Inheritance Dispute Funding – an alternative means of funding contentious probate cases

Inheritance Dispute Funding – an alternative means of funding contentious probate cases

A recent court ruling saw the claimant of a contentious probate case being able to recoup the success fee uplift which was part of the ‘no win no fee’ arrangement she had with her solicitor.

The claim was made under the 1975 Inheritance Act by the deceased’s daughter. She was estranged from her father and had been unable to work for the past 10 years because of mental health issues.

She was awarded a proportion of the estate’s value after an unsuccessful appeal from the sole beneficiary (the deceased’s wife). In the landmark ruling, this also included the success fee from the conditional fee arrangement.

People who make a claim under the 1975 Act are generally doing so because they are suffering some kind of financial hardship, so if they are unable to fund a claim a ‘no win no fee’ arrangement is often their only option.

However the ruling stated that this decision would be on a case-by-case basis moving forward and the fee would only be able to be claimed back if there were no other ways of covering the legal costs at the outset.

Tower Street Finance’s business development director Dicky Davies says:

“We do provide an alternative method of funding inheritance disputes, and our product – Inheritance Dispute Funding – was designed with people who can’t afford to cover the legal costs themselves in mind because the funding is paid back from the estate.

“Many of the solicitors we work with said they often see clients with good claims walk away because the firm is not geared up to bank roll cases with a conditional fee arrangement so this product is extremely beneficial to both the law firm and their clients.”

Benefits of Inheritance Dispute Funding:

  • Fast, simple decision making
  • No credit check on the client
  • No assessment costs – the decision is made based on information supplied by the solicitor
  • Funding amount agreed and 100 per cent of the costs are covered
  • Interest is only paid on the amount drawn down from the facility to cover solicitors’ costs as they are paid
  • The funding is repaid from the inheritance
  • No personal liability and no monthly repayments

To find out more call us on 0343 504 7100, email [email protected] or visit https://towerstreetfinance.co.uk/partner-with-us/

 

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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