How an Inheritance Advance Can Rebuild Your Financial Future

Many people face ups and downs in their finances. Going through a financially difficult time can be stressful, especially when you aren’t sure how to recover. Inheritance advances give you a chance to secure a better financial future. You may have large debts or bills to pay off. Perhaps you’re going through a divorce or recovering from bankruptcy. If you are the beneficiary of an inheritance, you can get the money you need today and rebuild your finances with an inheritance advance.

The process of settling an estate can take years, depending on the size of the estate. When it comes to financial recovery, we know that time is of the essence. An inheritance cash advance can help you get the money you need fast.

What Is an Inheritance Advance?

An inheritance advance, also called a probate money advance or estate advance, gives you immediate access to a portion of your inheritance. Depending on the size of a deceased person’s estate, the probate process can take months or even years. At the end of the legal probate process and once the estate has been closed, the executor distributes the inheritance to the heirs.

Each state in the U.S. requires the probate process, and there’s no way of getting around it or speeding up the steps. The law has to take its course. Larger and more complex inheritances generally take longer to settle. Family disputes and other complications can also stall the process, so you have to wait longer for your share.

The good news is that you can access money from your inheritance before the end of probate. If you have immediate financial needs, an inheritance advance gets you the cash you need.

How Does an Inheritance Advance Work?

How Does an Inheritance Advance Work?

Getting an inheritance advance starts with a free consultation with a funding officer. In this consultation, you’ll learn more about the terms of the inheritance advance process and how much of your inheritance you could get immediately. The funding officer will also ask you about the deceased’s estate to learn more about how much you expect to inherit and how many other beneficiaries there are.

When you decide to move forward, you’ll need to fill out an application and provide specific documents. The funding officer may ask you to provide the following:

  • Valid photo identification
  • An inventory of the estate assets
  • Letters of administration
  • A copy of the decedent’s will if there is one
  • The probate petition
  • A copy of the decedent’s death certificate
  • A document identifying the estate’s executor or administrator

If you need help determining where to get these documents, the funding officer will work with the estate executor and help you with the process.

At Inheritance Funding Company (IFC), we don’t need information about your income, employment history or credit score to provide an inheritance advance. All we need is to verify the information with the estate executor and check that you are a beneficiary of the inheritance.

Once your application is confirmed, we’ll agree on the advance amount. You’ll assign the amount in the agreement to us so we can claim it at the end of the probate. If there is not enough money in the estate to pay us, you don’t have to pay us back. We take on the risk.

How Much Will I Need to Pay for the Advance?

How Much Can I Get in an Inheritance Advance?

Our inheritance advances generally range from $5,000 to $350,000. The amount you’ll receive as a cash advance is a maximum of 40% of what you expect to get from the probate estate.

Tax on inheritance advances is rare. Only six U.S. states will require you to pay a tax — Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania. The tax is only applied if the decedent lived in one of these states. It doesn’t depend on where you live.

Each state has guidelines on the percentage of tax on inheritance. Some heirs may receive an exemption from paying tax depending on their relationship with the decedent. If you are waiting on your inheritance, check with the state law to see if any exemptions apply to you or what percentage of tax you’ll need to pay.

Do I Qualify for an Inheritance Advance?

Every advance funding company requires a minimum inheritance to qualify for an inheritance advance. Some companies need you to be in line to inherit as much as $50,000. At IFC, our minimum requirement is an inheritance amount of $10,000. If you need to figure out how much you will inherit, our helpful funding officers will help you determine how to get this information during your consultation.

We work with beneficiaries in all states across the U.S., so it doesn’t matter where you live or whether you live in the same state as the decedent.

Your credit history isn’t a determining factor in the qualification process. You can get an inheritance cash advance even if you have poor credit. We will still need a credit report to see if there are any child support or bankruptcy proceedings or other judgments on the payment from the inheritance. As long as the information you provide is accurate, you meet the minimum inheritance amount and there are no judgments, your application will succeed.

How Much Will I Need to Pay for the Advance?

The amount you will pay for an advance depends on several factors, including the following:

  • The time it will take to close the estate
  • How complex the estate is
  • The size of the advance required

The cost varies between funding companies. At IFC, we offer a fixed rate depending on the above factors. Once the executor distributes the estate, the payment to the funding company comes from the inheritance amount you will receive. There shouldn’t be any other fees on top of this fixed rate. When choosing a funding company, look for the best deal and ensure to check there are no additional fees you will need to pay.

We guarantee that you will receive the lowest price on the market so you can get the most out of your inheritance. The pricing of our inheritance advances includes sizeable rebates. If we receive payment before the cut-off date for the early payoff rebate, within five business days, we’ll pay you the rebate amount. If there isn’t money in the estate to pay us after settlement, we take the loss and don’t expect you to pay us the agreed fee.

How Can an Inheritance Advance Change My Financial Situation?

There are many financial reasons why you might need access to your inheritance quickly. After learning that the probate process can take months or years, you may consider going to the bank and taking out a personal loan. An inheritance cash advance offers you a better option than a personal or inheritance loan. Let’s take a look at why.

