Estate Expense & IHT Funding
Accelerate estate administration
During the administration period of an estate (i.e. the period after death, but before the estate assets have been distributed to beneficiaries) there are certain administration, testamentary and tax costs to be paid. Estate Administration Fees (excluding Inheritance Tax (‘IHT’)) can cost around 5% of the estate value.
If the estate is unable to pay these, it may delay the process of planning a funeral, grant of probate, selling assets and ultimately paying out the inheritance to the beneficiaries.
Level’s estate expense & IHT funding allows executors to unlock a proportion of the estate to pay IHT, funeral costs and other estate liabilities such as:
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Property repairs and maintenance
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Property clearance costs
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Professional fees such as probate, valuers and surveyors
This has the benefit of providing financial support to executors or personal representatives liable for paying the testamentary expenses, as well ensuring that the beneficiaries will receive their inheritance as soon as possible.
Funding is provided as a fixed sum credit agreement paid directly to the professional firm managing the estate and can be used to pay Administration and Testamentary Expenses and IHT. Level takes an assignment over the inheritance monies due to you from the estate, i.e. there is no charge over land or property.
The estate must be administered to distribution by a recognised administrator. We can also provide funding if a Trust Company is appointed as the professional executor/personal representative. In this instance the loan is not regulated by the Consumer Credit Act.
Further Reading
