If you’re an Heir of an Estate in Probate or Trust in Alabama, you need to make sure your attorney is fully aware of all new Probate Laws. If you’re looking to get a fast, affordably priced inheritance advance or probate advance – you’ll want to choose your estate advance company carefully…
Inheritance Advance Funding and “Probate Loans” in Alabama
Many heirs in Alabama like the idea of getting an advance on inheritance from their parents, while their parents are still alive. In Alabama, heirs, and people in general, are very family oriented… therefore an advance on inheritance is yet another source of bonding, a way to share something enjoyable and important together. And if a parental inheritance cash advance doesn’t work out, before Mom and Dad pass, heirs in Alabama frequently will, so to speak, borrow against inheritance to get inheritance advance funding, or an advance inheritance, or probate advance, from a probate cash advance company instead of getting it from their parents while they were still alive – perhaps one of the faster inheritance cash advance funding companies, possibly offering a 72 hour probate cash advance, most likely what many heirs perceive as the best inheritance advance funding available – which typically means “the least expensive” inheritance advance funding one can find from among the few online inheritance cash advance companies that have been around for a long period of time, and offer what we would refer to as superior customer service.
For heirs of Alabama estates, it‘s quite likely that estate cash advances, or probate advances – generally discounted inheritance cash advance funding – is usually available without a great deal of effort for heirs… Typically, the key issue for heirs is whether or not one can one get approved for inheritance advance funding from a relatively low-cost inheritance cash advance firm, inheritance advance service or probate cash advance company that not only offers the “best rates”, compared to other online probate advance services, but also provides advance inheritance funds that is extremely fast inheritance cash advance funding, typically no more than a two or three day probate advance turnaround.
This is the type of question many heirs to estates in Alabama ask themselves, and their family members, prior to entering into an agreement with an established inheritance advance funding, or probate advance, provider like My Inheritance Cash. Whose transactions are carefully structured so heirs can access inheritance money very quickly, usually within a day or two – or perhaps, at the most, with a 72 hour probate cash advance; way before probate closes, so they can afford to hire their own personal estate lawyer with the funds, or invest in certain immediate financial opportunities that may have become available; to pay for critical medical services, to pay off troubling debts, or even to stave off a foreclosure… Whatever the reason may be to require access to fast inheritance money. Chances are, this is often a life-changing event, generally with positive results.
Moreover, it might be worth noting that an inheritance cash advance assignment is not actually an interest bearing loan, therefore there is no risk of recourse for non-payment. Heirs, clients of inheritance cash advance funding companies, are not personally responsible for repayment, which heirs obviously are happy with. Commonly, consumers will call inheritance cash advance assignments: inheritance loans, probate loans, estate loans, or probate advance loans; however it is important to note the difference – clients of inheritance advance funding firms do not technically “borrow against inheritance”; and they do not “get a loan on inheritance.” Inheritance advance companies or probate cash advance companies do not technically provide inheritance loans, probate loans or estate loan service to clients. Their service is 100% based Technically not personal loans, like you receive from a bank or credit union upon making non-interest bearing, non-recourse, inheritance cash advance assignments. Fast inheritance advance assignments.
Inheritances, Estates and Probate Law in Alabama
With respect to Alabama probate Law and Inheritances received in the state of Alabama – when a person passes away in the state of Alabama, if Probate is filed, Probate law specific to Alabama dictates how the estate goes through the Probate process, how inheritance assets are passed on to heirs, how creditors are paid off, and how the decedent’s final wishes are carried out, with respect to estate assets, money, real estate and other issues.
Probate opens the estate in Alabama, and the probate process, with a “Petition for Probate” document. Moreover, a personal representative (AKA “PR”) is named, and from that point on manages the administration of the decedent’s assets, money, real property, investments, etc.
In Alabama, a Notice of Creditors is published in one or more local newspapers – and Notice of Administration is sent to other people associated with the estate. With respect to debts, creditors have a certain time-frame to file their claim or claims with the estate in Alabama, although creditors do not necessarily have to reside in Alabama to file their claim to have respective debt resolved. The PR is then responsible to pay off all debts to creditors, and then distribute the remaining cash, real estate and any other assets to heirs of the estate. Ultimately, a Petition For Discharge document is filed with the court, as the estate finally comes to a close, officially.
Alabama Probate Law
If you are an heir of an Alabama estate going through the probate process, not necessarily living in Alabama, however you should know what the surviving spouse receives, if there is a surviving spouse. It is generally advisable to have an estate lawyer or law firm managing the estate and Probate process for you… Your attorney should be able to explain or clarify matters such as this for you.
In the state of Alabama, Wills must be “proved” by at least one of the people who were “witnesses”, when the decedent signed the will. If by any chance the estate you’re an heir to is intestate, and never had a Will; or perhaps the Will is missing – you can still put the estate through probate, however the contents will have to be “proven” by a witness, in a manner that is clearly defined by Alabama probate courts.
Going back to the beginning… when you are ready to write your will, or possibly witness the creation of someone else’s Will, you should remember that every Will is required to be signed by the “testator”, or by someone else that is involved; however, only if the testator is present and in agreement with the content of the Will. Typically, the treatment of Wills in the state of Alabama requires fairly extensive knowledge of the Alabama legal system… the estate and probate system in particular. Once you settle on an experienced flexible estate attorney, and get past the issue of the retainer, the attorney will handle all of these estate and probate issues.
