Ways to Get Your Inheritance Early

If you’ll be receiving an inheritance, you may feel like you’re in a complicated position. On one hand, your inheritance has likely resulted from the death of a loved one, which can be emotional and difficult to deal with. On the other hand, you may need the cash from your inheritance to pay for the funeral, bills, taxes and other expenses. Some heirs and beneficiaries like yourself have to wait several years to receive money from a settled estate through the probate process.

By understanding the available options for your inheritance, you can get your money sooner to help you with the various affairs you may be responsible for. We’ll discuss some commonly asked questions and show you different ways you can get your money early.  

Can I Get My Inheritance Early?

Yes! It’s possible to access your inheritance early in many ways. There are different reasons why you might need early access to your inheritance, and it’s possible to get an advance while the estate is in probate. This option is available to many heirs and estate executors to make it easier to handle various financial requirements. 

If you’re currently researching the probate process or how long it will take to receive your inheritance, you may find that getting an inheritance loan is one option for people in your situation. 

But this is not your only option. In fact, you can get your inheritance early without having to borrow cash or take out a loan at all. With an inheritance advance, you receive cash from a trusted, experienced provider. This means there are no monthly payments, collateral or interest rates. You can access your inheritance immediately without waiting for the estate to close, meaning you won’t be stuck with a bunch of bills you can’t pay for. 

How to Get Your Inheritance Early

How to Get Your Inheritance Early

Because receiving an inheritance can be a complex, often confusing process, it’s important to know all the options you have so you can make the right choice. No matter how you choose to receive your inheritance, knowing there are plenty of ways to get the money early can help you feel ready to take on anything. Here are some ways you can get your inheritance early.

1. Loan on Inheritance or Inheritance Loan

One of the most common ways to access your inheritance money early is to use an inheritance loan, also called a loan on inheritance or probate loan. Immediately upon the death of the willer, heirs can apply for this loan through the deceased’s bank. If you’re approved, you will get a certain amount of cash in advance with a set interest rate.

Other than receiving the money up front instead of waiting, there aren’t many benefits to an inheritance loan. This is because heirs will accrue interest until probate is settled so the loan can be repaid. The longer it takes for the estate to be settled, the more you will have to pay. Since this process can take years, you can end up with a hefty amount to pay back. 

You might also see these loans referred to as estate loans. While some people assume the amount you receive on the estate loan is based on the entire estate — not just your inheritance — this is incorrect. An estate loan is the same thing as an inheritance loan because they are both only based on your portion of the estate. With this option, you undergo a typical loan process with interest and monthly payments. 

These loans may require personal property or assets as collateral for you to obtain the loan, which is one of the reasons it can be difficult to receive. For example, if you do not own property or have an asset that fits the requirements, or have poor credit or criminal history, it can be very challenging to get approved for a loan. Loan companies perform very thorough evaluations before giving out these loans. In most cases, the inheritance becomes the collateral. 

2. Petitioning the Court for Early Distribution

Depending on the laws in your state and your specific circumstances, the court may sometimes grant beneficiaries of probate a portion or the entire inheritance before the estate is settled. This is usually the case if the inheritance is mostly money — if it includes assets or interests on investments, it becomes more challenging.

If you’re petitioning the court for early access to your inheritance, be aware that there are some potential downsides. For instance, you will have to wait out the process for filing the petition, waiting for approval on whether the court will proceed with the preliminary administration and settling the case in court, which can take months and maybe even years.

3. Inheritance Advance

An inheritance advance, also called a probate advance, is one of the best ways to access your inheritance early because it doesn’t involve any of the major disadvantages of loans, such as interest rates, collateral requirements or credit and employment checks. An inheritance advance company will evaluate your situation based on your portion of the estate and decide how much you can receive as a cash advance

Unlike a loan, an inheritance advance has a fixed maximum fee. Inheritance advance companies also offer no risk of non-payment, which means that if there isn’t enough money to pay back the provider once probate ends, you aren’t personally liable.

What Are the Risks of an Inheritance Advance?

When it comes down to it, you need a fast, easy and low-risk option for receiving a portion of your inheritance early. Getting an inheritance advance from a trusted company in the industry lets you receive your money within hours. There are no risks to beneficiaries and heirs! To see if you’re eligible, you simply have to apply. The application process comes at no risk to your credit because there’s typically no credit check.

If you’re approved, you can consult with funding officers who will walk you through the entire process. Applying for an advance comes at no obligation or cost, so you can get all your questions answered without the strings attached. 

The cost of receiving the advance itself depends on the complexity of the estate, the size of the advance and many other unique factors. Look for a company that only charges a flat rate with no additional or hidden fees that take away from your inheritance.

Companies that offer these advances may also offer rebates for early repayment. Once you’re approved and have the cash in your hands, you can spend the money however you want. Best of all, you don’t need to wait for the estate to finish the probate process, which can shave years off waiting for your inheritance.

Choose Inheritance Funding Company for Your Cash Advance

Choose Inheritance Funding Company for Your Cash Advance

While the idea of an inheritance may be appealing to some people, many heirs and beneficiaries like you may struggle with financial obligations and expenses related to the deceased. At Inheritance Funding, we know and understand these complex emotions and responsibilities. So, we make it our mission to help heirs access their inheritance early without the hassle that comes with loans. 

Our application and advance process is straightforward, and our Funding Officers are here to consult with you about pricing, timelines and any general inheritance advance FAQs you may have. As one of the oldest and most trusted inheritance funding companies in the country, we’ve helped thousands of heirs. Let us help you next. Apply now for your immediate cash advance, or contact us if you have any questions.