There are many times in life that can put financial pressure on those awaiting an inheritance. Moving house, starting a family, or covering medical bills are a few common examples and situations that can be difficult to navigate, particularly when you consider that probate can often stretch over several months or even longer. If you are facing financial challenges while waiting, this can create a difficult situation.
Life Doesn’t Wait: Major Expenses Before Probate Ends
There are various scenarios that people find themselves in while waiting for probate to end. This can involve putting a deposit down on a house, paying off urgent debts, and covering childcare costs. It is frustrating when you are waiting for these tied-up funds to be made available and could have a big impact on your life in the interim.
Understanding Probate Delays & the Financial Implications
Even a well-planned estate in the UK can take a long time to process. There are a number of stages involved in the process, including:
- Identifying the executor
- Applying for probate
- Grant of probate
- Administering the estate
The executor will ensure that assets are distributed according to their wishes if they had a will or the rules of intestacy. Probate delays can have a catastrophic effect on grieving loved ones, particularly when facing financial challenges.
A Bridge to the Future: What is an Inheritance Advance Plan?
Fortunately, there is a solution for those waiting for an estate to settle. An inheritance advance loan provides beneficiaries with early access to their expected inheritance without requiring them to sell assets or take out high-interest credit. These loans are specifically designed to bridge the gap without adding new financial burdens, with no personal liability and no monthly repayments. Instead, the professional administrator repays the loan in full, with any leftover inheritance being distributed to you.
Planning for the Unexpected
If you are struggling financially while waiting for probate to settle, there are a few additional steps you can take. First, you should create a budget to control your spending before speaking to a financial advisor. You can also explore inheritance funding options as a way to bridge the gap and navigate any financial challenges you face in the interim.
It is always tough when a loved one passes away. This is amplified when you also have financial challenges at the same time, whether this is putting a deposit on a house or paying off debt. Inheritance can take a while to process, but you should know that there are alternative solutions available in this situation.
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