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The Assignment Agreement

About the assignment agreement

Perhaps the most important point that sets the Inheritance Advance aside from other loans is the fact that the borrower assigns their beneficial interest to Advanced Inheritance Limited for the purpose of repaying the loan. They do this by virtue of an Assignment Agreement, which remains in force until the loan is repaid.

This is important as it gives us the security we need to offer the level of flexibility and customer safeguards that are part and parcel of our Inheritance Advance - including the borrower having no personal liability for the loan's repayment.

The responsibilities of the Executor/PR

If you're the person or firm managing the estate, the Assignment Agreement is very important as it affects the way in which you must distribute the estate by law. Failure to act upon this could result in wrongful estate distribution, for which the estate's Executor would be personally responsible.

The Assignment Agreement only entitles Advanced Inheritance to receive the amount that is owed by the borrower at the point when the estate is ready to be distributed. Whenever the sums owed are repaid in full, Advanced Inheritance is duty bound, under the terms of its loan agreement with the borrower, to promptly reassign the remaining inheritance back to them.

Early repayment

Note, the borrower can make repayments at any time using their own funds should they wish without restriction or penalty. If the loan is repaid in full by whatever means, the inheritance is reassigned back to them.

Interim distributions

In cases where an estate may be in a position to make an interim distribution, Advanced Inheritance should be repaid in full before any distribution should be made to the borrower (unless we have first provided our consent to the contrary).

In some cases, an interim distribution may be made that does not settle the sums owed in full. In such circumstances, the reassignment will not be executed, but the amount owed by the borrower will be reduced in line with the interim payment.

We're here to help

It's important to remember that we are committed to supporting estate administrators and we will always work hard to ensure that we are on hand throughout the process of any loan to answer any questions you have.

We have designed our processes so as not to be onerous and we do not ask for undertakings from the estate administrator as part of our process.

This web page is for estate administration and finance professionals only. If you are a customer who is interested in our products please visit our customer website.