Dealing with grief is hard enough, but dealing with grief and an inheritance probate process at the same time?
That's another level of stress - especially if your financial situation doesn't look well.
Unfortunately, no matter if you have the right to the estate after your relative's death is proved by the will, you have to wait until the probate process is completed to be able to claim your inheritance. The whole process can last even a few years, so it shouldn't come as a shock that after a while, all you feel towards it is frustration.
However, what if we told you that there is a way to claim at least part of your inheritance without having to wait that long? If you are interested in knowing more, all you have to do to find out more about it is to keep reading.
As experts from https://probateadvance.com/ claim, "An inheritance advance, also known as an inheritance cash advance or estate advance, is one way you can get part of your inheritance while the probate process is being completed. These are funds you receive in your bank account based on your portion of the inheritance. It is not the same as a loan because you don't have to pay back the money with an heir cash advance."
Now that you know what inheritance advance is, we can move on to the next thing that should be considered - is applying for it even worth it? For that, let's look at the benefits it has.
First of all, you don't need to pay it back. The lender gives you the funds for part of the estate, so if something happens with it, for example, it's lost in probate because of other claims made against it or the will is contested and changed, it's the lender that takes the loss, not you. This basically means that inheritance advance brings no risk to you.
Contrary to inheritance loan or any other funding, you don't have to worry about making monthly payments or paying the interest. Once the paperwork is done, nothing can be changed in it. What's more, some companies will even offer you a reduction in the fees you agreed upon if the inheritance is released earlier than everyone expected.
Now, probably the most obvious benefit - you will not have to wait for the probate process to finish (which can take even a few years). Instead, you are receiving part of the inheritance right away. Keep in mind that the amount you will receive might differ depending on your portion of the inheritance.
There are several steps that you need to take in order to receive the inheritance advance. Here is step by step what you should do:
Step 1: Contact a lawyer and a financial specialist.
There's no denying that the inheritance process and everything connected with it is quite complicated and usually requires someone with a law background that can help you understand how all of this works.
This is why the first thing you should do is talk to a lawyer specializing in these things - they will be able to determine whether you are eligible for the inheritance advance. While you are at it, check in with a financial specialist - they will help you understand tax laws regarding inheritance.
Step 2: Find out the value of your inheritance.
Once you have talked about everything with a lawyer and financial specialist, you need to find out the value of the inheritance part you are entitled to. This is important, as many lenders require you to inherit at least $15.000 to be qualified for the inheritance advance.
Step 3: Contact the estate's administrator and collect the documents.
Contact either the estate's administrator or executor, and inform them about your plan - they will be able to collect all the necessary documents for you. Keep in mind that some of them might take time to obtain.
Step 4: Find the right company and apply.
Most companies will allow you to place your application online - it will usually include information that will help the company determine whether you are eligible for the inheritance advance. Keep in mind that you might have to prove that you are an heir to the inheritance in some cases. Once you do that, all you need to do is wait for the information whether your request has been approved.
Step 5: Receive the money.
Once your request has been approved, you should receive the money within a few days. There are no limitations when it comes to what you spend it on - it is entirely up to you. What's more, you don't have to worry about paying it back, as usual, the money goes to the lender straight from the inheritance. The rest of your share goes to you.
An inheritance advance can be a life-saver - especially since if you want to receive the inheritance through the standard procedure, you might find yourself waiting for months, or in some cases, even years. All because of the probate process, which is probably the longest part of receiving the inheritance.
So, if you cannot wait that long, then an inheritance advance is your way to go. Want to find out more about it? Contact your local lawyers - we are sure they will be able to answer all the questions you might have. Good luck!