According to research from equity release referral service Key Partnerships, over half of law firms (57%) regularly deal with clients with financial problems following a death.
The research shows almost half of solicitors (47%) reporting an increase in enquiries in the past year regarding financial advice during probate.
Key Partnerships claims that this issue could be solved with greater awareness of equity release.
- SMEs to contribute £217bn to UK economy by 2020
- Sharing homes, sharing cars, sharing economy
- CBI: Medium-sized businesses are the champions of the economy
However, 44% of solicitors admit that they were unaware of equity release as an alternative to downsizing, while 67% admitted they would benefit from information on equity release to help the recently bereaved.
Will Hale, director at Key Partnerships, said: “Having to sell the family home straight after the death of a partner is a huge wrench for many with the result they end up facing financial hardship with no real solution.
“Many want to stay in their home, but fail to make [the] best use of their major asset, their property, which could help sort finances for the long term.
“Equity release enables widows to remain in the home while allowing property wealth to be used for short-term and long-term planning and is a growing alternative for easing cash flow problems.”
Leave a comment