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Why would you need a probate loan? by Dipika Patel





Article Author Biography
Why would you need a probate loan? by
Article Posted: 12/12/2011
Article Views: 154
Articles Written: 1680
Word Count: 451
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Why would you need a probate loan?


 
Finance & Investment
If you have been named the executor of a relative's will, you may require a probate loan before you can carry out the wishes of the deceased.

The law in the UK states that until the inheritance tax on a person's estate has been paid in full, the grant of probate required for the executor cannot be granted.

Without this document, the wishes of the deceased will remain unfulfilled.

So the question is, how is the inheritance tax paid before the funds and assets of the person in question can be dealt with?

Instead of having to sell valuable assets to raise the money, you can look to a short term loan known as a probate loan which is specially designed to cover the cost of inheritance tax.

As the inheritance tax attracted by some estates can be a significant sum, a probate loan can prove useful in a number of cases.

All you need to do is submit the relevant forms and documents to the Probate Registry, including the inheritance tax forms. This must be done even if the estate is unlikely to be subject to inheritance tax, such as those which do not include land or property.

However, if land or property is included and is valued at more than £325,000, the estate will incur inheritance tax.

Once it has been determined that inheritance tax is applicable, the next task is to raise the money to pay it.

If you decide to opt for a probate loan, you can secure the funds against any high-value assets you own, such as a yacht, a prestige car or pieces of fine art you have acquired.

The advantage of this is that you do not actually have to sell these items to raise the required finance, as you can get them back once the initial funding has been repaid.

After you have met the inheritance tax attracted by the estate, it will take around another eight weeks for the probate process to be completed.

The Probate Registry will check all paperwork involved before inviting those seeking to administer the estate to swear an oath.

After the registry is satisfied, a grant of probate will be sent out.

The estate then can be administered in line with the wishes of the deceased and the loan taken to cover the cost of the inheritance tax can be repaid.

If you have to pay a large inheritance tax bill in order to receive the grant of probate necessary to exercise the requests outlined in your deceased loved one's will, probate loans

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