How do Probate Loans work?

• Probate Loans help executors or beneficiaries access money from an estate before probate has finished.
• There are no monthly repayments, no personal liability and the advance is paid back from the estate once administration is complete.
• Through Provira, a Probate Loan can either be an Estate Advance for executors or an Inheritance Advance for beneficiaries.

A Probate Loan gives either executors or beneficiaries access to money from an estate before probate has finished.

When someone dies, it can be a long time before the money held within their estate becomes available, especially if that money is tied up in assets like property or investments.

During that time, executors can find themselves responsible for paying Inheritance Tax, funeral expenses, legal fees and property maintenance costs. Beneficiaries on the other hand may be waiting for an inheritance that could take a year or more to arrive.

This can create a frustrating situation where an estate has value on paper, but very little accessible cash.

That’s where a Probate Loan is designed to help.

At Provira, we offer two types of Probate Loan: an Estate Advance for executors and an Inheritance Advance for beneficiaries. Both are designed to provide quick access to funds – normally up to 50% of the net value of the estate or inheritance – whilst the estate is being administered.

In short, a Probate Loan is designed to unlock money tied up in an estate before probate is complete.

What is a Probate Loan?

A Probate Loan is a loan designed to help beneficiaries or executors access funds from an estate before probate has been completed.

The term “Probate Loan” is often used to describe two different types of advance:

1. An Inheritance Advance, which is for beneficiaries who want to access part of their inheritance early.
2. An Estate Advance, which is for executors who need money to pay estate costs, like Inheritance Tax, legal fees or property costs.

In both cases, the amount that you can borrow with a Probate Loan is based on the value of the estate, rather than personal income or a credit score.

This is a key part in what makes Probate Loans different from traditional loans. Instead of assessing whether you can afford monthly payments, the lender looks at the estate itself to decide how much you can borrow.

How do Probate Loans work?

Probate Loans work by allowing executors or beneficiaries to release part of the value of an estate before probate has completed. 

Normally, beneficiaries and executors have to wait until the probate process is finalised before accessing money in an estate. 

With Provira, executors or beneficiaries can access up to 50% of the net value of the estate or their expected inheritance share.

The process is designed to be easy to follow:

First, you provide basic information about the estate, including details of assets and liabilities. This may include property, savings, investments, debts, the Will, the death certificate and any probate documents that you have already.

Provira then looks at the application based on the estate, not your personal financial situation.

If approved, the money can usually be released within days.

The other main difference with a Probate Loan is that there are no monthly repayments. Instead, the loan is paid back directly from the estate once probate is complete.

If you are interested in applying for a Probate Loan with Provira, start your application today.

Who can apply for a Probate Loan?

Anyone can apply for a Probate Loan as long as they are a beneficiary or executor of an estate.

A beneficiary may apply for a Probate Loan if they want to access their inheritance early. 

An executor may apply for a Probate Loan if they need the money now to pay estate-related costs like Inheritance Tax.

With Provira, Probate Loan applications are assessed based on the value of the estate and the expected inheritance, not on your personal credit score.

This means there are no credit checks, no monthly repayments and no personal liability.

Can you get a Probate Loan before probate is granted?

Yes, one of the most appealing features of a Probate Loan is that you can secure it before probate is granted. In fact, this is one of the reasons most people find it to be so helpful.

Probate can take a long time to complete, often up to 12 months.

Within this time, many executors need to pay Inheritance Tax, legal fees and manage property in the estate.

Likewise, beneficiaries may be under financial pressure and find it difficult to wait for the inheritance.

A Probate Loan is designed to help them release funds earlier. 

How is a Probate Loan repaid?

A probate loan is normally repaid from the estate once the administration process has been completed.

The good thing about a Probate Loan is that there are no monthly repayments to think about, no need to use your own income to pay the advance back each month and no need to put down your own assets – like your home – as collateral.

Instead, the loan, interest and fees are settled once the estate has finished being administered.

This can give executors and beneficiaries breathing space during what can already be a difficult and emotional time.

How much does a Probate Loan cost?

With Provira, the arrangement fee for a Probate Loan is 1-2% of the loan amount and interest is charged at 1.5-2% per month

Importantly, Provira charges simple interest, not compound interest. This means you do not pay interest on the interest, which helps keep the cost clearer and more controlled.

There are also no monthly repayments and no early repayment fees – everything is paid out once the estate has been finalised.

What can a Probate Loan be used for?

This depends on whether you are applying as a beneficiary or an executor.

If you are applying for an Inheritance Advance, the money can usually be used for anything. That might be paying bills, clearing debts, buying a car, helping with a house deposit or just easing financial pressure at an already difficult time.

If you are applying for an Estate Advance, the funds are usually used to help pay off costs to do with the estate, like Inheritance Tax, legal fees and property costs. 

What are the benefits of a Probate Loan?

The main benefit of a Probate Loan is that it gives access to money that would otherwise be tied up in the estate for months on end.

For beneficiaries, this can mean receiving part of their inheritance earlier.

For executors, it can mean being able to pay estate costs without using personal savings or delaying the probate process.

Provira’s probate loans are designed to be:

• Fast
• Easy to understand
• Based on the estate, not your credit score
• Repaid from the estate directly
• Free from monthly repayments
• Free from personal liability
• Charged with simple interest, not compound interest

For many families, that can make a difficult time feel more manageable.

Is a Probate Loan right for me?

A probate loan is not the right option for everyone, but it can be a lifeline in certain situations.

If you are an executor facing an urgent Inheritance Tax bill, or a beneficiary who needs access to money sooner, a Probate Loan can be a helpful place to start.

The important thing is to understand the costs, ask questions and feel comfortable before moving forward.

How to apply for a Probate Loan with Provira

Applying for a probate loan with Provira is designed to be easy.

First, you start your application online or speak to a member of our team.

We will then ask for some basic documents, which may include:

• A copy of the death certificate
• A copy of the Will, if there is one
• Grant of Probate, Letters of Administration or Confirmation, if available
• Details of the estate’s assets and liabilities
• Proof of ID, address and bank details

Once we have the information we need, our underwriting team reviews the application.

If approved, you will receive a formal offer. Once the documents are signed, funds can usually be transferred directly to your bank account within days.

At Provira, we understand that probate is not just a legal process. It is something people go through while grieving, dealing with new responsibilities and trying to make difficult financial decisions.

That is why our team takes a compassionate, careful approach.

Whether you are an executor trying to pay an Inheritance Tax bill, or a beneficiary waiting for an inheritance that is still tied up in probate, we can help you access the money sooner. 

If you need help accessing funds during probate, get in touch with the Provira team today.