What is Probate?

Probate is the legal and financial process of winding up a deceased person’s Estate. A grant of Probate authorises the administration of the Estate, including the sale of assets, the settlement of liabilities and the distribution of residual cash to the Estate’s beneficiaries.

Do I need a grant of Probate in order to apply?

Whilst we encourage you to apply and be fully pre-approved before a grant is issued, the lender will require proof of Probate before your Advance can be funded.

What is a Probate Advance?

Probate Advance allows beneficiaries of an Estate to access a portion of their inheritance immediately, rather than waiting for the Estate to be wound up and distributed. There are no interest or capital payments owed on the Advance until the Estate is liquidated and cash is disbursed. Once all of the capital and accrued interest on the loan are repaid out of the Estate, all residual cash is paid to the borrowing beneficiary.

How is a Probate Advance different from a traditional loan?

Traditionally, personal loans require the borrower to sign a personal guarantee or to provide security to the lender over their assets, such as property. In the event that the borrower defaults, the lender can then take possession of personal assets and sell them to recover what they are owed. Probate Advance is different. The product was designed to underwrite Estates, not borrowers, so you won’t be asked for any form of personal security. The lender’s claim is against the assets of the Estate and in the event those assets sell for less than they are owed, that’s their loss.

What if I don’t have a strong credit history?

That doesn’t matter, because underwriting is focused on the Estate (and its assets/liabilities). The application process therefore ensures that there’s a clear link between applicants (i.e. beneficiaries) and the Estate, as well as establishing the estimated value of Eligible Assets within the Estate, to advance funds against.

What happens if my final inheritance doesn’t cover the total amount I owe to the lender?

That’s OK and is not your risk, it’s the lender’s. This is why the lender ensures that it understands the Estate as part of its underwriting process. But if the lender gets it wrong, they bear any associated loss.

What’s the benefit of a Probate Advance?

The key benefit of a Probate Advance is the certainty it provides beneficiaries, who can access a large portion of their future inheritance immediately (once Probate has been granted), rather than having to wait an uncertain period of time – typically around 12 months – before the Estate is fully liquidated and cash is distributed.

What can a Probate Advance be used for?

That’s entirely up to you and you are not restricted as to what you choose to do with your Advance. Examples of how beneficiaries have told us they plan to take advantage of their Probate Advance include the following;

  • Buying a new home, especially in light of advantageous stamp duty reductions as a result of Covid
  • Renovating an existing home – either to sell or simply to improve the property
  • Paying off expensive and / or personally guaranteed debts
  • Investing in a business venture
  • Taking advantage of time-sensitive investment opportunities
  • Paying for school / university fees
  • Taking the stress and uncertainty out of waiting for an inheritance that an individual may be relying on financially

Neither Provira nor the lender provide advice as to any investment you may choose to make, or how you use your Advance.

How much money will I be advanced?

The lender will estimate the value of the Estate’s Eligible Assets less any liabilities owed, such as the Administrator’s fees, mortgages over property within the Estate, etc. This gives the Estate’s estimated Net Eligible Asset value.

Eligible Assets are typically (UK domiciled) cash, as well as publicly quoted investments and properties that are to be sold. The lender may consider other assets by exception. You will then be offered up to 60% of your portion of the Estate’s Net Eligible Assets. You may, of course, take less.

What if there are other beneficiaries?

That’s absolutely fine. The lender only underwrites your share of the Estate and has no legal rights over the inheritances of other beneficiaries. There is also no restriction to more than one beneficiary of an Estate applying for an Advance.

How do I apply?

The application process has been designed to be as simple and transparent as possible. The easy four step process works as follows…

Step 1: Complete the short online application form via our website. This includes basic information on you, the Deceased and the Estate (including details of the Estate’s Administrator should one exist). Once you’ve completed an application, we will aim to get back to you as soon as possible – usually within two business days – to confirm whether you’ve been pre-approved.

Step 2: Your pre-approval notification will include a list of documents that we need you to upload in order for the lender to underwrite the application. This includes the grant of Probate, details of specific assets within the Estate and so forth. We work closely with Administrators during this part of the process in order to try limit the time and effort required from applicants.

Step 3: Once the underwriting process is complete (based on the documents submitted in Step 2) and subject to a successful grant of Probate, we will notify you of the lender’s offer via email.

Step 4: You simply need to accept the lender’s offer by electronically signing the loan documents. Funds are then disbursed to your nominated UK bank account.

What if I change my mind?

You will have 14 days to cancel your Advance from the date you enter into the loan agreement. Should you elect to do so, within 30 days after cancelling, you will need to repay the amount of the Advance together with accrued interest, at the interest rate set out in your loan agreement, from the date the Advance was provided until the date of repayment.

What if the deceased did not leave a will?

That’s OK. Estates are administered according to clearly defined rules (the Rules of Intestacy) where no will exists.

Will you decline my application based on my income or job status?

No. The decision will be based on the assessment of the Estate. Therefore, your employment information is not relevant.

I’m an Administrator – where do I fit in?

We work closely with the Administrators of Estates, as well as will writers, IFAs and lawyers in order to provide Probate Advance to their clients.

In order to work together, we ask firms to enrol as Partners via a standard Service Level Agreement, which includes guidance on how to treat customers, as well as fee structures where applicable.

During the application process, we often work directly with Administrators in order to obtain the necessary information in completing the underwriting.

Contact us on [email protected] in order to learn more, including how to enrol as a Partner.

Who are Provira?

Provira’s founding team and investors are experienced financial professionals, having successfully launched and invested in many innovative specialty finance businesses over combined careers spanning 100+ years. We are passionate about building disruptive businesses that focus on benefiting the consumer. We’ve worked for and with some of the largest and most reputable financial institutions globally.

I still have questions, what should I do?

That’s OK, we’re here to help however we can. Email us anytime on [email protected] or call us on weekdays (excluding bank holidays) between 9am to 6pm on +44 (0) 203 813 6400. If for whatever reason we can’t take your call, we will get back to you as soon as possible.

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