Inheritance Advance

JimB20
JimB20 Posts: 4 Newbie
in Loans
Hello,

I wasn't sure if loans was the right place to put this, but basically my wife and I are desperate to move from where we live now but until I get my inheritance which could still be another year away we are stuck. My Dad passed away April last year but due to issues with his girlfriend and also some of his life insurance policies it has been dragging on. Right now we have overcome those obstacles but now we have two properties to sell so as I say it could take a while to finally get sorted.

I did read about this subject and I must admit even from the name it sounds very American but is there such a thing as an inheritance advance in the UK? If there is it would really come in handy right now, but I just cannot seem to find any information relating to it here, jist in the US and Canada.

Many thanks everyone,

Jim.

Comments

  • fwor
    fwor Posts: 6,810 Forumite
    First Post Name Dropper First Anniversary
    It's not something that you see any sign of in the Uk - and the reason is probably that it represents too high a level of unmanageable risk to the lender.

    When you think about it, a lender would have to worry about someone unexpectedly contesting the will (or, in this case, expectedly, it seems), and about the possibility that inheritance tax and/or debts would make the actual payout less than the loan.

    Given that the first of these could completely eliminate your supposed inheritance, and there is absolutely nothing a lender could do to quantify or mitigate that risk, the lender would probably want a large wedge of the money in return (apocryphally, in the US, around half of the amount borrowed).
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    No chance I'm afraid.
  • JimB20
    JimB20 Posts: 4 Newbie
    No worries. Thanks for your replies, something else to tick off the list anyway.
  • macman
    macman Posts: 53,098 Forumite
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    With a sizeable estate, it's quite normal for the executors to do an initial distribution to the beneficiaries if some remaining aspects of the estate are unresolved. This assumes that probate has already been granted. Ask the executors, you have nothing to lose.
    No free lunch, and no free laptop ;)
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    annagreen222 wrote: »
    Thank you for the helpful information

    You are certainly one determined home page spammer, Anna!

    Two months now and still going....
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    First Anniversary Name Dropper First Post
    JimB20 wrote: »
    is there such a thing as an inheritance advance

    Very good idea - next stop Dragons Den.
  • Mojisola
    Mojisola Posts: 35,557 Forumite
    Name Dropper First Post First Anniversary
    macman said:
    With a sizeable estate, it's quite normal for the executors to do an initial distribution to the beneficiaries if some remaining aspects of the estate are unresolved. This assumes that probate has already been granted. Ask the executors, you have nothing to lose.
    If there is enough cash available without making the estate difficult to manage, an interim payment can be made.
    I did this with one beneficiary who had an urgent need for a lump sum. 
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