If a loved one recently died, you may be waiting for an inheritance from their estate or trust fund. This process may take quite a while since it needs to go through probate to have the funds released to the heirs or trustees. You could qualify for a probate cash advance if the money is needed now.
What is Probate?
Probate is a lengthy process which allows for the legal disbursement of the estate of a family member or loved one who dies and leaves an inheritance. It occurs whether there was a will in place or not to provide for a beneficiary. Probate often must go through court, and it can take anywhere from just a few months to several years for estates to be closed. The length of time can vary but is often increased when real property or a business or LLC is involved, especially if a sale is necessary because of multiple owners. Each state makes its own laws regarding probate, which makes it difficult for average people to understand. New Hampshire, Nebraska or New Jersey may have different statutes than what you will find in West Virginia, New Mexico or Ohio. For this reason, you may prefer to hire an experienced law firm to handle your case since the attorney will know the process that meets the requirements. However, the basics remain the same across all states, from South Carolina to Connecticut and elsewhere. Probate begins after the death of a person when an order is filed with the court. Someone is assigned to be the administrator, personal representative or executor of the estate. If the person is not named in the will, the court will appoint them. The court will also give them the legal documentation or letters which allows them to act on behalf of the estate. The administrator has several responsibilities for managing the estate. They include the following administration duties:
- Publishing a notice of death and probate in a local newspaper and providing notice to other heirs
- Taking inventory of all assets in the estate and assigning value – an appraisal by a specialist appraiser may be necessary for some assets
- Tax returns must be filed and taxes paid
- Creditors must be paid
- Assets may need to be liquidated to help pay creditors
Depending on the size of the estate, this process can take one or two years. If there are any issues or disputes against the estate, it can be even longer before the estate can be closed and the inheritance dispersed. Each state has its own statutes regarding the timeline and exact process of probate, which is essential for the administrator or probate attorney to know. If they miss any deadlines or fail to follow the laws for probate, the process can be delayed. The probate court may require approval for certain tasks before they are completed as it oversees the estate, which can add to the timeline.
Delays in Probate
It’s not uncommon for there to be delays during the probate process, which can lengthen the time until closing by months or even years. One of the most common reasons for a delay is a contested will. An heir may contest some aspect of the will, even the appointment of the administrator. If the will is contested, a hearing is usually required for the court to decide on the validity of the will. Both sides will present evidence to support their story as to whether the will should be followed. Creditors must present any claims to the estate showing that money is owed to them. The administrator decides whether to accept the claim and pay the amount owed or to reject it. If a claim is rejected, the creditor may file a lawsuit, which also extends the probate process. The administrator must search for any property owned by the deceased. This is another step that can take some time. They must be able to prove ownership, which could mean finding documentation from the appropriate sources. Once everything else is taken care of, the administrator may be required to prepare an accounting statement of all actions taken and how funds have been distributed up to the final settlements. The court may need to approve the accounting statement before the remaining funds are distributed out to the heirs. It is after this point that the final assets are handed out to those named in the will and the estate is closed.
How to Get Your Inheritance Sooner
As you can see, it can take months or even years before an heir will receive the money their loved one intended for them to have. There is a way you can get access to your inheritance before probate closes. A probate cash advance will give you a portion of your inheritance right away, no matter how long probate takes. A cash advance company will provide the funding to you based on the dollar amount of the inheritance you are supposed to receive. There is no other obligation from you, and it doesn’t matter about your current financial situation. While there are other options, such as a probate loan, a cash advance is often the better option for heirs and less expensive.
The Benefits of Probate Cash Advance Inheritance Funding
If you need money right away to maintain or improve your life and you have an inheritance tied up in the probate process, a cash advance may be the best way to get your funds now. You could take out an inheritance loan or use credit cards to get money, but you will pay interest and need to make monthly payments. A cash advance doesn’t require either of these. Some of the main benefits of a cash advance for inheritance funding include the following:
- A cash advance from ProbateAdvance.com is not a loan
- There is no interest on the money you receive
- You do not need to make monthly payments to pay back the money
- There are no hidden fees or charges to be paid up-front
- The finance company handles all paperwork regarding the advance and repayment
- The money is paid back out of the inheritance when it is disbursed
- You can receive the funds in less than a week, often within a few days
Another benefit is the fact that you do not need to have a great credit history or even good credit now to qualify. A person with bad credit may still be eligible for a probate cash advance. Qualification and rates don’t depend on your employment or income or any other factor about you other than your inheritance. Perhaps the most important benefit of a cash advance against your inheritance is that the advance is non-recourse. This means that you are not responsible for paying the finance company. If something happens to the estate and no money is left to pay the cash advance, the company loses out instead of you. If it is delayed for years, they must wait to receive payment. The finance company cannot come after you for the money. Once they receive payment directly from the estate, any amount left over will be distributed to you as stated in the will or by the court. Most cash advance companies are able to provide nationwide funding even if you live in another state. They may be licensed in New York or Rhode Island while the estate is in North Dakota and the heir is in South Dakota or North Carolina. However, the process of getting your money is just as quick and simple as if you lived in NY as well.
Cost of a Cash Advance
The cost of a cash advance comes out as a fee, which will be paid when the inheritance is distributed. The amount of the fee will depend on a few factors, including estimated length of time until probate is closed, the risk of delays or loss, and the amount of money being advanced. Each finance company sets their own limits as to how much they will provide for a cash advance. It is usually based on a percentage of the total inheritance, and there is often a minimum and maximum which may be provided. For example, one company may issue up to 30 percent of the inheritance with a minimum of $15,000. It’s a good idea to check around to find a company that fits your situation.
How the Cash Advance Process Works