Michigan Inheritance Loans and Probate Advance Law

Dec 19 2018
If you are the heir or beneficiary of an estate in Michigan, you are probably wondering when you will receive your inheritance. Unfortunately, it will all depend on the estate was set up and whether the estate will have to go through probate. In most circumstances, estate planning and living trusts can be used to bypass probate. In other cases, the estate will have to through the Michigan probate process. Fortunately, there’s a way for most heirs and beneficiaries to get early access to their inheritance once it enters the probate process. Some may qualify to get their inheritance funds in as little as two days.

What Are Michigan Probate Laws?

Michigan probate laws are quite similar to those in other states. They are designed to ensure that the property of the deceased is divided and shared among heirs and beneficiaries in the way the deceased wanted. Michigan probate laws also protect the rights of those who are to receive an inheritance as well as those who were owed a debt by the decedent. Whether you are thinking about estate planning or you are the executor of an estate going through probate an attorney can help. Lawyers that focus on estate planning, wills, and probate will know how you should best plan your estate to minimize taxes and costs and maximize your beneficiaries’ inheritances. They can also help an executor fulfill their duties, complete all required forms, get all the correct signatures, and get everything filed on time and within the specified deadlines.

What is The Probate Process in Michigan?

Just like in all states, the probate process in Michigan has several core steps that must be completed before assets and belongings can be passed to beneficiaries. First, the court must be petitioned to open the probate case. The executor is appointed, and if there are a last will and testament, it will need to be validated. Then, all debts must be paid from the estate, including funeral expenses, bills owed to third-parties, final taxes, and administration costs. All beneficiaries and heirs are notified the estate is in probate, and public notice is posted to allow creditors to file a claim. Once all debts are paid, the estate is divided amongst the heirs according to the directives in the will. If there is no will, the assets will be divided and distributed by the Michigan probate court.

What Property Will Go Through Probate in Michigan?

Property that will go through probate in Michigan includes all real estate that was in only the decedent’s name and all assets that do not have a designated beneficiary. For example, real estate and personal property like vehicles that are jointly held with someone else probably won’t have to go through probate; the property should automatically transfer to the other owner. Assets such as bank accounts, retirement funds, and insurance policies that have a designated beneficiary should also bypass probate as will any property or assets held in revocable living trust. An attorney can help you figure out how your estate should be planned so that the bulk of your estate, if not all can avoid probate in Michigan when you die.

How Can You Avoid Probate in Michigan?

The best way you can avoid probate in Michigan is through estate planning and revocable living trusts. With a living trust, your assets are assigned to your beneficiaries while you are alive. You remain in control of your assets until you die, and the assets are transferred. Living trusts and estate planning can allow your estate to avoid probate and reduce the costs and fees associated with probate. If you are an heir to an estate, you will not be able to avoid probate if it is legally required. However, that doesn’t mean you have to wait for probate to finish before you can access your inheritance funds.

How Can You Access Michigan Inheritance Funds Immediately?

With Probate Advance, you can access your Michigan inheritance funds immediately through a cash advance. Beneficiaries and heirs who qualify for an advance may be eligible to receive their funds in 48 hours or less. You shouldn’t have to wait a year or more to access the funds you want or need now. After all, it is your inheritance, and you should be able to access it and spend it whenever you want. With Probate Advance, you can. The best part is, there is no credit check or interest because we don’t give loans. There’re no payment plans, no hidden fees or costs, and no rules on how you spend your money. Basically, we give you an advance on your inheritance, and we collect from the estate when probate concludes.

Do You Qualify for a Michigan Inheritance Cash Advance?

To find out if you qualify for a Michigan inheritance cash advance, just fill out the form or give us a call and answer a few basic questions. We quickly determine if you qualify for an advance and then issue your funds. It really is that easy. Most beneficiaries and estate heirs will be eligible to receive their cash in 48 hours or less.

What Do You Need for a Probate Advance in Michigan?

For a probate advance in Michigan, all you need is to be a legitimate heir or beneficiary of an estate that is going through probate. We will need some basic information to confirm your eligibility, and that’s it. Just tell us how you want to receive your funds, and we can issue a check or transfer your deposit in 24 to 48 hours. To get started, just fill out the form or give us call today.

What Areas of Michigan Qualify for an Inheritance Loan?

We offer inheritance loans in all cities in Michigan, including but not limited to:
  • Detroit
  • Grand Rapids
  • Warren
  • Sterling Heights
  • Ann Arbor
To learn more about Michigan probate laws and the rules on inheritances, check out our resources.

Michigan Probate Resources

 

Michigan Inheritance Tax Laws

Michigan Inheritance Loans and Probate Advance Law
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