The internet is a place of endless possibilities, and it has undeniably changed the course of humanity, making it one of the greatest inventions in our history. However, just like many things in life, too large an amount of an otherwise enjoyable or beneficial thing can be harmful.
For instance, similar to other harmful substances, screen time that is poorly managed can become an addiction that can negatively affect your health and relationships. Internet addiction refers to the use of the Internet in an unhealthy way, which also encourages unhealthy behaviors.
And because the internet is a vast ocean of information, being overly dependent on it also covers a broad range of problems involving the technological medium. The different types of internet addiction include cybersex addiction, compulsive information seeking, net compulsions, gaming addiction, and cyber relationship addiction.
There is no single cause and effect of excessive internet use. Instead, a complex interplay of factors contributes to the development of addiction, including genetics, certain environmental factors, and co-occurring mental health disorders, such as anxiety and depression. Needless to say, excessive internet use can cause health ramifications similar to those of substance abuse or other forms of addiction. Some effects of internet addiction include failing memory, emotional instability, relationship issues, strained vision, muscle or joint pain, and financial ruin.
What is the Definition of an Inheritance Advance?
An inheritance advance is the sale of a portion of your future probate inheritance for immediate access to funds. Essentially, it allows you to receive some of your inheritance money before the probate process is completed. Unlike a loan, an inheritance advance doesn’t require you to pay interest or undergo a credit check. Once the probate process is finalized and the estate is settled, the amount you received as an advance is simply deducted from your share of the inheritance. Companies that offer inheritance advances usually charge a fee for this service, which is also deducted from the final inheritance amount.
1. Cover Funeral Costs
Funeral costs can be a significant financial burden, often ranging from $7,000 to $12,000. An inheritance advance can help alleviate this stress by covering these expenses.
Losing a loved one is emotionally draining, and the added financial stress can be overwhelming. Using an inheritance advance to cover funeral costs can provide emotional relief and allow you to focus on the grieving process.
Consult with funeral homes to get quotes and understand the breakdown of costs. Allocate the inheritance advance accordingly to cover expenses like the casket, funeral service, and burial or cremation.
2. Fixing Up a House to Sell
If you’ve inherited a property, investing in renovations can significantly increase its market value.
A well-maintained property can fetch a higher selling price, providing you with more financial freedom for future investments or needs.
Hire a professional home inspector to identify areas that need improvement. Use the inheritance advance to fund these renovations, focusing on high-impact areas like the kitchen and bathrooms.
3. College Tuition
Higher education is an investment in your future or the future of your children. An inheritance advance can cover tuition fees and other related expenses.
Education is a long-term investment that can significantly impact earning potential and career growth.
Research colleges and their tuition fees. Use the inheritance advance to pay for tuition, books, and living expenses, ensuring you or your children can focus on academics without financial stress.
4. Drug and Alcohol Rehab
Addiction treatment can be expensive but is crucial for long-term health and well-being. An inheritance advance can cover the costs of a quality rehab program.
Investing in rehab can transform lives, providing the tools needed for long-term sobriety and improved quality of life.
Consult healthcare providers to find a suitable rehab program. Use the inheritance advance to cover treatment costs, ensuring you or a loved one gets the best care possible.
5. Transportation
Whether it’s buying a new car or investing in public transportation, reliable transportation is essential for daily life.
Having dependable transportation can impact your ability to work, attend school, or engage in other essential activities.
Research various transportation options within your budget. Use the inheritance advance to purchase a reliable vehicle or invest in long-term public transportation options.
What is the Difference Between an Inheritance Advance and a Loan?
An inheritance advance is not a loan. It’s a portion of your inheritance that you can access before the probate process is completed. Unlike a loan, you don’t have to pay interest or undergo a credit check to receive an inheritance advance. The amount is simply deducted from your share of the inheritance once probate is finalized.
Are There Any Fees Associated with an Inheritance Advance?
Yes, companies that offer inheritance advances usually charge a fee for their services. The fee for an inheritance advance can vary depending on the company and the complexity of the estate. It’s crucial to understand all associated costs before proceeding with an inheritance advance.
Can an Inheritance Advance Affect My Credit Score?
No, receiving an inheritance advance will not affect your credit score. Since it’s not a loan, it doesn’t require a credit check or create a debt that you have to repay. However, how you use the advance could indirectly affect your credit, especially if you use it to pay off debts or make investments.
How Quickly Can I Get an Inheritance Advance?
The timeline for receiving an inheritance advance can vary but is generally quicker than waiting for the completion of the probate process. Some companies offer advances within a few days of application approval, making it a fast way to access funds you are set to inherit.
Is the Inheritance Advance Taxable?
Inheritance advances are generally not considered income, so they are not subject to income tax. However, the inheritance itself may be subject to estate taxes, depending on its size and the laws in your jurisdiction. It’s advisable to consult a tax professional for specific guidance.
Can I Use an Inheritance Advance to Buy Property?
Yes, you can use an inheritance advance to buy property. In fact, investing in real estate can be a smart way to utilize the advance, as it has the potential for long-term appreciation and can provide a stable income stream if you rent it out.
What Happens if the Final Inheritance Amount is Less Than the Advance?
If the final inheritance amount turns out to be less than the advance, the responsibility for covering the difference usually falls on the company that provided the advance. This is why these companies charge fees and carefully assess the value of the estate before approving an advance.
Can Multiple Heirs Get an Inheritance Advance?
Yes, multiple heirs can each apply for their own inheritance advance, provided the total amount doesn’t exceed the value of the estate. Each heir or heiress would need to apply separately and pay individual fees for the service.
How Can an Inheritance Advance Help in Debt Repayment?
An inheritance advance can provide a lump sum of money that can be used to pay off high-interest debts, such as credit card balances or loans. This can help you save on interest payments in the long run and improve your financial health.
Can I Use an Inheritance Advance for Business Investment?
Absolutely, using an inheritance advance to invest in or start a business can be a wise financial decision. It provides you with the capital needed to grow the business, which could potentially offer a higher return on investment compared to other uses of the funds.
