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. However, 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.
Luckily, there’s an easier solution for receiving your inheritance sooner. 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 better for you.
Probate Cash Advances vs. Loans
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 distinct processes and stipulations.
Like traditional loans, a probate loan is an allotment of money that a lender allows you to borrow while your estate goes through probate. You must pay interest on this loan and make monthly payments until you settle the estate.
A cash advance on probate is a way to obtain a portion of your inheritance before the estate settles through probate. Unlike a loan, when you get a cash advance, you do not have to make monthly payments, pay interest or provide collateral. 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 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.
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 you can pay us 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. We know the passing of a loved one isn’t easy, and you have many other things to worry about. That’s why we will assign you a dedicated funding officer who 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, or estate, after death. Probate is a complex, tedious and time-consuming process that is riddled with delays. Heirs almost always underestimate how long it will take 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, you should immediately understand some facts 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 typically goes through several drawn-out steps before distributing a penny to the rightful heirs. Numerous factors can influence and lengthen the probate process, such as estate size, number of heirs, absence of a will, outstanding debts and more. The probate process is different in each state and can take anywhere from a few months to years, depending on the state laws and the estate itself. In addition, if the decedent does not leave a will, the probate process lasts exponentially longer. 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 of the probate process.
How Does the Probate Process Work?
Remember, all estates go through the probate process slightly differently. This breakdown showcases what you might expect from a fairly standard probate procedure.
The first step in the probate process is to file the petition for probate, the original will and any legal alterations. The Notice of Petition to Administer Estate also gets filed during this stage. In this case, the “petitioner” is usually the proposed personal representative.
Having received these forms, the court clerk will set a hearing for 45 to 60 days after the filing date. At this point, the law requires notifying all the people named in the will. At this stage, you will first receive notice of your inheritance. A local newspaper also publishes the Notice of Petition to Administer Estate in a local newspaper to alert the decedent’s creditors. During this time, 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 a brief list of tasks to complete.
- 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 lengthy and complex. 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 an attorney’s help, the probate process can still take 12 to 18 months and, in many cases, even longer.
Why Does an Inheritance Go to Probate?
There are many reasons the probate processes occur, and each inheritance is different. Unfortunately, if the decedent owned any property that doesn’t designate beneficiaries or isn’t arranged to avoid probate, you must legally go through the probate process to access any of the inheritance. Depending on estate size, the will, individual items and other factors, there is always a high possibility any inheritance will go to probate. However, some assets are almost always subject to probate:
- Cash or cash accounts without a beneficiary
- Real estate
- Personal items and valuables such as jewelry
- Assets with tenants in common
- Items that allow for beneficiary naming but do not have beneficiaries listed
- Any other assets owned solely by the deceased or without a beneficiary listed
Each state has different laws surrounding probate and wills, but nearly all states have monetary caps to decide when an inheritance goes to probate. If an inheritance is over a specific amount, these laws require it to go to probate regardless of any other factors.
Some assets typically do not go through probate:
- Bank and financial accounts with a designated beneficiary named
- Trusts and most assets within them
- Assets with joint ownership and right of survivorship
- Insurance policy proceeds
- Most assets with a transfer-on-death registration
If the inheritance you deserve does not have listed beneficiaries or wills, there is no doubt that all assets will go through probate, and will take a much longer time to process. If this is the case in your inheritance and you need the money today, contact Inheritance Funding Company today to review your options.
Can I Get a Loan on My Inheritance?
While some estates take 18 months or less to administer, a large percentage of them can take up to three years to close. In these cases, the estate heirs may not receive any inheritance money for up to three years after probate begins.
If you would like to access your inheritance money right away, Inheritance Funding Company can get it to you today. 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 complimentary 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 855-545-8652.
Receive Your Inheritance Money Fast at IFC
Want to access your inheritance without the hassle of probate? At Inheritance Funding, we take the burden of the probate process off your shoulders and onto ours. 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 industry’s largest and oldest inheritance funding company, we’ll get you the money you need while delivering unbeatable customer service. Avoid lengthy court processes by getting your probate advance today from Inheritance Funding.
Contact us for a free consultation with one of our funding officers today!