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Where can one obtain credit on the strength of a will

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  • 26-12-2009 3:40pm
    #1
    MyStubbleItches
    Registered Users Posts: 1,570 ✭✭✭


    Hi all,

    I am named in a will that has not yet gone to probate. The probate office in Cork is in disarray following the floods and the Dublin office tells us that its taking 25 weeks for probate to be granted. I need to free up cash from the will ASAP, however my bank tells me that they will not extend credit until probate has been granted. I find this incredibly annoying and short-sighted by the bank with whom I have had an excellent relationship thus far. Howsoever, that's their entitlement.

    Has anyone been in this situation before or does anyone have any ideas as to how I can free up money from the will? I have a copy of the will and a list of the assets, which include an insurance policy and a number of investments that are encashable once probate has been granted. 10-15% of the total would suffice.


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    #2
    Lawdie
    Registered Users Posts: 863 ✭✭✭Lawdie


    MyStubbleItches wrote: »
    my bank tells me that they will not extend credit until probate has been granted. I find this incredibly annoying and short-sighted by the bank.

    I believe the bank is responsible and your irrational on this area. The will could be challenged or any number of complications could arise. So the bank cannot accept this type of security.


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    #3
    SarahSassy
    Registered Users Posts: 3,145 ✭✭✭SarahSassy


    Why would you expect them to lend you money on foot of security you don't yet own?


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    #4
    murraymints
    Closed Accounts Posts: 42 ✭murraymints


    I have come across a similar situation and as said in above there is no absolute guarantee as the will could be contested and it can take a couple of years for probate to be granted depending on the complexity etc. There are delays in recent times that haven't been there in the last couple of years.

    A credit union might be a better option.


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