• Marie Hart

Do You Need Your Inheritance?

You may have heard the word #probate before but have never really understood what it means - it is applying for the legal right to deal with someone's property, money and possessions (their 'estate') when they die. If a person left a will, you'll apply for a #grantofprobate. If the person did not leave a will, you'll apply for #lettersofadministration and the application is usually submitted by the #executor or the administrator.

This process can take weeks but typically months and some time years. A lot of it depends on how the person who passed away made their arrangements. Was there a Will? Did they make any arrangements at all? Did they plan for a tax liability? If positive arrangements were made then this will reduce the time it takes the executor or administrator to be granted legal authority to move the proceeds of the estate to the beneficiaries.

The estate after death can not be unlocked until the grant of probate or letters of administration have been granted and the executor or administrator have been given authority.

What if it does take years? Did you know you can apply for an #inheritance advance...? If you are successful with an application to a lender, you can use the advance to meet pressing estate costs and potential liabilities. You may also really need funds for your own personal concerns and issues.

Once the estate has been unlocked, the money will then go back to the lender. It may not always be the correct course of action and we would recommend you check all the details carefully or speak with a professional probate solicitor before proceeding but certainly an option should it be likely that the estate could be locked away for some time.

To avoid such issues for your family, always plan ahead. Firstly check that you have a #will...if you do not, you know what to do.

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