Will contests are an important matter as well. Any heir can contest the validity of the will and the way that it has been handled. This procedure is carried out by filing a formal complaint in the “circuit court”, only if this heir has not contested this will beforehand. In other words, a person can only contest one specific will once.
It is important to note that in Alabama, if there is no Will available, the surviving spouse does actually receive the entire estate the deceased has left. This is often the subject of argument and discussion among co-heirs. Regardless, it is a fact that in Alabama it works that way, whether disgruntled heirs, siblings or step-children prefer it this way or not. As long as there is no living parent. If a biological parent is alive the spouse will still receive the first $100,000 in value, plus one half (1/2) of the estate balance.
Living parents can alter a spouse’s share of an intestate estate in Alabama. So should you pass away with a surviving spouse and parents, but no children, your spouse will receive the first $100,000 of your estate and half of the balance, with any leftover assets going to your parents. If you are a spouse in the process of inheriting an estate, it is to your benefit to seek legal advice, so that you assure the success of the process. Having an attorney you can trust will help you insure that the estate and assets of the deceased are handled in a correct and proper fashion.
Probate in Alabama
Alabama has 68 probate courts and 68 judges. The courts have jurisdiction over mental health, estate, adoption, and real property rights cases and do not allow jury trials.
Does Alabama Have an Inheritance or Estate Tax?
There are various financial responsibilities in the management of an Estate after the death of its owner; however, there is neither an inheritance nor estate tax. Among others, the Executor of an Estate will need to handle:
- Final individual federal/state income tax returns, due by tax day of the year following the deceased’s passing.
- Federal trust/estate income tax return, due by tax day of the year following the deceased’s passing.
- Federal estate tax return, due nine months after the deceased’s passing, with six-month extensions available if requested in a timely manner.
As of 2018, this pertains to individual estates exceeding a gross asset and prior taxable gift value of $11,180,000.
Executors must register the Estate for an employer identification number (EIN) with the IRS.
Inheritance Laws in Alabama
Whether you pass away with a valid Will written or not, inheritance laws in the state of Alabama are complex, regardless. Mainly due to the fact that Alabama probate courts provide numerous ways to file probate paperwork and estate documents. Even though Alabama does not contain its’ own inheritance tax or estate tax, estate planning in itself is not any less complicated. Obviously, one can always talk to an estate lawyer or financial advisor to clarify particular requirements or needs.
Passing Away With a Will in Alabama
A valid will operating inside Alabama inheritance law is referred to as “testate”, meaning a will that has performed properly, according to all relevant Alabama inheritance rules and regulations. Moreover, this also requires that two witnesses sign the Will, following the Will creator’s signature. Attorneys typically advise that those two witnesses not be heirs written into the will, to prevent any appearance of improper influence, as far as the court or relatives are concerned.
It is also worth mentioning that, when writing a Will, you must name heirs to your estate. It is also advisable to name an executor, executrix, or personal representative (PR). The role of the executor or PR is to manage the estate, in collaboration with an attorney, if there is an attorney handling the estate and/or probate process.
Passing Away Without a Will in Alabama
An interesting note, unique to Alabama, in terms of dealing with an intestate decedent, is the fact that any person with heirs that dies without a legitimate Will, should archive somewhere with someone inheritance assets he or she is leaving behind, regarding personal property. Unfortunately, going down this avenue, the state of Alabama will get involved and make a lot of decisions, based solely on the laws of “ Alabama intestate succession”. Not the decedent’s wishes. And often not along the lines of what the deceased wanted for his or her heirs.
While testate wills have a predetermined executor chosen, an intestate estate needs a personal representative or executor appointed by the court. Again… not always what the decedent wanted.
The Probate Process in Alabama Inheritance Law
Although probate is frequently viewed by many heirs in Alabama as an expensive, time-consuming process, this is not necessarily the case, and the fact is probate exists only to protect a decedent’s estate against any wrong-doing by possibly dishonest or corrupt heirs, or executors. This is the case, whether there is a Will or there is no Will.
When there is an accepted valid Will for the court to look to as a foundation, the court executes matters along the lines as the decedent dictated within the Will document. However, “intestate succession”, when there is no Will to look to, typically calls for court supervision, unless it is a very small estate, with no need for court involvement, no need for probate. In Alabama, this means that the estate is valued at $25,000 or less in total, and more than 30 days have passed since the decedent has passed away.
Alabama Inheritance Law, Concerning Spouses
In Alabama, he amount of inheritance assets, investments, cash and shares of real estate belonging to an intestate estate, that goes to the surviving spouse – is based upon whether or not said decedent had children, biological or adopted children… whether or not those children are from a relationship with another partner – other than the spouse – and whether or not the decedent has one parent or both parents still living. If that parent or both parents are not alive, said spouse is legally entitled to the entire estate.
Let’s say you are a parent in this estate equation in Alabama… If your only children were from that one marriage, your spouse is given the first $50,000 of your intestate estate and 50% of the cash and assets that are left over. Yet persons who had children with a different partner will generally decrease their spouse’s intestate share to half of the total estate.
Outside of children, parents are the only other type of surviving relative that can change a spouse’s share of an intestate estate in Alabama. So if you should die, leaving a surviving spouse AND parents, yet without any children – the spouse in question gets the first $100,000 of your estate and 50% of the balance of the estate, with any assets left over going to your parents. It’s fairly complicated, which is why most estates have an attorney managing matters.