Alabama Inheritance Loans and Probate Advance Law
Dec 12 2018Probate laws exist in every state to take care of the property of a deceased person and ensure their estate is handled in accordance with the last will and testament of the owner. Probate laws determine the limit of time to petition for the opening of the estate and what signatures are necessary. It also determines what types of property must go through probate.
What are the Probate Laws in Alabama?The probate laws in Alabama are complex and detailed. All wills must be proven or recognized by at least one of the witnesses that were present when the deceased person signed the will. The law also makes provisions for when the will revocation is in effect and who may have the will probated. It explains the process of contesting the will and details for how long one has the option to do so. Probate in Alabama may go to court and be heard by a jury. A probate attorney can provide valuable assistance in dealing with issues of probate because of the complexity of the Alabama probate system. If you are the executor or administrator of a will of a deceased person in Alabama, you will want to work with a knowledgeable attorney who has experience in the probate courts of the state. They can help you determine how to challenge or contest a will and how to complete and file the necessary documents to do so.
What is the Probate Process in Alabama?The probate process in Alabama can be long and complicated. It is essential that you know the proper order and timeline of this process if you are the administrator or executor in an estate. Any person who is named in the will has an interest in the will, or has custody of someone named has the right to file a petition for probate of said will. The process of filing probate for an estate in Alabama is as follows:
- A petition must be filed to have the estate probated. An executor must take control of the estate as determined in the will. If no executor is named, the court will appoint someone. If the person died without a valid will, you would need to file for Letters of Administration with the probate court. You would also need to provide a bond as the personal representative. The amount of bond would vary based on the value of the estate.
- Obtain a copy of the death certificate.
- Inventory must be taken of all property of the decedent and submitted to the court within two months. Along with the inventory, estimated annual income and bond value must be provided.
- All beneficiaries must receive Letters of Notice for probate and Letters of Testamentary must be granted.
- A Notice to File Claims is required to be published every week for three weeks consecutively. Anyone who has a claim against the estate must receive notice within six months.
- Liabilities must be paid against the estate, and all claims must be investigated and addressed. A probate court in the state will approve all fees for attorneys.
- The remainder of the estate is divided for the beneficiaries as outlined in the will.
What Property Must Go Through Alabama Probate?It may not be necessary for all property to go through probate in Alabama if the title to the property automatically goes to another person. For instance, if a spouse of the deceased is still living and is named on all property, it will go to that person without the need for probate. Insurance policies with named beneficiaries also do not need to be probated. If the deceased person was the sole owner of the property or if there are claims made against the property, it may need to go through probate. You can contact an inheritance attorney who will be able to direct you as to whether you need to begin the probate process or take other action.
What Can You Do to Avoid Probate in Alabama?You can avoid probate if you take the necessary steps before the person dies. A living trust will often prevent the need for probate because it transfers ownership of all assets included without the need to go to court. This option prevents the cost and lengthy process that often comes with probate. You can also designate payable-on-death for bank accounts and name beneficiaries on insurance policies. Transfer-on-death is also relevant for real estate, vehicles and stocks, and bonds.
Can You Access Alabama Inheritance Funds Right Away?It may be possible to get access to funds from your inheritance even before the process is complete. You may qualify for a cash advance on your inheritance even though probate is still in process. Instead of waiting for months or even years, you may be able to receive the amount you’re entitled to in just days. ProbateAdvance offers you the opportunity to get a cash advance on the money you are entitled to. It is not a loan, and there are no fees or payments required. You may be able to access your funds in as little as 48 hours.
How Can You Get a Probate Advance in Alabama?You will need to provide some specific information if you want to get a probate advance. You will need to be confirmed as one of the beneficiaries for the estate. You can select how much of the inheritance you receive now. You may have the money in your bank account in just two days.
What Areas of Alabama Qualify for an Inheritance Advance?We provide inheritance loans in all areas of Alabama, including the following cities: