You may have an inheritance coming through due to the death of a close family member. When the estate is small and simple, you may receive your inheritance fast. When the estate is not small and simple, it can take a while to go through probate and receive your funds. But you have an opportunity to get those funds sooner rather than way later with an inheritance advance! However, it is important to take into account the fees associated with an inheritance advance.
What is an Inheritance Advance?
An inheritance advance, sometimes known as an estate advance or inheritance cash advance, is a way to quickly get the money from your inheritance while the probate process is going through its motions.
You simply will need to apply to a company of your choice for an inheritance advance. There, they will have their own processes, but essentially they will analyze the potential size of the inheritance you will receive and pay you that portion right now. The lender will take the loss if something goes wrong during the probate process, which means it’s at no risk to you. Once you receive your inheritance advance, you are basically on your way.
The Fees for an Inheritance Advance
Fees vary between inheritance advance companies. What it boils down to usually is that the fee will be taken out of whatever sum the inheritance is expected to pay you. That way you won’t ever have to worry about it once you receive your inheritance money.
Factors that affect the fee, which you can imagine as a sort of service fee to provide you your money now, instead of later, include items such as:
- The company processing the advance
- The Length of time it may take before the estate is disbursed
- The process of estate disbursement
- The amount advanced to you
Be sure to check with your prospective inheritance advance company to find out how they manage their fees. If you want to find out how we manage ours, so you can get your inheritance quickly please call us at 877-638-7760!