Many estate heirs and executors find themselves in a position where they need money right away. A probate advance is a funding solution that enables heirs and executors to receive money immediately in exchange for a portion of their inheritance distribution once probate is over.
We’ve helped over 1,500 people receive their inheritance money faster in the last two years so we fully understand what you are going through.
Waiting for probate can cause financial hardship if you have to pay for funeral costs, mortgage fees, home repair and other costs that may be incurred by the estate. Even worse, probate courts have backed up even further as a result of the pandemic which has been widely covered by newspapers all over the country.
Let’s jump right into your options and what a probate advance entails.
What Are The Steps To Get An Inheritance Advance?
When a loved one passes away, with a will, the person who is the executor gets to be in charge of the probate process. This involves taking inventory of the estate property, ensuring that all estate debts are paid, and seeing that all rightful heirs receive their rightfully owed inheritance.
If a loved one dies, without a will, an administrator will be picked to handle the estate and carry out duties in compliance with the state law where the loved one lived or where the real estate is.
Once again, the probate process can take up to years to fully process through which is why many heirs or executors of estates will seek an advance on their inheritance.
Below is a step-by-step procedure for a probate advance:
- The consultation
- Getting the necessary documents ready
- Deciding on the amount you want as advance
- Receive the probate advance
Note that before receiving an inheritance advance, a probate administration should be opened, and an executor should be appointed, after that an accounting of the estate should occur so you know how much money you will be receiving. After that, it is easy for us to provide a probate advance. Here are the steps:
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Initial consultation
A compassionate of our Funding Executives will explain the process, pricing, and answer any questions you may have about receiving a probate advance. The first step is to fill out a probate advance application where we determine the size of the estate, establish an understanding of where the estate is within the probate process and establish if an estate advance is going to be right for you based on the size of the estate and the number of beneficiaries. Since this is just an advance on the estate, it is not based on a personal credit score.
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Documentation
After the initial consultation, the next step is to review all of your probate case documents. We will begin this step by reviewing the position the probate is currently in and the will of the person deceased if there was one left as well as the beneficiaries. Our team will also review some basic estate information and paperwork to make sure there is enough in the estate fund to access the inheritance advance quickly. We do this so the process goes as smoothly as possible and so you can get cash in hand as soon as possible which is much different than an inheritance loan.
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Amount Of Funding
Once you and our friendly team have completed the agreement for the inheritance advance and confirmed the estate assets while making sure you get your rightful inheritance share, then we wire the funds to your bank account of choice right to you. Just like that, a simple and easy process. In most situations, it will only take three business days to get the money. Then, you can rest assured that you have the money you need to get you through these troubling times quickly.
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Receive your probate advance
Once you get the cash advance you can use it for whatever you need. When the probate case is complete, the estate is ready for distribution. The Inheritance Advance is paid directly out of your share, without affecting any other Heirs, and the remainder of your inheritance is paid directly to you. No hidden fees, no extra costs, as simple as one, two, three. Inheritance Advanced also offers a rebate for early payment. Can it get any better than that?
What Are The Reasons To Get A Probate Advance?
Accessing money during probate is difficult because you technically don’t own any of the assets in the estate until the title is legally transferred to you. A probate advance is a way for you to receive funds immediately if you need them, you just sell a portion of your inheritance proceeds in exchange for a lump sum of money. The company providing the probate advance then waits until the probate has concluded and they then receive a distribution of the portion of the probate that you sold them.
There are several reasons why someone might want to get a probate advance:
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To pay for funeral and burial expenses: Probate advances can provide funds to cover the cost of a funeral and burial, which can be significant.
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To pay for outstanding debts: If the deceased person had outstanding debts that need to be paid, a probate advance can provide the funds to pay these debts.
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To maintain the estate during the probate process: Probate can take several months or even years to complete, and during this time, the estate may need to be maintained. A probate advance can provide the funds to pay for necessary expenses, such as property taxes, insurance, and other bills.
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To pay for legal fees: The probate process can involve legal fees, and a probate advance can provide the funds to pay for these fees.
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To provide financial support for the beneficiaries: If the beneficiaries of the estate are dependent on the income or assets of the deceased person, a probate advance can provide temporary financial support until the estate is settled.
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To cover unexpected expenses: There may be unexpected expenses that arise during the probate process, and a probate advance can provide the funds to cover these expenses.
How much can you receive from a probate advance?
Use our inheritance advance calculator to see how much you can receive from an advance immediately without making any monthly payments. You can receive up to 30% of your beneficial interest in the form of a probate advance.
Enter Your Inheritance Value, % Of Estate Ownership taking into account other heirs and expenses like estate administrator costs.
What Are The Benefits Of A Probate Advance?
When an inheritance is tied up in probate, it can take a long time to get access to the funds. If you need money now and have no other way of obtaining cash quickly, consider getting a cash advance on your estate for short-term needs. You won’t be paying interest like with credit cards or loans from banks because all that will go towards funding future expenses when you inherit. Plus there are many benefits such as: not needing monthly payments; flexibility around how much you withdraw each month depending on current finances; and being able to use your own bank account where they wire the proceeds so fast!
- No interest needs to be paid on the money you receive
- A cash advance from Inheritance Advanced is not a loan
- You do not need to make monthly payments to pay back the money
- There are no hidden fees or charges and no cash or credit statements are required to initiate the funding
- The finance company handles all paperwork regarding the advance and repayment
- The money is paid back out of the inheritance when the final distribution of probate occurs
- You can receive funding in less than five business days, and usually within 24-48 hours
Sadly, the passing of a loved one comes with lots of expenses, like fixing a decedent’s house that needs to be repaired before it’s sold or handling funeral expenses. Typically banks will not lend for expenses such as these if the heir seeking the funds does not have creditworthiness.
In a nutshell, this is why probate advances are a great funding vehicle that many heirs decide to take advantage of.
If the estate is of enough value, they can sign over the rights to their portion of the estate, or a percentage of their portion of the estate in exchange for immediate funds to handle expenses. In fact, many times an inheritance advance is actually referred to as a probate loan, inheritance loan, or estate loan even though it’s really just a cash advance on an estate that has been delayed by the probate court process.
An inheritance cash advance is something you might want to consider if you have recently received an inheritance but it is stuck in the probate court process. Dealing with the death of a family member can be difficult, especially if you were financially dependent on them. If anything that we’ve detailed seems like it explains your personal situation, we’ll tell you everything that you need to know about the probate process.
Frequently Asked Questions About Probate Advance
How much does a probate advance cost?
Probate advance rates vary based on the term of the advance. The amount of money the probate advance will cost will be decided up front before any transaction takes place.
What are other terms for a probate advance?
Probate advances and inheritance advances are many times referred to as an estate loan, heir loan, inheritance loan and probate loan when in reality loans are different from probate advances and inheritance advances based on their structure, obtainability and rates.
What are the differences between a probate advance and other funding methods?
A probate advance is a sale of the future distribution of the estate which will occur when probate is concluded and final distribution is made which is different from an estate loan, hard money loan, private loan or commercial loan. Probate advances do not require interest payments, credit checks or employment history like loans.
Get a probate advance today!
You do not have to have a good credit score to be approved. That is not something we put into consideration when applying for an advance with us. We also do not dictate how and when you use the money you have received. You can finance a car, pay off a real estate mortgage, or buy whatever you would like – we do not hold it against you.
