When accessing cash early from your inheritance with Provira, this broadly falls under two categories of loans: Estate Advance loans and Inheritance Advance loans.

The key difference is that an Estate Advance is used specifically for the estate, including repairs, restorations, paying IHT and legal fees associated with the estate.

By comparison, an Inheritance Advance loan can be used for any purpose, since it is your own inheritance that you are drawing down early.

Inheritance Advances are commonly used for:

• Paying for repairs or restorations of the Estate
• Home improvements
• Debt consolidation
• School fees
• Business expenses
• Funding a family lifestyle

Estate Advances are commonly used for:

• Paying Inheritance tax (IHT)
• Paying for repairs or restorations of the Estate
• Legal fees, funeral fees, property fees

Why might you need an Estate Advance loan?

When the Probate process begins, it can take 9-12 months on average or sometimes longer and during this time your money is tied up. When complications, disputes or many assets are involved, this can be frustrating as the Probate process goes on and on.

Through an Estate Advance or Inheritance Advance, you can access 50% of your funds early for immediate use.

Legal and funeral expenses

If you have legal expenses, or with the average UK funeral costing up to £5,000, you may not have the cash available and using an advance may be beneficial. 

Paying Inheritance Tax

Inheritance tax is due 6 months after the individual has died. For a large estate, you may find that you have a significant tax bill due and with your Probate showing no end in sight, you may find that accessing cash from the estate is a viable and effective option.

Estate repairs and renovations

If the estate or home of the deceased is going to be resold on the open market or used by a direct descendent, it may need essential upgrades to maximise its value or be fully utilised by the family.

Your Estate Advance could be used to finance a new kitchen, bathroom, garden, extension, floors, interiors, plumbing and more.

What can you do with an Inheritance Advance loan?

An Inheritance Advance loan can be used for any purpose since it is your inheritance to spend as you wish.

You may wish to fund some essential home improvements and upgrades for your own home or pay off debts such as credit cards or mortgages or contribute towards school fees.

For a growing family, the funds can be used for essential everyday purchases and expenses, such as helping to buy a new family car or even pay for a holiday.

Importantly, the purpose of this type of loan is for personal use and anything legal or relating to the estate falls under an Estate Advance loan.

How much of my inheritance can I access early?

Provira allows you to access up to 50% of your inheritance based on the net valuation of the estate.

Who can apply for an Inheritance Advance or Estate Advance?

Inheritance Advances are designated for beneficiaries of the will (often close family members and descendants).

Estate Advances are allocated to the executor of the estate. This is the single person over the age of 18 responsible for handling all the legal aspects of the estate and who carries out the instructions of the will. 

Do all beneficiaries have to apply together for an Inheritance Advance loan?

No, not all beneficiaries have to apply together, it can be just one beneficiary who wishes to proceed and this will not affect the overall inheritance or outcome of the will.