An heir may have to wait months and even years in order to get their
inheritance distributions. This is because of the length of the legal
process involved. So, an heir is allowed, by means of cash advances or
loans, to receive funds in a matter of days. It has no effect on the
other heirs of the estate. A portion of the estate is assigned by the
cash advance company, in exchange for the loan. Here is how you can get
an advance on your inheritance.
• You need to first determine
whether you have the eligibility for an inheritance cash advance or not.
Advances are only typically received by the heirs from probate assets.
Probate assets are bank accounts, insurance policies, real estate,
company interests and other assets that were only owned by the decedent.
Non-probate assets include trust, retirement accounts or any accounts
that are jointly held with another person.
• You need to first
determine what amount of money you want to lend from your shared
inheritance. The usual range of inheritance loans and advances are from
$5000 to $250000. Select an amount of loan that is less than the
inheritance you expect. The amount of the loan is capped by some lenders
at a certain percentage of your total expected inheritance.
•
Contact a company that has a specialization in inheritance advances.
Money can only be borrowed by the inheritors from their inheritance
after the beginning of the probate process by the inheritors. Do not
forget to ask the inheritance company that for an inheritance advances
what fees will they charge. The fees vary depending on companies. Fees
usually depend on the amount of the advance, the complexity of the
estate and the amount of time until the estate closes.
• A cash
advance has to be arranged by you from the lender. Funds can generally
be distributed by the companies from advances and loans within a few
days of business of the transaction. If sufficient funds are not present
to pay the loan, ask the company about its consequences. The heir
usually does not have personal liability for insufficient estate funds
because the heir is assigned an interest to the company.