FAQ
Frequently Asked Questions
Also see
1. How much does it cost?
It all depends on your particular inheritance. For more information, go
here.
2. What are the criteria that determine the
cost of an inheritance advance from IFC?
The size of the advance, complexity of the probate estate, and the estimated
time to distribution are the major factors affecting pricing. More information
can be found here.
3. Who is eligible to receive a cash advance from IFC?
An heir who will be inheriting at least $17,000 from a probate estate which is already open or is in the process of being opened.
4. What does IFC receive in return for the inheritance cash advance?
In return for a cash advance from IFC, the heir sells to (or "assigns"
to) IFC the right to receive a fixed amount of money out of the heir's
share of the probate estate.
5. When does IFC get paid?
IFC is paid directly from the estate upon distribution. The rest of
the inheritance is distributed directly to the heir. An heir never directly
makes, nor is responsible for, any payments to IFC.
6. Are there any application fees?
No. There is no cost or obligation to apply for an advance.
7. Will credit problems prevent someone from getting an heir advance?
IFC obtains a credit report in preparing a case for funding, primarily to determine that there are no judgments, child support or bankruptcy proceedings that might interfere with payment of the assignment. A poor credit record alone, including delinquencies, discharges in bankruptcy, foreclosures, etc., will not prevent an heir from receiving an advance.
8. Are monthly payments required to repay the probate cash advance?
No. IFC is paid directly and in full from the probate estate at the time distribution is authorized.
9. What if there are insufficient funds in the probate estate to pay IFC?
This is one of the risks IFC assumes when it accepts an assignment from an heir. The heir who gives true information on the application and honors the assignment agreement has no personal liability for payment of the advance.
10. What happens if a previously unknown creditor makes a claim on the probate estate?
This is a risk that IFC takes. If there are insufficient assets at the
end of the probate to cover the amount of the assignment, then IFC takes
the loss. The heir is not liable to pay back the assignment unless,
of course, the heir was aware of the claim(s) and failed to tell IFC
about it in the application process.
11. What happens if the distribution of the probate estate is delayed?
IFC must wait until the probate estate is ready to distribute. There is no recourse to the funded heir for any delays in the distribution. The assignment does not accrue interest or go up in value, no matter how long the distribution is delayed.
12. Are there any geographic limitations on funding?
Yes. IFC can only work with assets that are being probated in the United States.
13. What if the probate estate is in a different state?
It is common for the heirs of a probate estate to reside in a state different from the deceased's state. This rarely causes a difficulty.
14. Are there minimums and maximums for cash advanced by IFC to an heir?
IFC's advances normally range from $5,000 to $250,000. As a rough rule of thumb, assume the advance cannot exceed 30% of an heir's expected distribution from a probate estate.
15. How do I apply for an advance on my inheritance?
Fill out the Heir's
Information Summary; then fax or email the completed form
to IFC, along with copies of your personal identification
and relevant probate documents, if available.
16. Who should I call if I have any questions about IFC?
For questions, or to refer heirs or beneficiaries, call any Funding
Officer at (415) 782-5217 or (800) 944-2072.
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