence of an executor.

With executors responsible for paying any inheritance tax owed before probate can be granted and inheritance released, this liability could end up passing to an unsuspecting family member or beneficiary.

This means many people could find themselves in a position where they know they’ve got a windfall to come, but before they get it, they have to find the cash to pay HMRC – and it could be quite a substantial bill.

Tower Street Finance has recently launched an Inheritance Tax Loan and one of the unique features is there doesn’t need to be a will in place for the customer to be eligible. If there’s no executor, the personal representative (often a beneficiary) can take out the loan. This means the tax bill can be paid on time and it won’t hold up the probate process.

Tower Street Finance pays HMRC directly and then the loan is repaid once the estate assets are released prior to any beneficiary distribution.

The IHT Loan is also unique in that no credit checks are needed, there is no charge over any property and there are no monthly repayments. It’s a completely risk free product.

Tower Street Finance’s other offering – Inheritance Advance – also doesn’t require a will to be in place. This product is attractive to beneficiaries who want to access a proportion of their inheritance early.

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