Utah Inheritance Loans and Probate Advance Law
Probate is the legal process to ensure the last will and testament of a person is followed for the disbursement of their estate when they become deceased. Each state is allowed to make their own statutes for probate. These statutes govern how long a person has to begin probate, what signatures and documentation are necessary and what property must be included in probate.
What are Utah Probate Laws?
Utah probate laws include a simplified probate system which allows for either formal or informal probate for an estate. In either case, the estate will need an executor to manage the process of distributing the assets and paying creditors. It can be difficult to know which of the processes is right for your situation. It is best to work with an experienced Utah probate attorney who can help you decide if your estate qualifies for informal probate or if it must go through the formal process. They will assist you with documentation and ensure you meet deadlines and all requirements.
What is the Probate Process in Utah?
To distribute the assets of the estate, the probate process in Utah must be completed. It can be quick and easy with informal probate or a lengthier process with formal probate. In either case, certain steps must be taken.
- An executor or administrator must be selected by the court if not named in the will. The job of this person is to contact all parties interested in the estate and managing the estate until probate is completed.
- The executor will open probate either with a formal petition to the court or an application to the court for informal probate. They must present the will to the court which will review it to determine if it is valid.
- An inventory must be conducted by the executor which includes the dollar value of all assets.
- The executor will notify creditors in writing and by publishing a notice in the newspaper.
- All debts, including taxes, must be paid out of the estate.
- The court will make a decision on any disputes over the will. It is the job of the executor to provide financial statements regarding all actions to the court for approval.
- Assets will be distributed or sold and the funds disbursed between the heirs. Once this process is finished, the case will be closed.
It is important to note that while the executor does carry power in this position to make decisions regarding the estate, they do not own the estate. They are limited to only the powers granted to them by the courts.
What Property Will Go Through Probate in Utah?
Much of the property of a deceased person can avoid probate in Utah. If the person created a living trust, probate could be avoided. In other cases, assets that have a direct beneficiary do not need to go through probate. For example, a bank account with two owners or one with a payable upon death to the beneficiary will not need to be included in probate. Life insurance policies and retirement accounts often are the same with designated beneficiaries. Real estate and other real property may avoid probate if there is a co-owner who is still living. It often depends on how the contract was set up and the exact wording. An experienced probate attorney in Utah can help you determine what assets must go through probate. Utah has an informal probate process that allows you to move through the steps faster. If there is no real property, such as real estate, and the assets total less than $100,000, you may qualify for informal probate. You cannot avoid probate if there is anyone who is disputing the will.
How Can You Avoid Probate in Utah?
It is possible to avoid probate in Utah if you have planned your estate accordingly with a living trust. With this option, all assets automatically transfer to the beneficiary listed in the trust. Probate can be a costly and lengthy process, especially with any disputes. It can take months or even years to be resolved. A living trust can eliminate all of these problems for the heirs.
How Can You Access Utah Inheritance Funds Immediately?
There are ways where you can gain access to Utah inheritance funds for which you are entitled in the will even before probate is completed. It is called a probate advance, and heirs can receive the money in just a few days. The process of getting an inheritance advance is simple, and all information given is secure. There are no restrictions on how you can use the money you receive. ProbateAdvance allows you to receive your inheritance money now instead of waiting for months or years for probate to be closed. You will have no hidden charges or fees and no payments or interest accruing on the money. Your credit history will not be taken into account. Instead of waiting for months to receive your inheritance, you may be able to get it in just a few days.
Do You Qualify for an Inheritance Cash Advance?
You can find out quickly if you qualify for a cash advance on your inheritance. If you are a listed heir to the estate, you may be able to get your money in as little as two days. You can use the funds to pay off bills, to buy a new home or vehicle or to take a vacation. It is your money to spend as you wish and you may be able to get it in just 48 hours.
What Do You Need for a Probate Advance in Utah?
You will need to prove that you are an heir to an estate for a probate advance in Utah. You will need to have the appropriate documentation that shows this fact. You will also need to decide how much of the funds you want to receive now. You can get the money in your bank account in just two days.
What Areas of Utah Qualify for an Inheritance Loan?
We offer loans for heirs in all of Utah, including the following cities:
- Salt Lake City
- West Valley City
- West Jordan
You can learn more about Utah probate laws and guidelines on inheritances by reviewing the following resources.
Utah Probate Resources
Utah Inheritance Tax Laws