Introducing Ampla Finance LegacyOctober 12, 2020 | Categorised in: Inheritance Loan, Executor, General
As many eagle-eyed readers may have already spotted, Ampla Finance has recently released a new financing product to sit alongside our existing Matrimonial divorce funding.
Ampla Legacy has been designed to help resolve the long delays individuals endure in clearing probate after the death of a loved one.
The probate process is notoriously lengthy, with complex estates including assets such as property and shares taking upwards of twelve months to administer before funds are released. With one in three UK adults relying on their inheritance to clear current debt, this wait can cause significant stress and financial uncertainty.
Moreover, with inheritance tax liabilities becoming payable six months after the date of death, many people find themselves incurring costs and facing difficulties paying until funds can be released from the estate.
Ampla Legacy has been designed to overcome these issues.
So how does it work?
Ampla Legacy offers two products, to suit two pressing needs in the industry. Our Beneficiary Loans help consumers avoid lengthy probate delays, while our Executor Loans aid solicitors facing a weighty inheritance tax cost before being able to resolve the will of the deceased.
One in three UK adults relies on an inheritance to clear UK debt, and many more are unable to buy a first home, move up the housing ladder or fund important life events without the help of inheritance.
More importantly, a long struggle to clear the process can add undue stress at what an already difficult time.
Ampla Finance’s beneficiary loans have been developed to shorten this waiting period, allowing individuals to borrow the amount of inheritance and then pay off the loan once probate is granted. Competitive rates and a straightforward repayment in one installation make for a simple process and allow individuals to access their inheritance when they need it.
Inheritance tax liabilities become payable six months after the date of death, often before the funds in a complex estate have been released. This presents a problem when beneficiaries are relying on their inheritance to pay off the tax, and often leaves executors in the hot seat.
Faced with this catch-22, Ampla Finance provides security through lending executors the funds to pay off inheritance tax. The loan is then paid off from the value of the estate, meaning that executors aren’t weighed down with long-term debts simply for doing their job.
For professional executors and solicitors, we offer a fair, responsive and transparent service aimed at facilitating your business with simple financing.
We have been developing Ampla Finance Legacy over the course of the past year, before the Covid-19 pandemic arose. In the current situation, we simply hope that our products can offer some reassurance and financial stability for those facing a difficult time.
If you are interested in hearing more about Ampla Finance Legacy, please do give us a ring on 0800 009 6590.