A new probate loan called Estate Expense Funding has been introduced as part of a range of funding services helping beneficiaries and executors working through the administration of an estate.
Estate Expense Funding is not a traditional loan – there are no credit checks, and you don’t have to own a home as there are no charges over any property. Because the loan is repaid from the estate as a priority there are no monthly repayments, so income and affordability don’t need to be assessed.
As part of the executor/personal representative role there are various costs involved in dealing with the estate, such as funeral costs, professional fees, estate property repairs and house clearance costs. These testamentary expenses are prioritised for repayment when the estate is distributed, however this can take up to 12 months. Once the Grant of Probate is issued the loan is repaid from the estate proceeds before any inheritance is distributed to beneficiaries.
If you require any advice or assistance, please get in touch with our friendly team using one the contact form below and we will respond to you promptly. Alternatively, please call us on 26 600780 or 99 147650.