Webinar: The Great Inheritance Illusion

Why an Inheritance Does Not mean Immediate Access to Money

You can be confident with the UK’s most trusted Inheritance and Estate Advance provider.

Overview

Provira’s webinar explored the gap between expecting an inheritance and being able to access it.

Steve Gauke, Laura Fordham of Titan Wealth and Andy from Just Wills and Legal Services discussed how tax changes, probate delays and limited access to cash can create financial pressure for families, even where an estate holds substantial assets.

The discussion opened with the inclusion of unused pension funds in inheritance tax calculations from April 2027. Laura explained that the changes could bring more estates into inheritance tax and increase liabilities for those already affected. The panel also considered the potential impact on the residence nil rate band and the extra administrative work involved in dealing with pension death benefits.

For advisers, these changes are prompting broader conversations about how clients use their pensions, nominate beneficiaries and prepare their estates.

Laura described reviewing older pension arrangements, considering gifting and discussing suitable protection policies. She stressed that decisions should account for clients’ future financial needs. Drawing money from a pension or making gifts purely to reduce inheritance tax could create difficulties later in life.

A recurring theme was the difference between receiving a grant of probate and completing the administration of an estate. The panel described estate administration taking nine to 12 months in straightforward cases, with complex estates potentially taking considerably longer. Families can find these timescales difficult to understand, particularly when they have already made plans for their inheritance.

For advisers, these changes are prompting broader conversations about how clients use their pensions, nominate beneficiaries and prepare their estates.

Property can make this problem more acute. An estate may have considerable value tied up in a home, while lacking accessible cash to meet tax, legal fees, maintenance or other expenses.

Preparing a property for sale can require further spending. Delays, incomplete records and disputes between beneficiaries can extend the process and increase pressure on those managing it.

Steve explained the distinction between Provira’s two lending products. An estate advance provides funding to an executor to meet estate liabilities, such as inheritance tax, legal fees or property repairs. An inheritance advance allows a beneficiary to borrow against part of their expected inheritance before the estate is ready to distribute funds. Both involve borrowing costs, with repayment taking place later in the administration process.

The panel presented lending as one option to consider alongside other available routes. Steve highlighted that arrangements with HMRC, where available and suitable, could be cheaper. Laura emphasised understanding the client’s actual needs, motivations and timescales before discussing potential solutions. Beneficiaries should also keep their plans flexible and avoid irreversible commitments before funds become available.

Speakers

Steve Gauke, Managing Director at Provira

Steve joined Provira in early 2022 and has seen the business grow to become a leading provider of inheritance and estate advances in the UK.

He holds a Master’s Degree in Business Studies and has more than 20 years’ experience in professional services, including senior roles at The Law Society of England & Wales and Kreston Reeves.

Steve is focused on ensuring Provira delivers a world-class service to both its customers and partners, an approach that has been central to the company’s continued growth.

Laura Fordham, Titan Wealth

Laura has been advising clients for 10 years and specialises in understanding the financial ambitions of both individuals and their families.

She helps clients create structured and integrated plans for a financially secure future, advising across areas including financial protection, investment planning, retirement planning and estate planning.

Laura is particularly passionate about working with younger generations, helping them understand the importance of financial planning and the value that professional advice can provide.

Andy Price, Group Managing Director at Just Wills & Legal Services

Andy is a founding partner at Just Wills & Legal Services and has worked within the will-writing sector for almost 20 years.

During that time, he has helped thousands of families put the right wills and estate plans in place, giving them greater confidence and peace of mind about the future.

As Group Managing Director, Andy works across the business to develop customer relationships, support its legal and office teams and recruit, train and develop consultants.

Just Wills & Legal Services is a national will-writing and legal services provider and is a member of The Society of Will Writers and The Professional Association of Legal Services.