Receiving Money as a Beneficiary
If you’re a beneficiary to an inheritance, you probably have many questions about what the process entails. As a beneficiary, you’ll receive a share of the late owner’s estate, including their assets and property. However, you may have to wait several years before you receive any payout from the trust.
Luckily, there’s a way you can access your inheritance sooner. Learn more about your role as a beneficiary as well as how to get your money fast.
Are You a Beneficiary to an Inheritance and Tired of Waiting for a Payout?
Would you like a beneficiary loan to hold you over until your inheritance is released from probate? With a beneficiary cash advance from IFC, you can access your money immediately.
Most beneficiaries waiting for an inheritance payout believe that the distribution of cash is fast and simple. Unfortunately, beneficiaries severely underestimate the time it takes to distribute an inheritance. In fact, the distribution of beneficiary funds can take many months and often years to complete. Because beneficiaries often need the money earlier than this, we provide fast cash to heirs looking for beneficiary loans – regardless of their credit status, employment or income history.
What Is a Beneficiary?
Before you request a beneficiary cash advance on your inheritance, it’s helpful to understand what a beneficiary actually is. A beneficiary is a person or organization that legally inherits an individual’s assets when they pass away. The person allocating their assets is known as the benefactor.
A benefactor can name more than one beneficiary on a will or trust and name them as either a primary or contingent beneficiary. A primary beneficiary is the first person in line to receive an inheritance. If the primary beneficiary passes away or cannot be found, a contingent beneficiary receives the assets in question. In this situation, the inheritance may go to the children of the primary beneficiaries, or they can be divided among the estate’s remaining heirs.
How Does a Beneficiary Get Money From a Trust?
It takes time for a beneficiary to receive money from a trust. After a benefactor dies, the person in charge of managing the trust, or the trustee, must collect all assets and pay any outstanding debts and estate taxes before the beneficiary can access their share of the inheritance. This process is a lengthy one, and most beneficiaries don’t receive their inheritance for years.
What Are Your Rights as a Beneficiary of a Trust?
As a beneficiary, it’s important to know your trust beneficiary rights. If you’re a beneficiary of an irrevocable trust — or a trust that cannot be changed or modified — you have several fundamental rights you can draw upon in the process, including the right to:
- Payment: Any distributions outlined in the trust.
- Accounting: Detailed reports of all expenses, distributions and income from the trust.
- Information: Information and details regarding the trust and its administration.
- Removal of the trustee: If you believe the trustee isn’t acting in your best interest, you can petition to remove and replace them.
- Ending of the trust: Depending on your state’s laws, you can end the trust with the approval of your fellow beneficiaries. This typically occurs when the terms of the trust have been fulfilled or are impossible to fulfill.
Beneficiaries of revocable trusts — or trusts that can be changed or modified at any time — tend to have fewer rights than those of irrevocable trusts due to the trust’s unpredictability.
Beneficiary Loans and Advances
As America’s foremost provider of beneficiary cash advances, Inheritance Funding Company guarantees the lowest price and extremely fast and courteous service. At IFC, beneficiaries receive their cash immediately.
Our process is simple. All you have to do is tell us how much of your inheritance you’re looking to access during your free consultation with one of our funding officers. Then, we’ll help you complete some basic paperwork before sending you your money that same day. That’s it! Once the estate closes, we’ll take payment from your share and leave you with the remainder of the inheritance to use as you please.
Access Your Inheritance Fast at IFC
If you are a beneficiary to a current estate or trust and are looking for a loan or cash advance, IFC can get you your money fast. We provide cash advances from $5,000 to $250,000 right away after receiving your completed application.
Want to find out if a beneficiary cash advance is right for you? Fill out the form below for a free consultation and quote!