West Virginia Inheritance Loans and Probate Advance Law
Jan 08 2019Just as in most states, the probate process in West Virginia is a relatively simple but lengthy process in which property is legally transferred from a decedent’s estate to heirs as directed in the last will and testament of the deceased. In West Virginia, a probate court oversees the process, including how the estate is administered, divided, and distributed among its heirs. Even though the probate laws are similar to those in other states, there are differences that you should be aware of if you are involved in probate or are planning your estate to bypass probate.
What are West Virginia Probate Laws?West Virginia probate laws are far from unique. Probate is handled by the court in the county in which the deceased resided or owned property. An executor will be appointed to administer the estate. This person is either named in the will of the deceased or is selected by the court. While West Virginia does not require that you hire an attorney to help you through the probate process, it is highly recommended that you do. Your lawyer will know and understand the laws of the state, including what forms must be filed and what tasks must be completed by certain deadlines.
What is the Probate Process in West Virginia?The probate process in West Virginia begins when the deceased’s will is submitted to the court. Whoever holds the will at the time of death has 30 days to file the will or risks being held on misdemeanor charges. The original copy of the will must be submitted with a copy of the death certificate. The court will mail notice of the death to the person who is named in the will as executor. The court will also notify all heirs and beneficiaries listed in the will. Within 90 days of being assigned, the executor must file the forms for Estate Appraisement and Inventory. These forms list all property and assets owned by the decedent along with the value of each. Once received, the court will publish a notice in the newspaper that creditors have 90 days to file a claim for legitimate debts owed by the estate. The executor will pay these debts from the estate. The final taxes of the decedent and the estate must be filed, and any taxes owed must be paid. Once debts and taxes are paid, the remainder of the estate can be distributed to heirs and beneficiaries and the estate can be closed.
What Property Must Go Through Probate in West Virginia?Property must go through probate in West Virginia before ownership can be transferred unless the owner took measures to bypass probate before their death. For example, if the owner designated beneficiaries for their bank accounts, retirement accounts, and insurance policies, then these assets can transfer automatically to beneficiaries without having to go through probate. Likewise, if real property is held in joint tenancy with rights of survivorship, it too will pass to the joint owner without having to go through probate.
How Can You Avoid Probate in West Virginia?One of the best ways to avoid probate in West Virginia is through estate planning. When you work with an attorney for estate planning, they can help you designate beneficiaries for assets, so they transfer upon death to the new owner, without a probate court having to supervise the transaction. You can also establish a revocable living trust to avoid probate. With a trust, your assets and property are assigned to beneficiaries while you are alive, but you remain in full control of those assets until you are no longer able to manage the trust, or until you die.
Can You Access West Virginia Inheritance Funds Right Away?You may be able to access West Virginia inheritance funds right away without having to wait months or even years for probate to end and the estate to close. In fact, if you qualify for an inheritance advance through Probate Advance, you can get your inheritance funds in as little as two days or less. Heirs and beneficiaries who qualify for a probate advance can get their inheritance funds in as little as one or two days. There are no credit checks with a probate advance, and no payment plans, and no rules on how you can spend your inheritance money. With Probate Advance, you can get your cash quickly, so you can do the things you have been needing and wanting to do, without having to wait for the estate to close.
Do You Qualify for an Inheritance Cash Advance?Finding out if you qualify for an inheritance cash advance in West Virginia is as simple as calling us or filling out the form. To qualify, you need to be the heir or beneficiary of an estate that is currently going through the probate process in a county in West Virginia. If you qualify, you can get your inheritance money now instead of having to wait. In fact, you can have your money deposited in your bank account in only one or two days.
What Do You Need for a Probate Advance in West Virginia?To get a probate advance in West Virginia, you will need to provide us with some basic information about yourself and about the probate case. We verify your status as a beneficiary or heir to the estate and then issue your advance. All you have to do is let us know how you want to receive your cash and it can be in your account in as little as 48 hours.
What Areas of West Virginia Qualify for an Inheritance Loan?You can get an inheritance loan regardless of where you live in West Virginia. This includes the following major cities: