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Probate loan against future inheritance: Mother recently died leaving me money. How long will it take to get access to my inheritance and can I borrow against it?

I am beneficiary with my sister of my recently deceased mother’s estate, but while my sister is comfortably off, I am not. I believe I stand to inherit £65,000 and access to this will resolve a number of problems. How long will it take the estate to settle and (aside from paying funeral costs) can I get access to my future inheritance or borrow against it?

The average time from death to receiving an inheritance in the UK is around a year, and an estate of the size and complexity that you indicate may take longer particularly if there is property to sell.

No banks that we are aware of will lend against a future inheritance but if you have more immediate needs for money for house improvements, either to support a business, pay off debts or just day-to-day living expenses, we may well be able to arrange an advance against your future settlement.

A Probate Advance gives beneficiaries access to up to 60% of their future inheritance. The loan is against the estate rather than the individual so unlike other loans the advance is not dependent on a credit check on the recipient. Approval in principle can normally be granted within 48 hours.

  • Fees comprise a 1.5% arrangement fee of the advanced amount, plus interest of 1.5% per month on the Advance and the fee. This equates to a 19.9% APR
  • No monthly payments are charged until the estate is liquidated and the cash is distributed.
  • Once all capital and applicable interest is repaid out of the estate, all residual cash is paid to the beneficiary.
  • In the event that your actual inheritance exceeds the total balance owed, any surplus will be paid to you
  • Where your inheritance is less than the total balance owed, the lender will absorb that loss, with no further recourse to you or the estate.

If you wish to receive further information about Probate advances please do not hesitate to contact us.

We trust this free advice is useful to you. Should you need any further free advice or assistance on any funeral matter our helpdesk and concierge teams will be happy to help.

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