Small Inheritance Advance – How to Get a Loan?

Your parent or other loved one passed away recently. While dealing with the grief, you also have to think about their estate. You know you will be getting an inheritance, but you need the money now. Perhaps you have had unexpected expenses from the care of your loved one before they died. Maybe you’ve been using your own money to take care of the estate, or you just need cash. A small inheritance advance could take care of things until the estate is dispersed.

Why You May Consider an Inheritance Advance

An inheritance cash advance can help you get much-needed money until the proceeds from the estate have been distributed to all the heirs. There can be many reasons that you might need money before you can get your inheritance. Besides the scenarios listed above, you may have been counting on the inheritance and it has been delayed because of issues with probate.

With an inheritance advance, you can get money you need now even if you don’t have access to your inheritance. It can help you pay bills or meet other financial goals until you get your entire inheritance when probate is completed.

A Basic Look at the Probate Process

Probate is a legal term that means handling an estate of a deceased person. It begins when someone files a petition with the probate court in the county where the decedent lived. The court oversees the probate process. The first task of the court is to determine whether the will is valid and approve or appoint someone to serve as executor or the personal representative of the estate.

Once the court approves this person, it will provide them with documents that show they have authority to act on behalf of the estate. The executor will then take inventory of all the assets of the estate, often getting appraisals for real estate and other valuable property.

The executor must also notify all creditors of probate along with the beneficiaries. The creditors are given a certain time limit to submit any claims against the estate, which varies by state. One of the jobs of the executor is to pay these claims if they are valid. If they aren’t, the executor can dispute them. The court will review the information and determine who is right.

The executor must file taxes on the estate and pay any taxes owed. They also manage the estate, such as paying the utilities on the house where the deceased person lived and paying employees of a business the decedent owned.

It’s only after all these tasks have been performed and the court has approved it all that the executor can pay the heirs from the remaining assets. They may also need to liquidate some assets, such as selling a house or business, before the proceeds can be distributed. If the heirs are entitled to the property, such as a vehicle or house, the title must be transferred into their name.

How Long to Expect the Probate Process to Take

As you can guess, all this work will take some time. The executor must meet specific deadlines, but they must also allow creditors time to submit claims. Each state has its own probate laws that govern the details, such as timelines. If you are concerned about the length of time for probate, you can review the probate code for your state or speak with a probate attorney.

Even if everything goes smoothly with no issues, it can be six months or a year before probate is completed and the estate can be settled. If there are any delays, it can double or triple the time.

Issues That Can Delay Probate

One of the most common issues that can delay probate occurs early in the process. One of the beneficiaries or another interested party may dispute the validity of the will. They may have what they believe is a more recent version of the will. Perhaps they believe that the decedent was forced to sign the will that has been presented to the court.

If anyone disputes the validity of the will, the court will need to set a probate hearing to review the evidence and rule. This problem can add another few months onto the proceedings.

If the executor disputes the validity of a claim made against the estate by a creditor, the issue must also be taken to the court. The sides will need to present evidence to support their claim, which the court will review.

How a Small Inheritance Advance Can Help

You won’t have access to any part of the estate until it is dispersed to the heirs unless you are the executor and are using the funds to maintain the estate. If you need money, you could use your part of the inheritance as collateral.

Inheritance advance companies provide funds to beneficiaries based on their expected inheritance. The advance is only a portion of the amount the person is expected to inherit. It is usually enough to allow the person to take care of whatever they need until they receive their inheritance.

How an Inheritance Advance Works

An inheritance advance goes by many names. It can be referred to as a probate advance, probate cash advance, estate cash advance, or inheritance cash advance. These terms all mean the same thing.

An inheritance advance may also be referred to as an inheritance loan, probate loan, or estate loan. These terms don’t mean the same thing even though they are often used interchangeably. An inheritance loan is similar to any other bank loan. You are given money that you must repay with interest through monthly payments.

An inheritance cash advance is different because it’s more like a purchase agreement. The inheritance funding company buys a portion of your inheritance and pays you the money. You don’t need to pay the money back from your income or with monthly payments. Instead, the inheritance funding company will submit a claim on the inheritance. When the executor disperses the remaining assets of the estate to the beneficiaries, they will pay the funding company out of your portion. The remaining amount of your inheritance will be paid to you.

The Benefits of an Inheritance Cash Advance

One of the main benefits of getting an inheritance advance is that you aren’t responsible for repaying the money. Since the lending company purchased part of the inheritance, the risk is on them. If the funds from the estate all go towards paying creditors and there isn’t anything left for the beneficiaries, the inheritance loan company won’t get paid.

Another benefit is that getting approved doesn’t rely on your credit history or credit score. Inheritance advance companies don’t look at your information, such as employment history, to determine whether you qualify for a loan. They base their decision on whether you will get your inheritance and how much it’s likely to be. An inheritance cash advance can be the best and only option for anyone who has poor credit or won’t qualify for a traditional loan.

How Can You Get a Small Inheritance Cash Advance?

You may think about going to a bank or traditional lender to get a loan on your inheritance. Most banks won’t even consider loaning money on an inheritance that you haven’t received because of the risk. For immediate inheritance funding, you can apply for an advance on your inheritance with an inheritance advance company.

Companies that provide inheritance funding are experienced with these types of loans, which allows them to make good decisions about how much money to lend and the amount of risk they are able to handle with an estate advance.

Apply for Inheritance Advances

You will begin by applying for inheritance funding with an inheritance funding company. You can usually do this online from home.

Once you submit your application, the company providing the inheritance advance will review the information you provided. They will likely speak with your attorney to find out more about the situation and determine if you qualify for inheritance funding.

After reviewing the information, they will make you an offer. It is likely to be no more than 60 to 70 percent of your inheritance money. Many companies that provide inheritance loans will offer even less due to the risk they carry.

Review Your Offer

At this point, you may be focused more on getting immediate inheritance funding but take the time to review the terms. You should notice the fee being charged to make sure it is reasonable. Ask about any hidden fees or other charges that you haven’t been told about. The most reputable inheritance funding companies will be transparent and won’t include any hidden charges.

With inheritance loans, you may be given a document showing monthly payments, but you shouldn’t be making any monthly payments on an estate advance. Probate advances will include a fee that comes out of the inheritance when the company is repaid. The fee will vary by company and depends in part on how long it will be before they are repaid.

If you are happy with the terms, you can sign the documents and return them to the probate lender. At this point, you will receive a game changing inheritance loan in your bank account right away. The funding process can take a day or two, depending on your bank, but you should receive confirmation of the advance on your inheritance immediately.

Once the inheritance funds are in your account, you have the freedom to do whatever you want with the money. Use it to pay inheritance tax, make a mortgage payment, or for other expenses. You can receive money quickly with an immediate payment from an inheritance advance.

If you have questions about getting inheritance funding today or the lengthy process of probate, you can speak with your estate attorney.