Inheritance cash advances provides financial support to heirs entitled to assets found locked until the probate process is over. Assets can consist of real estate, financial holdings, businesses, automobiles, and personal belongings such as jewelry, household items, antiques, art work or vehicles. There are many reasons why an heir would consider loan against inheritance a good solution. Find out the top reasons to select this payment option and skip waiting for probate.
These funds can be used in any way the heir desires. There are many cases when the deceased person leaves behind expensive medical bills. And when the deceased was the only income source, things get pretty complicated for the remaining dependents. Furthermore, many persons do not pre-arrange their funeral or have life insurance policies to cover funeral expenses. For example, if you are around 40-50 years old, you do not really think that you could die tomorrow and leave your loved one in debts. Probably you’re not even considering writing a will. Because of that, it is not uncommon for heirs to sell assets in order to cover burial expenses or pay off debts associated with the estate.
Most of the heir confront with debts, medical expenses, funeral expenses and attorney fees. By obtaining inheritance advances, heirs can obtain cash within a matter of weeks instead of waiting for completion of the probate process.
Skipping the probate process is another big reason why heirs are eager to get loan against inheritance. The probate is an extremely complicated and lengthy process, especially if there are many beneficiaries involved. It can take from a couple of months to even several years. And clearly, not so many people are thrilled when hearing that they have to wait some years until getting something that’s rightfully theirs.
In order to qualify for this type of loan, an heir must provide proof of inheritance. Also, the company may be required to bring the following: Petition for Probate, and Inventory and Appraisement Statement. If real estate is being used as collateral, the funding source typically requires a copy of the sales contract or listing agreement. Furthermore, you may be asked to show a current credit report. The company will check if you have any outstanding tax or creditor liens, pending bankruptcy or legal matters that would compromise your loan advance request.