Following the death of a loved one, there is a somewhat lengthy process that comes with carrying out the estate disbursement detailed in a will. Probate court must certify the will and address any issues that may be raised by anyone contesting all or part of the will. Inheritance funding is a type of loan that provides an advance on funds that are left to a beneficiary.
Beneficiaries, or heirs, are the people who are set to inherit anything of monetary value. An advance of this type involves monetary funds. After the loved one dies, the will can be tied up in probate for weeks or months. During this time, you may experience financial strain. Companies that offer advances on inheritances can help alleviate this strain.
These funds are commonly in the form of an advance on a portion of the total amount you are inheriting. With an advance, the company charges a fee that is based on the amount getting advanced to you. The company does not charge interest. They get repaid when the inherited funds are released by the court and you get the remaining amount.
A loan is a bit different. Some lending companies provide loans on inheritances that work a lot similar to an advance, using your inherited funds as collateral. Other companies may or may not work this way but they do charge an interest rate. You may also get an additional charge for processing.
The first step to get the ball rolling is to complete an application with the company you have chosen to use. Although companies may differ in their exact requirements, you should be prepared to provide specific documentation and information about what you are inheriting, including how long the case has been tied up in probate court. You will most likely also need to provide contact information for the lawyer handling the case so that he or she can provide all the legal details and verify the amount you are due to inherit.
The review process can take anywhere from a few days to a couple of weeks. A decision must be made about whether the company will approve your application and how much they are willing to advance to you. It is important to understand that you may not get as much as you request. In many cases, the company wants to make sure you will have some money left when probate court is finished.
Once you have been approved, you will be provided with a contract agreement to review and sign before funds are released to you. Read your agreement completely, paying particular attention to the terms regarding repayment of the loan or advance. These terms will specify if there is a dedicated date for full repayment, in addition to the fees and interest rate that may be charged.
These advances and loans provide beneficiaries with the aid they need while they are waiting for the probate process to come to an end. Regardless of your circumstances, this financial assistance is a means of accessing needed funds. It is a good idea to have the probate lawyer assist you and examine your contract before you commit.
Beneficiaries, or heirs, are the people who are set to inherit anything of monetary value. An advance of this type involves monetary funds. After the loved one dies, the will can be tied up in probate for weeks or months. During this time, you may experience financial strain. Companies that offer advances on inheritances can help alleviate this strain.
These funds are commonly in the form of an advance on a portion of the total amount you are inheriting. With an advance, the company charges a fee that is based on the amount getting advanced to you. The company does not charge interest. They get repaid when the inherited funds are released by the court and you get the remaining amount.
A loan is a bit different. Some lending companies provide loans on inheritances that work a lot similar to an advance, using your inherited funds as collateral. Other companies may or may not work this way but they do charge an interest rate. You may also get an additional charge for processing.
The first step to get the ball rolling is to complete an application with the company you have chosen to use. Although companies may differ in their exact requirements, you should be prepared to provide specific documentation and information about what you are inheriting, including how long the case has been tied up in probate court. You will most likely also need to provide contact information for the lawyer handling the case so that he or she can provide all the legal details and verify the amount you are due to inherit.
The review process can take anywhere from a few days to a couple of weeks. A decision must be made about whether the company will approve your application and how much they are willing to advance to you. It is important to understand that you may not get as much as you request. In many cases, the company wants to make sure you will have some money left when probate court is finished.
Once you have been approved, you will be provided with a contract agreement to review and sign before funds are released to you. Read your agreement completely, paying particular attention to the terms regarding repayment of the loan or advance. These terms will specify if there is a dedicated date for full repayment, in addition to the fees and interest rate that may be charged.
These advances and loans provide beneficiaries with the aid they need while they are waiting for the probate process to come to an end. Regardless of your circumstances, this financial assistance is a means of accessing needed funds. It is a good idea to have the probate lawyer assist you and examine your contract before you commit.
