Inheriting something from a family member or friend can feel like a bittersweet moment. Whether it’s a sum of money, real estate, or a beloved family heirloom, receiving an inheritance often comes with an emotional weight. One aspect of this process many people don’t realize however, is that just because you’re named in a will doesn’t mean you’ll receive your inheritance quickly. The probate process can take months or years before assets are distributed.
Understanding the Probate Process
When someone passes away, their estate typically goes through probate, a legal process designed to ensure that the deceased’s debts are settled, taxes are paid, and assets are distributed according to their will. Depending on the complexity of the estate, this process can range from a few months to over a year.
Here’s a general breakdown of what typically happens:
- Filing the Will with the Probate Court – The executor of the estate (the person named in the will to handle the estate’s affairs) must file the will with the probate court in the county where the deceased lived.
- Validating the Will – The court ensures the will is legally valid, meaning it was signed and witnessed correctly.
- Identifying and Valuing Assets – The executor must locate all assets and determine their value, which may involve the services of a professional appraisal company.
- Identifying and Paying Debts and Taxes – Before heirs receive anything, the estate must identify and settle any outstanding debts, including taxes and funeral expenses.
- Liquidating (selling) Real Estate – Major assets such a real estate often must be sold prior to the end of probate to allow distribution of the proceeds to the heirs
- Distributing the Inheritance – Once assets are liquidated, debts are cleared and the court approves the final distribution, beneficiaries will finally be able to receive their inheritance.
Factors That Can Slow Down the Probate Process
While some estates move through probate smoothly, others could face delays due to a variety of different reasons, such as:
- Will Contests: If someone challenges the validity of the will, probate can be delayed significantly.
- Lack of a Will: These estates are considered ‘intestate’ and are governed by applicable state law.
- Multiple Beneficiaries: The more beneficiaries involved, the more potential for complications and disputes.
- Outstanding Debts: If the deceased owed substantial debts, creditors must be satisfied before assets can be distributed to the beneficiaries.
- Complex Assets: If an estate includes businesses, real estate, or other complex assets, these may take longer to liquidate or transfer.
- Court Backlogs: Some probate courts are simply overwhelmed, leading to additional delays.
Looking for an Inheritance Advance Company? Probate Advance is here to help.
At Probate Advance, we understand that probate can be a lengthy, complicated process but that sometimes you need access to your money sooner. If you’re waiting on inheritance funds, we can help. Our team offers a reliable, fast, and transparent solution, helping you get the funds you need without the burden of debt.
Applying for an inheritance advance can be helpful for beneficiaries who need immediate funds, but it’s essential to approach the process carefully. If you’re considering a probate or inheritance funding, speak with a probate attorney and financial advisor to ensure that your choice supports both your immediate needs and future financial well-being.
Need more information or ready to get started with funding in advance of your inheritance? Apply to Probate Advance today, and our team of experts will guide you through the process to unlock the funds you’re entitled to.