Probate Loans & Cash Advances
Heirs Looking for a Probate Loan
If you’re in line to receive an inheritance, you probably expect the process to be fast and straightforward — after all, the money is rightfully yours. Most heirs are shocked to learn that this isn’t at all the case. Accessing an inheritance through probate is a lengthy and complex process full of setbacks and delays that prevent inheritors from receiving their money when they need it.
If your money is stuck in probate, you can get cash fast by seeking a probate loan or cash advance. Both provide an efficient way to access an inheritance without any risks or restrictions. Learn all about probate cash advances and probate loans to decide which is best for you.
Probate Loans vs. Probate Cash Advances
Many people use the terms “probate loan” and “cash advance” interchangeably, but they do not mean the same thing. Probate loans and advances are two entirely different concepts with their own processes and stipulations.
A probate loan is an allotment of money that a lender allows you to borrow while your estate is going through probate. You must pay interest on this loan and make monthly payments until the estate is settled.
A probate cash advance is a way to obtain a portion of your inheritance before the estate settles through probate. When you get a cash advance, you are not obligated to make monthly payments, pay interest or provide collateral — unlike a loan. Probate advances are non-recourse and come with no risk of non-payment, meaning that if there isn’t enough money in the estate to pay the probate funding provider, the borrower is not personally liable.
How Do I Qualify for Probate Funding?
Inheritance Funding Company offers probate cash advances to heirs such as yourself, whose money is trapped in the lengthy probate court process. Our cash advances are not loans, providing several advantages to you. Unlike traditional lenders and banks, we never charge an interest rate, there are no monthly payments and there’s no need to risk losing collateral assets such as your car or home. Your employment history and credit score won’t impact your eligibility, either.
In order to qualify for probate funding, all we ask is that you’re an heir to an estate currently going through probate and that you will be receiving at least $17,000 when the estate closes. As long as that’s the case, we can usually send you a portion of your inheritance right away. In return, you assign a set dollar amount to our company, and we wait for the probate estate to close. We even offer significant rebates if we are paid back earlier than originally planned.
Fast and Easy Cash From Probate
When applying for a probate cash advance, you can expect to receive your money immediately. Your dedicated funding officer will work closely with you and your attorney and be available by phone and email throughout the entire process.
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What Is Probate?
Simply put, probate is a court-supervised process that oversees the transfer of an individual’s assets (i.e., their “estate”) after death. Probate is a complex, tedious and time-consuming process that is riddled with delays. Heirs almost always underestimate the amount of time it will take for them to receive their inheritance from an estate in probate. On top of the delays, there is often a lack of clarity on how the process works.
As an heir, there are some facts that you should immediately understand regarding your role in the probate and inheritance process. First, contrary to popular belief, the attorney handling the probate estate represents only the personal representative (PR) — or the executor, executrix or administrator of the estate. The estate attorney does NOT represent all other heirs to the estate. Because of this, the attorney is under no obligation to take or return any phone calls or provide general information or legal advice to heirs other than the PR.
Second, the probate process goes through a number of drawn-out steps, in most cases, before distributing a penny to the rightful heirs. There are numerous factors that can influence and lengthen the probate process, such as estate size, number of heirs, absence of a will, outstanding debts and more. These circumstances further complicate the probate process and can cause significant delays, forcing heirs to wait even longer to access their inheritance.
Every estate is different, but the following chart gives you a sense of the complexity and drawn-out timeframe.
How Does the Probate Process Work?
Once again, all estates go through the probate process slightly differently. This breakdown is meant to showcase a fairly “regular” probate procedure.
The very first step in the probate process is to file the petition for probate. This petition, along with the original will and codicils (legal alterations to the will), is filed with the probate court. The Notice of Petition to Administer Estate is also filed during this stage. In this case, the “petitioner” is usually the proposed personal representative.
Once these forms have been filed, the court clerk will set a hearing for 45-60 days after the filing date. At this point, the notice has to be given to all of the people named in the will. This is the stage at which you will first receive notice of your inheritance. The Notice of Petition to Administer Estate is also published in a local newspaper to alert the decedent’s creditors. It is during this time that they must file their claims with the court.
At the hearing, if no one has filed an objection to the probate, the court will admit the will to probate and appoint the PR. After this appointment, the court will issue Letters Testamentary or Letters of Administration, which the PR uses to prove that they have the authority to act on behalf of the estate.
The second step in probate consists of an ongoing process of filings, notifications and applicable settlements. The following is just a short list of tasks which must be completed:
- Identify all of the assets owned by the decedent at the time of death
- File an Inventory and Appraisal which values the estate’s assets, both real (land) and personal
- Notify the Department of Health Services
- Liquidate all of the estate’s assets
- Pay any debts, claims or taxes that are due and object to claims which should not be allowed
- Settle all financial and property disputes
The final step in the probate process consists of closing the estate and distributing the remaining assets to the heirs. If all goes smoothly, the final actions in the probate will be as follows:
- Obtain a court order of distribution
- Close the estate accounts
- Make final distributions to the heirs
- Obtain receipts from the heirs for the distributions made to them
As you can tell, the probate process is indeed a long and difficult one. The good news is that the personal representative chooses to retain a probate attorney to guide the estate through this complicated process. The bad news is that, even with the help of an attorney, the probate process can still take 12-18 months and, in many cases, even longer.
Can I Get a Loan on my Inheritance?
While some estates can be administered in 18 months or less, a large percentage of estates can take up to 3 years to close. This means that the estate heirs may not receive any inheritance money for up to 3 years after probate first begins.
If you would like to access your inheritance money right away, we can get it to you that same day. We provide cash advances to heirs who have an inheritance stuck in probate.
Unlike probate, the IFC cash advance process is fast, simple and stress-free. We begin with a free consultation where we ask you how much of your inheritance you’d like to access upfront. Then, we walk you through some simple paperwork before sending you a portion of your share immediately.
Once we transfer the portion of your inheritance to you, your responsibility is over, leaving us to wait for probate to end so you don’t have to. Once the process is over, the estate pays us out of your share and you receive the remainder of the inheritance. It’s that easy! We don’t charge interest or require you to make monthly payments, plus there’s no risk of non-payment if the estate doesn’t contain enough money to compensate us for our services.
If you are interested in learning more about our cash advance and probate funding process, please fill out the form below for a free, no-pressure consultation with one of our friendly funding officers. You can also call us at (855) 427-3289.
Receive Your Inheritance Money Fast at IFC
Want to access your inheritance without the hassle of probate? For over 25 years, we’ve helped heirs all over the country get the money that’s rightfully theirs at the lowest price. As the largest and oldest inheritance funding company in the industry, you can trust us to get you the money you need while delivering unbeatable customer service.
Contact us for a free consultation with one of our funding officers today!