Washington Inheritance Loans and Probate Advance Law
Jan 08 2019When a person dies, their property may need to go to probate. This is the legal process where the court determines how the estate is to be handled. All states have probate laws that detail how the process is supposed to go. These laws tell what property must be part of probate and who will inherit if there is no will.
What are Washington Probate Laws?Probate is a simplified process in Washington compared to many other states. In fact, some estates can avoid probate completely by filing an affidavit if they meet specific criteria. In every case, an executor or administrator must be appointed by the court to handle the estate. If there is a will which names someone, they are known as the executor. If there is no will and no one named, the court appoints an administrator. It is not required in Washington to use a probate attorney, but it can be helpful. An experienced Washington attorney can help you decide whether you need to go through probate and assist with filing the proper paperwork. They will let you know about deadlines and help you work through delays.
What is the Probate Process in Washington?There are several steps in the probate process. For the most part, probate in Washington is much like it is in any state. However, timelines and other details may differ, so it is important to know as much as you can.
- The first step is to file a petition for probate with the superior court in the county where the deceased person lived. You will need to have a will and death certificate as well.
- The court will appoint an executor or administrator and provide them with Letters Testamentary for the executor or Letters of Administration for the administrator.
- The executor must collect all assets and take inventory of the value of everything. They usually open a bank account and combine any other existing accounts into the one. They will conduct all transactions out of the one account, which makes for easier recordkeeping.
- The creditors must receive notice of the estate. The executor will need to publish it in a newspaper for any unknown creditors. If they choose not to publish the notice, creditors have two years to bring a claim. If the notice is published, that timeline goes down to four months.
- All debts must be paid or disputed if they are not valid. The court will determine the validity of any disputed debts.
- The executor must file a tax return if necessary and pay any taxes owed.
- The next step is to distribute the remaining assets to the heirs. Then they will petition the court to close the estate. They will need to have signatures from the heirs agreeing to the closing. If they don’t get the signatures, they will need to provide notice of closing of the estate and file additional documents.
What Property Must Go Through Probate in Washington?Many different kinds of property will not need to go through probate. If there are accounts that have a named beneficiary or are payable upon death, they will not need to be probated. An example of this is a 401k plan or life insurance policy. If the beneficiary listed is the estate, those assets will need to go through probate. Real estate and other real property may not have to go through probate. It will depend on ownership. If it is jointly owned with rights of survivorship or other types of contracts, the property may transfer to the living co-owner. If the estate is considered small by legal terms, which means valued less than $100,000, probate may not be necessary. The heirs can claim the estate with an affidavit.
How Can You Avoid Probate in Washington?If you set up an estate in a living trust, you can avoid probate in Washington and most other states. A living estate has a beneficiary for all the assets which automatically transfers to them upon the death of the owner or if they become unable to manage their estate. Probate is often expensive and can take close to a year even if the best situations. If there is a claim against the estate or a family member contests the will, it may be years before probate is closed.
Can You Access Washington Inheritance Funds Right Away?Even though your inheritance may be tied up in probate, there are ways to access the funds now. A probate cash advance allows you to have the money in less than a week. It’s a simple process, secure and there are no restrictions on how you can use your money. You can use the funds however you please once you receive them. Probate Advance allows you to get access to those funds as soon as you want them. You can get the money in just two or three days with no interest and no hidden charges. You don’t have to make monthly payments or have an excellent credit history.
Do You Qualify for an Inheritance Cash Advance?It is not complicated to find out if you may be able to receive an inheritance cash advance. You must be an heir to an estate which is in probate. If you qualify, you won’t have to wait until probate is finished to receive the money. You can get it now and use it to make your life better.
What Do You Need for a Probate Advance in Washington?You will need to provide some basic information to qualify for a probate advance. You will need to show proof of your inheritance and select how much of it you want to get access to now. Then, in just a few days, the money could be in your bank account.
What Areas of Washington Qualify for an Inheritance Loan?You can get an inheritance loan regardless of where you live in Washington. This includes the following major cities: