Distributing the inheritance outlined in your loved one’s will often requires probate, a legal process that ensures the money is correctly allocated. This procedure can be long and tedious, taking several years to wrap up.
However, you can avoid probate in some cases. Learn when probate is and isn’t necessary, and discover how IFC can help you access your inheritance right away.
How Do You Know If Probate Is Necessary?
Probate is necessary to transfer property from a descendent to an heir when there is no automatic transfer set up under the law. The process ensures the will’s provisions are implemented as intended.
When Can You Avoid Probate?
Probate is unnecessary in certain cases, including:
Property Held in Joint Names
It’s common for people to own assets jointly with their spouses, children or other loved ones. In this case, the rights of survivorship apply — meaning the assets automatically pass to the surviving owners — so probate is not required.
Assets With Designated Beneficiaries
Assets from retirement accounts, annuities and life insurance policies pass to the designated beneficiaries. Because these assets transfer automatically per the terms of a policy contract, they do not become part of the probate estate.
Revocable Living Trusts
If the descendent established a revocable living trust and transferred assets into that trust, those assets would not be subject to probate. Revocable living trusts avoid probate and allow the assets to pass to the beneficiaries under the terms of the trust agreement.
Most states offer an abbreviated probate process for smaller estates valued under a certain amount. This simplified version of the process has fewer legal requirements and less court supervision. Depending on the state, you may even be able to claim the property with just an affidavit approved by the court.
How an Estate Advance From IFC Can Help
If the estate has to go through probate, you can still access your money quickly with an estate advance from IFC. An estate advance allows you to receive a portion of your inheritance immediately. IFC advances you the money right away, and the estate pays us back directly. We take the loss if there isn’t enough money when the estate closes — you are not personally liable for the advance.
Your cash advance comes with no strings attached. We do not charge interest or monthly payments, and you’re free to use the money however you wish. We also do not check your credit, income or employment history. Your eligibility for an inheritance advance is based on your estate, not your personal information.
Contact IFC for an Immediate Cash Advance
IFC is the largest and oldest estate advance company in the business. When you come to us for an estate advance, you’ll get cash immediately. We use a quick and easy process to approve and fund virtually every advance request on the same day we receive it. Contact us to schedule your free consultation today!