When you’re waiting for an inheritance, the probate process can feel long and stressful, particularly if you need immediate funds. Inheritance funding companies offer a solution by providing cash in exchange for a portion of your future inheritance. However, before applying, it’s crucial to ask the right questions to ensure that you’re working with a trustworthy company and getting a fair deal. Here are the important questions you should ask an inheritance funding company before signing any agreements.
What Fees Will Be Charged?
Understanding the costs is essential in the inheritance funding process. Different companies have different fee structures. Ask for a detailed breakdown of all charges to avoid hidden fees. Knowing exactly how much the inheritance advance will cost you in the end can help you compare offers from multiple companies and choose the most favorable option.
Follow-Up Questions:
- Are there any administrative or processing fees?
- What happens to the cost if probate takes longer than expected?
Is the Advance Considered a Loan?
It’s important to clarify whether the funding is structured as a loan or a purchase of a portion of your inheritance. Loans typically involve repayment, often with interest. However, inheritance fundings are usually not structured as loans, meaning you wouldn’t have to repay out of your pocket. Instead, the company would receive its payment from your inheritance once probate concludes. Confirming this distinction can help avoid confusion and prevent unexpected obligations.
Follow-Up Questions:
- Do I owe anything if the inheritance is less than expected?
- What happens if probate is delayed indefinitely?
How Long Will the Process Take?
If you’re applying for an inheritance funding, chances are you need the money quickly. However, the speed at which inheritance funding companies process applications can vary significantly. Some companies can approve and disburse funds within a few days, while others may take weeks. Ask about the typical timeline, from submitting your application to receiving the funds, so you can manage your expectations and financial plans.
At Probate Advance, once the agreement is signed, the money is typically provided within days—sometimes even within 24 hours. You can use these funds however you need, whether it’s to pay bills, cover legal fees, or handle other personal expenses.
Follow-Up Questions:
- What documents do I need to provide to speed up the process?
- Are there any factors that could delay the disbursement of funds?
What Happens If the Inheritance Is Less Than Expected?
Inheritance amounts can be uncertain and vary until the probate process is complete. There may be debts or taxes that reduce the final amount, or there could be disputes among heirs. You need to know how the company will handle such situations. Some companies may forgive the difference if the inheritance is lower than anticipated, while others may require you to pay the shortfall.
When working with Probate Advance, if the estate is smaller than anticipated, you won’t owe us more than what was provided. If you don’t receive any proceeds, you don’t repay anything.
Follow-Up Questions:
- Are there any protections in place if the estate’s value decreases?
- Will I need to cover the difference out-of-pocket if the inheritance doesn’t match expectations?
Choosing an inheritance funding company is a significant decision, and asking the right questions is essential to protect your financial interests. By clarifying fees, timelines, and potential risks, you can make a more informed choice and secure a funding that fits your needs.
Need more information or ready to get started with funding in advance of your inheritance? Contact Probate Advance today, and our team of experts will guide you through the process to unlock the funds you’re entitled to.
