Frequently Asked Questions
1. How do I apply for an advance on my
inheritance?
The quickest and easiest way to apply is calling us toll free direct at 1-800-944-2072. You can also apply FREE right now online and fax or email the completed form to IFC.
2. Are there any application fees?
NO! There is absolutely no cost or obligation associated with applying for an advance.
3. Who is eligible to receive a cash advance
from IFC?
Any heir inheriting at least $17,000 from a probate estate which is
already open or is in the process of being opened is automatically qualified for a probate advance.
4. How much does it cost?
The cost involved in your cash advance depend entirely the facts of the
estate and size of the advance. For more information, go to our Probate costs and facts page.
5. 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. Again, more
information can be found in our probate
costs and facts page.
6.
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.
7.
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.
8.
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.
9. 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.
10. Will credit problems prevent someone from getting an heir advance?
A poor credit record, including delinquencies, discharges in bankruptcy,
foreclosures, etc., will not prevent an heir from receiving an advance. IFC does
obtain a credit report in preparing a case for funding, primarily to determine
that there are no judgments, child
support or bankruptcy proceedings that may interfere with the
eventual payment of the assignment.
11. What if there are insufficient funds in
the probate estate to pay IFC?
This is one of the major risks IFC assumes when it advances inheritance cash to
an heir. The heir who gives verifiable and accurate information on the
application and honors the assignment agreement has no personal liability for
payment of the advance.
12.
What happens if a previously unknown creditor makes a claim on the probate
estate?
This is another risk that IFC takes away from the heir. 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.
13. 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. You are even eligible for great rebates if we are paid back early.
14.
Are there any geographic limitations on funding?
Yes. IFC can only work with assets in estates that are being probated in
the United States.
15.
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. We routinely work with estates in counties all over
the country. We also work closely with county
probate courts all across the United States.
16. Who should I call if I have any questions about
IFC?
For questions about an inheritance advance, or to refer heirs or beneficiaries, call our friendly Funding
Officers at (415) 782-5217 or (800) 944-2072 anytime. If you leave a message outside of business
hours, they will get back to you quickly the next business day.