What is an Inheritance Cash Advance?
Have you recently lost a loved one and are waiting for the probate process to be completed before receiving your inheritance? This can be a challenging period, especially if you have immediate bills to pay or financial obligations that need to be met. Fortunately, there is an option available that can help alleviate some of the financial stress – a probate advance.
A probate advance is not a loan but an advance that allows you to access a portion of your inheritance before the probate process is complete. This means that instead of waiting months or even years for the probate process to be completed, you can receive a portion of your inheritance upfront.
To apply for an inheritance cash advance, you will have to provide paperwork such as a copy of the will, death certificate, and proof of your relationship to the deceased. The amount of cash advance you can receive will depend on the value of your share of the inheritance.
It’s important to understand that a probate advance is not free money – it must be repaid with a portion of the beneficiary’s inheritance once it is distributed. The repayment terms for these types of advances can vary widely depending on the provider, so it’s important to research and compare different options before making a decision. Additionally, beneficiaries should carefully consider whether an advance is truly necessary and weigh the potential costs and benefits before proceeding.
Why Might I Consider an Inheritance Advance?
Immediate Relief for Living Expenses
Losing a loved one is difficult enough, and the added stress of waiting for probate to be completed can make things even harder. Inheritance advances provide immediate financial relief to heirs who are waiting for probate to be completed. This can help cover everyday living expenses such as rent, utilities, and groceries while they wait for their share of the estate assets.
Helps Cover Unexpected Death Related Expenses
An inheritance advance can also help heirs pay for unexpected expenses of someone’s passing. For example, if a family member passes away unexpectedly and there are medical bills or funeral expenses that need to be paid immediately, an inheritance advance can help cover those costs without having to take out high-interest loans or sell off assets.
Investment Opportunities
Some heirs may choose to use an inheritance advance as an investment opportunity. For instance, they could invest in a business opportunity or make a down payment on a home. These investments could potentially yield higher returns than simply holding onto the cash from the inheritance.
Avoiding High-Interest Loans or Selling Assets
Lastly, an inheritance advance can be a good option for heirs who want to avoid taking out high-interest loans or selling off assets before receiving their inheritance. High-interest loans can put people into debt and negatively impact their credit score in the long run. Selling off assets could also lead to financial instability and emotional distress if those items were sentimental or valuable.
How Do You Get a Cash Advance from an Inheritance?
What are Cash Advances from an Inheritance?
An inheritance cash advance is a way to access inheritance money before the probate process is complete. Probate is the legal process that takes place after someone dies, where their assets and debts are settled. This can take several months or even years, leaving heirs waiting for their share of the estate. A cash advance allows beneficiaries to receive a portion of their inheritance early, often within days or weeks.
How Much Can You Receive in a Cash Advance?
The amount of cash advance you can receive depends on the value of the estate and your share in it. Typically, cash advances range from 10-30% of the total value of your expected inheritance. For example, if you expect your share of inheritance to be $100,000 you may be eligible for a inheritance cash advance between $10,000-$30,000.
What Documentation is Required to Apply for a Cash Advance?
To apply for a probate advance from an inheritance, you will need to provide documentation such as a death certificate and proof of your relationship to the deceased. This may include birth certificates or marriage licenses if you are not directly related to the deceased. Some companies may require copies of any existing wills or trusts that outline your expected inheritance.
Are Cash Advances Loans? Do They Require Repayment?
Cash advances from an inheritance are not loans and do not require repayment like traditional loans do. Instead, they are considered non-recourse transactions where the company providing the advance takes on all risk associated with repayment. However, cash advances do come with fees which vary depending on the provider.
Where Can You Get a Cash Advance?
There are several companies that specialize in providing cash advances from inheritances. Companies like Probate Lend require no credit checks and can provide funds quickly, often within hours or days. However, it’s important to do your research and compare rates and fees before choosing a provider.
What Does the Inheritance Advance Underwriting Process Look Like?
Determining Eligibility and Evaluating the Estate
Before proceeding with an inheritance advance, it is important to determine eligibility and evaluate the estate. The first step is to verify that you are a beneficiary of an estate that probate has been initiated.
Once eligibility is confirmed, the inheritance advance provider will evaluate the estate to determine its value. This includes reviewing all assets and any outstanding debts or liabilities associated with the estate, such as taxes or mortgages.
Offering A Cash Advance
After verifying that the probate process has been started, if eligible for inheritance advance, the provider will offer the heir or beneficiary a cash advance based on their estimated share of inheritance.
The amount offered by advance providers varies by company, but generally ranges from 10-30% of total expected inheritance value.
Qualifying for an Advance on Your Inheritance and Required Documents
Qualifying for an Advance on Your Inheritance: Required Documents
If you’re in need of immediate cash before receiving your inheritance, you may qualify for an advance. However, certain documents may be required before you can receive the funds. Here are some common documents needed:
- Application: Many companies require an application to be filled out before granting an advance on inheritance money.
- Proof of relationship to the deceased: You’ll likely need documentation showing that you’re entitled to receive an inheritance from the deceased.
- Death certificate: A copy of the death certificate may be required as proof that the individual has passed away.
- Will or trust document: If there is a will or trust in place outlining how assets should be distributed, a copy of these documents may be requested.
Necessary Documents for Obtaining an Inheritance Advance
Death Certificate: The Primary Document Required for Inheritance Advance
To obtain an inheritance advance, you need to provide certain documents, starting with a death certificate. A death certificate serves as proof of the deceased’s passing and is required for legal purposes. It contains vital information about the deceased, including their name, date of birth, date of death, and cause of death. The lender requires this document to ensure that the person requesting the advance is entitled to receive it.
Other Documents Required for Inheritance Advance
Apart from a death certificate and a personal representative’s appointment letter, other documents may be required when applying for an inheritance advance. These documents include:
- A copy of the Petition for Probate: This is proof that the probate has been started.
- A copy of the deceased’s will: This document outlines how the estate should be divided among beneficiaries.
- An inventory of assets: This document lists all assets owned by the deceased at the time of their death.
- An inventory of outstanding debts of the decedent: These debts could include medical bills, child supprt, credit card bills.
- If prior probate advances: Copy of all documention from the probate providers who funded an advance.
- Address of all real estate: The advance provider will want to analyze market data to substantiate property value.
Providing a Valid Email Address for Communication Purposes
Throughout the documentation process for inheritance advance, communication with executors or administrators is crucial. To ensure that you receive timely updates on any changes to terms or fees, it is important to provide a valid email address for communication purposes.
By providing an email address that you check regularly, you can stay up-to-date on any developments related to your inheritance advance. This can include updates on when funds will be released, changes in fee structures, or requests for additional information.
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Why Wait? Get Probate Cash Now
The California probate process can take 12 months or more. If you can’t wait for your inheritance, we have you covered! Our simple application and streamlined underwriting can get money in your pocket within 24 hours. Probate Lend provides the best pricing and service for all California Counties.