Half of over 55s relying on an inheritance to make ends meet 

According to research by Tower Street Finance, over half of the over 55s are relying on an inheritance to make ends meet.

Almost a quarter (22 per cent) are banking on an inheritance to pay off debts, such as credit cards and personal loans or to become mortgage free.

A further 28 per cent said they need the nest egg for retirement with 21 per cent using it to afford the cost of living in old age and a further 7 per cent investing it into their pension pot.

And a quarter (25 per cent) said they would use an inheritance to help out their children or grandchildren.

A smaller number of people think an inheritance will put them in a financial position to enjoy a holiday (18 per cent), or buy a new car (10 per cent).

But despite so many people relying on an inheritance windfall to afford later life, few understood how long the process of receiving their money, known as probate, would take.

Only 9 per cent of over 55s were realistic about the fact it can take 12-18 months for the process to complete so they can receive their money. Over half said they had no idea how long it would take and 40 per cent thought it would be sorted out in less than 12 months.

Dicky Davies from Tower Street Finance said: “With so many people banking on receiving an inheritance and shocked by how long it can take to receive the Grant of Probate, it’s perhaps no surprise that half of the over 55s also said they would like to receive their inheritance early if they could. That’s why we designed our award-winning product, Inheritance Advance.

“Inheritance Advance is the first product of its kind to be launched in the UK. Unlike a traditional personal loan or bridging loan, Inheritance Advance is paid back from the estate once the Grant of Probate is issued. There is no risk, no personal liability, no credit checks and no monthly repayments for the beneficiary.”

For those expecting to receive an inheritance over £325,000 there is potentially another shock in store in the form of a 40 per cent inheritance tax bill.

Dicky continued: “Only 18 per cent of the over 55s we asked knew that inheritance tax has to be paid before they can receive their inheritance. For many people that puts them in a catch-22 situation where they can’t afford to pay the tax bill until they’ve received their inheritance but can’t receive it until the tax is settled.

“However, we’ve also come up with a solution to help people in this position. Our IHT Loan pays the bill direct to HMRC. Again, there’s no risk or liability because once probate is complete, the loan is repaid from the estate.”

To find out how Tower Street Finance can help you access your inheritance sooner visit or call 0343 504 7100.


The contents of this article are for reference purposes only and do not constitute financial or legal advice. Independent financial or legal advice should be sought in relation to any specific matter. Articles are published by us without any knowledge or notice of the circumstances in which you or anyone else may use or rely on articles or any copy of the information, guidance or documents obtained from articles. We operate and publish articles without undertaking or accepting any duty of care or responsibility for articles or their contents, services or facilities. You undertake to rely on them entirely at your own risk, and without recourse to us. No assurance of the quality of articles is given or undertaken (whether as to the accuracy, completeness, fitness for any purpose, conformance to any description or sample, or otherwise), or as to the timeliness of the publication.

Leave a Comment!

Not a member?

You need to be a member to interact with Silversurfers. Joining is free and simple to do. Click the button below to join today!

Click here if you have forgotten your password

Community Terms & Conditions

Content standards

These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.

You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.

Contributions must:

be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.

Contributions must not:

contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.

Nurturing a safe environment

Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.

We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!