• Most inheritance money is paid into your bank account by transfer, though property, shares and personal items can be passed on directly rather than being sold and turned into cash.
• Before beneficiaries can be paid, the estate needs to be valued, its debts and taxes paid and in some cases, probate needs to be granted.
• If you need money before the estate is ready to pay you, Provira’s Inheritance Advance can give you access to part of your inheritance early.

When people think about receiving an inheritance, most people probably imagine a lump sum of money landing in their bank account. For a lot of people that’s pretty much what happens, but not in all cases.

Some inheritances are paid by bank transfer. But if you’ve been left a house, shares or a particular item, you might receive the asset itself rather than the money it’s worth.

Before any of that happens, the estate has to be administered first. That means valuing everything, paying off debts and tax and, in some cases, waiting for probate to be completed.

Being named in someone’s will doesn’t mean the money arrives straight away after they pass away, and that gap can be hard to navigate with if you’re relying on the money.

If you’re in that position and need access to your inheritance sooner, Provira’sInheritance Advance can give you access to up to 50% of your expected inheritance before the estate is ready to pay it out.

We only charge simple interest, not compound interest, and you only pay us back once your inheritance comes through.

Start your application today.

What has to happen before you can receive your inheritance?

Before you receive your inheritance, the executor has to work out what the estate is worth, deal with any debts, pay Inheritance Tax and, in some cases, apply for aGrant of Probate.

The grant gives the executor the legal authority to deal with the estate, which can include closing bank accounts, selling property and eventually paying beneficiaries the inheritance they are due.

Executors also have good reason not to pay people too early. If money is paid out and a new debt appears after, they could end up personally responsible for it.

If you want to know how long this part of the process usually takes, we’ve covered that in detail inour guide on when you’ll receive your inheritance.

How is inheritance money actually paid to you?

The answer depends on what you’ve inherited.

Money

If you’ve inherited a fixed amount of money or a share of what’s left in the estate, it’s usually paid directly into your bank account.

The payment may come from the estate’s account or from a solicitor’s client account if they are handling the administration. You’ll normally be asked to confirm your bank details before anything is sent, so you’ll know roughly when it’s due to arrive.

Property

If you’ve inherited a house or flat, it doesn’t necessarily have to be sold so that you can receive the cash. 

If the property is being passed to you rather than sold, the executor can transfer ownership into your name. This is known as an assent and is registered with HM Land Registry.

If the property is being sold, then the executor will usually pay out the beneficiaries only when the sale has completed in full and all associated costs have been covered.

Shares and investments

Shares and other investments can either be transferred into your name, or sold for cash.

What happens will depend on the estate and, where there’s a choice, whether you’d rather keep the investments or receive the cash. Certain accounts, like ISAs, have their own rules after someone dies, whichwe’ve explained in more detail here.

Personal items

Items like jewellery, furniture or a car can be handed over directly once the executor is ready. They may need to be valued as part of the estate first, but that doesn’t necessarily mean they need to be sold.

What is the safest way to receive inheritance money?

For a big cash inheritance, the money will normally arrive by bank transfer.

Inheritance can involve big sums of money, so it’s important to check that the executor has the right details for you. 

Can you receive your inheritance in cash?

For any big inheritance, expect the money to arrive by bank transfer rather than as physical cash. It gives both you and the executor a clear record of where the money has gone.

A smaller gift named in a will could be handed over as physical cash, but it doesn’t happen very often.

What if you need the money before your inheritance comes through?

If probate or the administration of the estate is taking a while, you don’t necessarily have to wait until everything is finished before accessing any of your expected inheritance.

On paper, you might be due to inherit a large amount of money, but if bills need paying now and the money is still tied up in probate, then the wait can feel endless. 

Provira’sInheritance Advance can give you access to up to 50% of your inheritance within days. 

You can also read more abouthow an Inheritance Advance works for beneficiaries here.

How Provira can help while you wait for your inheritance

Waiting for an inheritance can be a strange position to be in. You might know exactly how much you’re due to receive and still have no real idea when it will actually arrive.

Provira’sInheritance Advance gives you access to up to 50% of your inheritance without waiting for probate or the administration of the estate to finish.

There are no monthly repayments, no personal guarantees and no charge over your own home. 

We charge simple interest rather than compound interest, and there are no early repayment fees if the estate settles sooner than expected.

Before you decide whether to go ahead, our compassionate team is on hand to explain how much you could access, what the advance would cost and how repayment from your inheritance would work.

Speak to our team today to find out more.