1. Personal Loans vs. Inheritance Advances

Two types of personal loans are available to you: a secured and an unsecured personal loan. The bank grants a secured personal loan on the basis that you give them an asset as collateral. If you can’t repay the loan, the bank takes this asset. You don’t need collateral with an unsecured loan, but you must have a high credit score. If you can’t pay back the loan, your credit score will suffer, and the bank can file a lawsuit against you to recover the amount you owe.

When you take out a personal loan, the bank deposits the total amount into your account. The payback period varies depending on the lender. You’ll also pay interest on the loan, which the lender will calculate based on your credit score. There are usually other fees involved in a personal loan application process. If you have an excellent credit record and are confident that you can repay the loan, this could be a good option for you.

But what if there were an option that sent money to your account as quickly as a personal loan but allowed you to avoid the high fees, potential credit score hit, and repayment pressure? With an inheritance advance, heirs can access money quickly without the barriers of credit score checks or the risk of hidden fees and repayment harassment.

2. Inheritance Advance vs. Inheritance Loan

An inheritance loan is also called an estate loan or a probate loan. In this type of loan agreement, you borrow money from a lender and use your future inheritance as collateral. You receive the money immediately and repay it in monthly installments, including interest. The amount you can borrow and the interest varies between lenders.

Typically, inheritance loans tend to be costly, especially when you consider the high-interest rates. You can face paying a large amount of interest even for a smaller inheritance.

The lender sets the interest rate based on the current interest rates, how long the estate will take to settle and other factors. If the settlement takes a long time or there are unexpected delays, the interest will continue to accrue until you can repay the loan. The lender gets more money and you have less of your inheritance. The catch of paying more of your inheritance in interest overshadows the benefit of receiving the loan.

An inheritance advance is an excellent option if you need cash as quickly as possible and your credit score could be stronger. The most significant advantage is that an inheritance cash advance is not a loan. You need to make no monthly payment to pay back the advance. When the probate process is over, the funding company gets its fee straight from the estate. There is also no interest. Together, we decide on the price we’ll receive from the estate ahead of time.

What Can I Use My Inheritance Advance Toward?

What Can I Use My Inheritance Advance Toward?

You may need quick access to the cash from your inheritance for many reasons. You can use the money to pay for your decedent’s funeral and other costs you may incur after they have passed. The decedent may have a property that needs maintenance until the settlement of the estate. Immediate access to cash can help you to also look after any dependents of the decedent. If you have any debt with high-interest rates or medical bills, you can pay these off quickly with your inheritance advance.

Paying off large debts will take the significant financial pressure off you and can get you through a financially challenging time. Some other great financial benefits you can enjoy include the following:

  • Cover estate settlement costs: The probate process can take time and cost beneficiaries money. Some expenses may include legal fees, taxes, maintenance and repairs on real estate. An inheritance cash advance helps beneficiaries cover these costs during the probate period.
  • Purchase shares in real estate inheritance: You may prefer to inherit real estate, such as a house, land or commercial property, instead of receiving money. You can use the inheritance advance to buy the share other beneficiaries have in a property you all inherit.
  • Settle your debts: It’s best to quickly pay debts such as high-interest credit cards, loans and hospital bills. Immediate access to cash from your inheritance advance can help you pay these off and avoid further financial obligations.
  • Pay everyday expenses: Perhaps you were financially dependent on the decedent or you’re going through a financially challenging time. You can use your inheritance advance to pay for day-to-day expenses until you receive your inheritance.
  • Cover funeral costs: Funerals are costly and an inheritance advance gives you the financial means to cover the decedent’s funeral expenses.
  • Down payment on a house: If you plan to buy a home, instead of waiting until the end of the settlement, you can use an advance to get the money you need for a down payment.
  • Look after your dependents: Being a parent comes with significant financial responsibilities. An inheritance advance can help you pay for expenses such as school fees or medical bills for your children.
  • No monthly costs: Unlike a personal loan and other forms of debt, you don’t have to pay back a loan with monthly payments.
  • No hidden fees: We agree on a set rate at the beginning, which we collect at the end of the probate process. There are no additional fees to pay in the process.
  • No personal liability: We take on the risk that there may not be enough money to pay us from your inheritance. As long as you honor the assignment agreement and give us accurate information on your application, you don’t have to pay back the inheritance advance.
  • No monthly interest: Other forms of financing usually involve interest rates which can be pretty high. No interest is charged on an inheritance advance, only a flat rate.

Get Cash Fast With Inheritance Funding Company

Get Cash Fast With Inheritance Funding Company

You get your money immediately when you qualify for an inheritance advance with us. We want you to have access to the money that you need to rebuild your financial future today. Since 1992, we have helped thousands of clients with inheritance advances gain financial freedom without waiting for estate settlements. We are the largest and oldest inheritance advance company in the industry and have the experience to guarantee you the best available price.

Apply now to schedule a free consultation with one of our funding officers.