How Families Can Access Their Inheritance Early During Probate
April 7, 2025 (Investorideas.com Newswire) When a loved one dies, families often face not only emotional pain but also financial stress. Probate is the legal process of dealing with someone's estate after they pass away. In the UK, this can take several months or even over a year.
During this time, assets like money, property, or shares are frozen and cannot be used by the beneficiaries. However, there are some ways families can access their inheritance early, especially if they need the funds to cover urgent costs like funeral bills, legal fees, or home renovations.
Why Families May Need Funds Early
Funerals in the UK can be expensive. According to SunLife's Cost of Dying Report 2024, the average cost of a basic funeral is £4,141. Many families cannot afford to pay this upfront while waiting for probate. In some cases, the bank of the deceased will release money directly to cover funeral costs if provided with an invoice and the death certificate. This helps take off some of the pressure but does not help with other expenses.
Legal fees can also be high, especially if there are disputes about the will or complex financial matters. In addition, if the family wants to renovate and sell the deceased's property, they may need thousands of pounds before they can put the house on the market. Renovating a home in poor condition can increase its value significantly, making it a smart move financially. But without access to the inheritance, families may not be able to afford it.
Probate Loans and Inheritance Advance Services
One of the most common ways to access inheritance early is through a probate loan or an inheritance advance, available from a number of select companies, such as Provira. These services offer a cash advance to beneficiaries before probate is complete. They are usually based on the value of the estate and the share that the person will eventually receive. The money is later repaid directly from the estate once probate is granted.
Inheritance advances are not loans in the traditional sense, because they are not paid back by the individual but from the estate. This means there are no monthly repayments or interest that builds over time. However, there are usually fees involved, and these vary depending on the provider.
According to Kings Court Trust, around 1 in 4 estates in the UK experience delays in probate, which can make inheritance advance services very helpful to families in need.
Talking to a Probate Specialist
Families who are unsure of their options should speak with a solicitor or probate specialist. They can help explain the process and check whether the estate is eligible for early release of funds. Some law firms offer fixed-fee services or free initial advice, which can help ease the financial burden.
If the deceased owned property, the executor might be able to arrange a bridging loan using the property as security.
This is more complex and should only be considered with legal advice, but it can be useful if urgent renovations are needed before selling the home.
Waiting for probate can be a frustrating and stressful time, especially when urgent costs are involved. While the legal process cannot be rushed in most cases, there are ways for families in the UK to get early access to some of their inheritance.
Whether it's covering funeral costs, paying legal fees, or investing in the deceased's property, getting financial support during this time can help families move forward.
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions.. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp. This article is a third party guest post published content and not the content of Investorideas.com . Learn more about posting your articles at http://www.investorideas.com/Advertise/
Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp