How Tower Street Finance can help with locked estates

How Tower Street Finance can help with locked estates

We recently helped out Meadows Ryan solicitors in Weybridge with a case where an estate was locked because the IHT liability could not be paid and professional fees were racking up.

The estate of the deceased was worth around £800k including properties, life cover policies and cash. Just before he passed away, a new will was made which excluded his son after a fall out about a fraud case and a messy divorce.

The son lodged a caveat which is why everything was delayed.

Head of probate at Meadows Ryan, Jade Gani, made contact with Tower Street Finance to see how they could help as the case was not moving on.

Tower Street Finance’s business development manager Gary Shaw says:

“We were able to help out with our Estate Expense Funding product which provided the finance to pay the IHT bill direct to HMRC, professional fees to Meadows Ryan and also property maintenance costs which were needed. There is also provision in the funding to use against any other Testamentary Expenses, including further caveats from the son.”

Meadows Ryan’s head of private client Jade Gani said:

“When I took over the file, the clients felt trapped between a rock and a hard place – they needed the grant of probate to release funds in the estate to cover growing costs, but they could not pay the tax required to obtain the grant.

Amongst this, their anxiety over a possible dispute was growing. I suggested they speak with Tower Street Finance as I had heard about their estate funding options. Within two weeks, the clients had the funds they needed and we can now progress matters on their behalf. They also have the added reassurance that they can meet the expense of litigation, should the claim go to court.

Overall, my clients were very happy with Tower Street Finance’s options and I found Gary and the team an absolute breeze to work with – I could not believe how quickly they turned things around and they did not require us to complete endless amounts of paperwork! I would definitely recommend their services to anyone else dealing with locked estates or facing an inheritance dispute that they can’t fund.”

For any enquiries, please go to towerstreetfinance.co.uk or call 0343 504 7100.

This article was submitted to be published by Tower Street Finance as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.

Tower Street Finance

https://towerstreetfinance.co.uk/

Tower Street Finance (TSF) was set up by an experienced management team who saw a need for relevant, accessible financial products which benefit administrators of estates, executors and beneficiaries. We are passionate about using insight, data and our considerable experience to help customers with innovative products and services, including those who may be in financial difficulty. We currently have four products which are aimed at the inheritance market and they all have a common DNA. There are:

  • No credit checks
  • No risk or personal liability
  • No charge over property
  • No monthly repayments
  • No requirement for a Will
IHT Loan The IHT Loan can help when estates are effectively ‘locked’ because the executor needs to pay the IHT to get the Grant, but needs the Grant to realise the assets to pay the IHT. It’s taken out by the executor/personal representative and can solve the problem. The money is used to pay HMRC and it’s a way of meeting the IHT liability to unlock the estate with no risk or need to take out a personal loan/bridging loan. Inheritance Advance (winner of Innovation of the Year, British Wills and Probate Awards 2020) An Inheritance Advance allows beneficiaries to access a proportion of their inheritance sooner, with the Advance repaid out of the proceeds of their inheritance. This solves the problem of beneficiaries asking when they’ll be able to get their money and you having to explain that the process is complicated and lengthy. Again, there’s no risk – if another Will emerges or assets take longer to sell or sell for less than anticipated, or another debt is discovered, we take the risk. Inheritance Dispute Funding (IDF) Inheritance Dispute Funding helps people who want to dispute a will but don’t have the money to fund the legal bills. We know that one in four people would dispute an inheritance if they felt it was unfairly distributed. Contesting a will can cost up to £5k in upfront costs and there’s no guarantee your case will be taken on – with IDF the solicitor gives their opinion on the case and win or lose – we take the risk. We pay the costs and then they’re repaid from the estate proceeds. Estate Expense Funding (EEF) Estate Expense Funding is for executors who face costs while they’re dealing with their responsibilities of administering an estate. These can be unexpected but we can help cover the costs until the inheritance is released Executors could be liable for expenses such as funeral costs, professional fees, house and garden maintenance and more. We pay the costs and then they’re repaid from the estate proceeds
Key Services
Key Contact Richard (Dicky) Davies, Business Development Director Tel: 07702 559051 Email: [email protected] LinkedIn Acc: Dicky Davies Facebook: Tower Street Finance Instagram: Tower Street Finance
Address: 46 Tower Street Harrogate North Yorkshire HG1 1HS

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