Flexibility is key for complex probate cases

One of the advantages of Tower Street Finance being FCA regulated as a direct lender rather than a broker is that it has control over the products it offers.

Both Inheritance Advance and IHT Loan were designed to be simple and straightforward – but for times when the customer’s situation is anything but, there’s the opportunity to be flexible with how the product works to suit their individual needs.

One such case was an estate with a large Inheritance Tax liability, but with multiple properties making up the estate and a complex split of the assets between beneficiaries, the probate practitioner couldn’t see how an IHT Loan would be able to help.

Tower Street Finance’s head of credit risk, policy and underwriting Heather Pollard says:

“Some of the beneficiaries lived in the estate properties already and didn’t want to sell immediately, and some were split between several people who couldn’t agree on what to do, so it was complicated. However, it didn’t make the issue of an IHT bill totalling around £2m go away and the will was structured so all the beneficiaries were responsible for IHT relating to the assets they were due to inherit.

“We were able to work through the case with the solicitor and the executor and pay their first instalment of £200k, helping them out of a situation they didn’t think they’d be able to solve.”

Moore private client solicitor Jessica Ellis said:

“It’s a real point of difference that a loan provider can change the way their product works to suit our clients’ needs and this case in particular was one that we didn’t initially think the IHT Loan would be able to help with.

“It really highlights the benefits and of working in partnership with Tower Street Finance – because of this relationship we were able to give our clients an improved service.”

Heather adds:

“We have more than 100 partners who talk to their clients about our products and that number is growing. We’d advise any practitioner to let us help them think ‘outside the box’ if they have a case which doesn’t initially seem to fit with our products. There’s often a way we can be flexible to help out.”

Find out more about the IHT Loan by joining the Tower Street Finance webinar on Tuesday 13 April at midday. Just email [email protected] to register your interest and receive joining instructions.


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.

Today's Wills and Probate