You may have assets such as the family home but can’t borrow against them so you may consider a loan against those assets from a family member or friend.

There must be evidence of the loan so a legal document signed by both parties should be drawn up. It doesn’t need to be complicated but it should set out the amount of the debt, what interest if any is to be repaid, how long the loan is over and what considerations and terms are included.

When you die, this loan will become part of your estate if it hasn’t been repaid. You should also make considerations in the event you die before your spouse or dependents and how they might be affected if the debt needs to be repaid.