Insuristic Estate Finance

Insuristic Estate Finance has been developed to help our partners' clients fund the expenses associated with probate.   

Insuristic has partnered with FSL Finance Limited to develop a draw-down facility with a pre-agreed limit of £15,000 that can be used to fund estate expenses.

It is essentially a loan against the estate, with nothing to repay until the estate is distributed.

Most estate expenses are allowable, other than repaying inheritance tax or providing inheritance advances.

The draw-down facility will be approved for the majority of executors.

Each time there is an expense, the executor asks the fund to pay our partner, who will then pay the service provider.

The amount of money drawn down and any interest owed is repaid from the estate when it is distributed.  So there is nothing for an executor, personal representative or beneficiary to pay upfront.

The only commitments your clients need to make when signing up for the drawdown facility are that:

• The minimum drawdown amount is £495 in the first 12 months.

• At least one funded expense must be for insurance.

• All insurance policies need to be arranged via Insuristic. Insuristic Estate Finance will not fund an insurance application from another insurance provider.

The process for applying and using the drawdown facility is simple:

1. The client applies for the drawdown facility.

2. The client receives confirmation of acceptance quickly, often the same day.

3. When the client needs to fund an expense, they request a quote from their service provider but pay nothing.

4. The client shares the quote with FSL Finance, including the service provider's details, full cost, and quotation reference.

5. FSL Finance will review the request and pay your firm directly, so you can then pay the provider.

6. The client can repeat this process for each expense that needs to be funded up until the fund is exhausted.

Insuristic Estate Finance can be used to cover any expense involved in the protection of the estate and its assets. Here are some examples below. You may need help with something not on this list, which can be considered following discussion with FSL Finance.

The biggest challenges for executors and beneficiaries is the cost of probate, the complexity of the process and the subsequent impact on their mental health.

There are many expenses that need to be repaid and if there isn't cash available in the estate, this will usually fall to the executors and beneficiaries to pay them.

According to Exizents recent Bereavement Index:

• Only 12% of those who had died with a Will had left the majority of their financial affairs in order.

• Over half of legal professionals say that between 15% and 35% of assets are unknown or discovered during the process.

• 99% of people underestimated the complexity of estate administration.

• The costs surrounding the bereavement process leave 28% of individuals suffering financial difficulties.

  • of those who struggled financially, over three-quarters (81%) had their mental health impacted.

  • the younger generation (aged 18 to 44) are financially hardest hit by the costs surrounding the bereavement process, with 79% facing financial difficulties.

From our experience, the financial impact on people is pushing more to choose the DIY probate market, or asking professionals for help with applying for the grant of probate.

This can significantly increase both stress and risk for executors. Particularly against a backdrop of estate values rising (estates up an average of 37% on 2022) and estates getting increasingly complex to administer.

Insuristic Estate Finance is looking to reduce the impact on executors and beneficiaries. They can now fund most of the expenses they face (up to £15,000) by applying for a low interest drawdown facility, with costs and interest repayable by the estate at the point of distribution.

This means that Executors and Beneficiaries now have greater choice as well as less stress around upfront costs.

Most firms that provide probate and estate administration services have long recognised the financial issue for their clients.

This is why many firms choose to defer payment of their services until the estate has been distributed.

But this can put a significant strain on their own cash flow. It can also impact their suppliers who may be asked to hold costs of their services on account.

The financial impact for clients can mean that firms miss out on revenue from providing a more profitable full estate administration service, as clients opt for lower-cost options.

In addition, talking to customers about their long term risks and encouraging them to also purchase adequate insurance protection can be challenging, particularly for estates that are cash poor.

But the impact of not purchasing insurance could cause huge financial issues in the future for executors and beneficiaries. This could also impact the firm financially if acting as a professional executor.

Insuristic Estate Finance can help solve these issues and help firms provide more choice to their clients around the legal and insurance costs required to fully protect them.

Executors often incur significant expenses during probate. These expenses are often paid out of their own funds or the funds of the beneficiaries.

These expenses can come from arranging executor insurance, appointing legal providers, paying property managers, valuing the estate, selling property, paying utility bills and more.

The costs of administering an estate can add up significantly. Whilst expenses can be reclaimed once the estate has been distributed, this can take 12-18 months or more before they are repaid.

But there is a better way: Insuristic Estate Finance.

Insuristic Estate Finance can help your firm stand out from the competition by reducing the stress and financial impact on your clients

More happy clients means more positive testimonials and referrals for your firm.

Here are the main benefits Insuristic Estate Finance will provide for your firm.

The costs associated with the drawdown facility have been kept as low as possible.

There are no fees associated with the fund, nor does Insuristic earn a commission when you choose to use it.

Representative Example :

Loan amount of £2500.00 with a monthly interest rate 1.5% Fixed over a term of 12 months with a single repayment.

Total amount repayable is £2950.00 This is equivalent to 14.99% APR representative.

Funeral Safe will do a credit assessment of your circumstances when you apply. Credit available subject to status. Funeral Safe Limited of Alton Business Centre, Valley Lane, Wherstead, Suffolk, IP9 2AX.

Funeral Safe Limited trading as FSL finance are the lender and are authorised and regulated by the Financial Conduct Authority – FRN:765110.

Click the form below to arrange a Teams meeting with Insuristic.

Existing Insuristic partners will be able to access Insuristic Estate Finance, following sign-off by Insuristic and the completion of a TOBA and IAR agreement with FSL Finance.

New partners will be able to access Insuristic Estate Finance as part of a commitment to work with Insuristic on Probate Pro and our Estate Administration Insurance products.

Funeral Safe Limited trading as FSL finance are the lender and are authorised and regulated by the Financial Conduct Authority – FRN:765110