Receiving an inheritance advance and the amount of the advance is largely dependent upon the size of your estate inheritance that is in probate and how much money you need. We are able to handle cash advances in various sizes. In this article we go through the different factors that may affect your probate cash advance size.
Table of Contents
Determining The Size Of The Probate
The laws of every state vary, but as a rule of them, there are a few things that need to be determined. Most of this is handled by the executor of the estate. In order to determine the size of your probate, it might be easier to start with what isn’t included in probate. For instance, jointly held assets, accounts with designated beneficiaries, and assets in the trust are not part of a probate.
Once the probate is in process, letters of administration (LOA) will be isues by the court. These letters grant authority to the personal representative or executor to request information. This allows the personal representative or executor of the estate to essentially, step into the deceased shoes and act on their behalf. After the executor uncovers all of the assets, you should have a strong understanding of the size of the probate and then you will be able to understand your share knowing that their may be other heirs involved.
If you have an inheritance in the probate process, and you want to get some funds upfront, one of the things you can do is receive funds in return for an assignment of your inheritance. Typically an estate advance is anywhere from $10,000 to $200,000 but many times the advance can be up to $500,000 or even more.
The amount of money you get from an advanced depends on how much money you need and how large your portion of the inheritance is. For instance, many times people will get an advance on their inheritance if it is stuck in probate. The typical probate period is anywhere from 1 to 3 years. This means, if you have to pay for funeral costs or renovate a home that needs to be sold, it can be very costly out of pocket to do. An inheritance advance might be a great solution.
If you have an inheritance sum in probate, consider the size of your inheritance and the amount of money you need in the coming years before the estate passes through the probate process. Based on that number, a probate funding company can help you come up with a sum that you might be eligible for and that also serves you. We usually give out 30% or more, depending on the expected inheritance amount.
The entire process of getting an advance on your inheritance is simple. You don’t have to leave your home as everything is done electronically. Receiving an inheritance advance otherwise known as a probate advance can take as little as 3 days for you to see money in your account.
After we establish the amount of your advance, based on the submitted documents, you’re all set. The money will be wired to you immediately, and there’s nothing else you need to do. We will wait for the estate to settle, charge your advance, and forward the rest of the money to you.
Don't Wait for Probate
If you can get the money that your loved ones left you right away, why would you wait for the probate to end? If you know that the average probate process can last as long as 24 months, receiving a part of your inheritance now sounds even better.
Going through a rough period after losing a close person can take a great toll on you, emotionally and financially. Saying your last goodbyes costs a lot nowadays, and unfortunately, the bills don’t stop coming because you’re mourning. If you inherited some money, there’s no better time to claim it than now.
You don’t have to worry about other heirs too. Getting your share with the help of Inheritance Advanced won’t affect their cut at all.
Should you get an inheritance advance?
If you are thinking about getting an inheritance advance, you should first understand how a probate advance works. advance on your inheritance is a personal decision. It can be extremely helpful for some individuals and not necessary for others. Here are some of the benefits of an inheritance advance:
- There are no interest rates, late fees, or any other hidden charges. What we quote is what we charge, and nothing more
- The process is 100% risk-free. You don’t have to worry about repaying the advance since it’s not a loan. We will be compensated when your inheritance clears
- We don’t care about your income history, your employment, or your credit score. Your advance depends only on what is in the estate
- Use your money how and when you want it. You don’t need to provide us with any explanations about what you plan to do with your advance