Inheritance Rights of Heirs
Getting Started With an Heir Cash Advance
If you’re a first-time heir to an inheritance, you probably have many questions about the situation. Most heirs aren’t very familiar with the inheritance process or what it entails — they only know that they’re in line to receive money, property or assets from an estate.
As an inheritor, you must go through many steps before receiving your share of the estate. Specific legal proceedings must occur, and you have rights as an heir to draw upon in the process.
You’ve Been Named an Heir to an Inheritance – What’s Next?
As the rightful heir to an inheritance, you’re due to receive a share of assets from the estate of a recently deceased individual, known as a decedent. However, the estate and individual assets must go through a lengthy court process called probate before you can collect your inheritance. Probate is the process of administering and closing an estate after the owner has passed away. It is a legal procedure that goes through court to appraise assets and ensure heirs receive all the assets an estate entitles them to. The process is more complicated when estate heirs are involved and there is no will, compared to when a will names specific beneficiaries. Probate can take up to several years to complete, meaning all heirs must wait a significant period for probate to conclude before they can collect their share of the inheritance. However, if you planned for your inheritance to come sooner, you may need another way to get your money now.
Luckily, you can skip the tedious probate process entirely and get your money fast by applying for a cash advance for heirs. Inheritance Funding Company’s heir inheritance advances allow inheritors to access a portion of their money instantly, without the hassle of waiting for probate to conclude.
What Is an Heir?
An heir is an individual who legally inherits a portion of another person’s estate when they die intestate, meaning without a will. Because the deceased individual failed to allocate their assets in a will, there are no legal connections to anyone other than the decedent’s relatives. Therefore, all assets typically go to the decedent’s closest relatives. State laws entitle an heir of an intestate decedent to receive property from the estate. However, probate and inheritance laws differ from state to state.
Heirs are typically blood relatives of the deceased, like children, parents and other close relatives. In cases where there are multiple heirs in line for an inheritance, the heirs typically divide the estate evenly among themselves.
Inheritance Rights of Heirs
As an heir, you have rights that protect you throughout the inheritance and probate processes, including the right to the following.
- Timely transfers: Once a will is probated, heirs have the right to receive their entitled share promptly. However, this does not apply when the probate process is occurring, which can take several years.
- Information: Heirs may request access to any information or reports regarding the estate’s assets, administration and payments. These details can help clarify which assets or dollar amounts will go to each heir.
- Accounting: Heirs have a right to any accounts of the actions performed for the estate, including reports, receipts, proof of transfers and canceled checks. This accounting can help heirs ensure all parties are handling the process ethically and correctly.
- Executor approval: An heir has control over how much an executor gets compensated for their services, and in some cases, who is the executor.
- Fairness: Heirs are entitled to an executor who performs their duties fairly and without favoritism.
- Relief: If an heir believes that the will’s executor isn’t fulfilling their duties adequately or fairly, they can seek relief from the court system. If the court rules against the executor, you have the right to get a new executor appointed to the estate.
Is There a Difference Between an Heir and a Beneficiary?
Heirs and beneficiaries are not the same, and it’s inaccurate to use the words interchangeably. Heirs are typically blood-related family members who are entitled to a share of a deceased relative’s estate when that individual passes without leaving a will and testament behind. Beneficiaries are persons who the decedent specifically named in their will or trust — these individuals do not necessarily have to be related to the deceased, and they are often spouses or friends of the decedent. Probate is often a requirement for estates that do not name specific beneficiaries. Therefore, heirs and the deceased’s estate must usually go through the process. However, Inheritance Funding Company can help you get your rightful money almost immediately through inheritance advances — rather than making you wait months or years.
Get Your Money Fast
If you’re an heir who wants to access your inheritance fast rather than waiting several years, turn to Inheritance Funding Company for help. We can approve you and provide cash advances for heirs the same day, so you can get the money you deserve when you need it.
Schedule your free consultation with Inheritance Funding Company and receive your money as soon as tomorrow!