By Legal Futures Associate Tower Street Finance
Today we’re releasing our report “The ‘I’ Word” which gives an insight into people’s expectations around leaving and receiving inheritances and their knowledge of the processes involved.
Tower Street Finance’s specially commissioned research was conducted among 2,000 UK adults who are either expecting to leave or in line to receive an inheritance.
One of the most shocking findings was that although 84% of people are planning on leaving an inheritance, only 54% have a Will to ensure their wishes are fulfilled.
As well as information around what people expect to leave and receive – and who will benefit, our findings also revealed a severe lack of knowledge of the probate process. This was in terms of the length of time it takes, who is responsible for each element and the order in which things happen.
Many don’t realise that they need to wait until the process is complete until they can receive an inheritance or that the IHT bill needs to be paid before the estate is distributed.
This can be a problem as many are relying on their inheritance to either pay off debt or fund their living expenses either now or in the near future.
The report also examines property prices – now and in the future – and shows that more and more estates will be liable for IHT, especially in London, the South East and the East of England.
Tower Street Finance’s director, Dicky Davies says: “The findings of our report gave us a real view into people’s knowledge and expectations. This, in conjunction with in-depth conversations we’ve had with estate professionals, has given us valuable insight to allow us to develop our products around the real needs of consumers going through this difficult time.
“We now have four products to benefit beneficiaries and executors by helping them access their inheritance sooner. We work with over 200 partners who have seen the benefits of our offerings to their clients, and our products all share the same DNA – no risk, no credit checks, no charge over property, no personal liability and no monthly repayments – the loans are repaid directly from the estate.
“Our research also showed that 50% of people expected their solicitors to have knowledge of and recommend products which could help them get hold of their funds before waiting for probate to complete.”