If you are waiting for your inheritance in the state of Connecticut, and are interested in inheritance advance funding – an advance against inheritance, frequently called inheritance loan advances or inheritance advance loans, or just inheritance loans, or probate loans, by heirs, despite the fact that these cash advances are cash assignments, not loans… However, regardless of the terminology, the outcome is the same, as far as heirs and the average inheritance funding company is concerned.
Heirs of estates in Connecticut frequently apply and are approved for an advance on inheritance from one of several national inheritance advance companies (often called inheritance lenders by heirs), when they urgently require a fast trust fund cash advance or probate advance. It is however important to mention that inheritance advance funding is provides funds from cash advance assignments, not interest or credit based loans, such as you would receive from a bank. Even though heirs as well as your average inheritance funding company often call these assignments “inheritance advance loans”, “probate advance loans”, “inheritance loan advances”, “estate loans” or “probate loans” and “inheritance loans”. Heirs also refer to “borrowing against inheritance”, or the ability to “get a loan on inheritance”… from an “inheritance loan company”. Moreover, most heirs will choose a 48 hour estate advance, or 72 hour probate advance – both being decidedly the most popular inheritance cash advance turnaround – generally which also embraces low probate advance rates or, as many heirs refer to it, “inheritance loans fees”.
Generally, as long as your paperwork is executed properly, and you provide your inheritance funding company with all the estate documents they request, plus are over 18, can prove your inheritance is based on assets within the United States, and are receiving at least $15,000 in inheritance assets, property and/or cash – it is likely you will be approved for a trust fund advance or probate advance. Just remain aware that your inheritance funding company, whether it’s a brand new firm that has been around for two months, or it’s the most famous or best inheritance advance company in the USA – you will still need a valid Photo ID, documents proving status as a valid heir of a Connecticut estate, proof of inheritance assets – personal property, real property, cash or investment assets… as well as all required estate documentation; plus the amount you are receiving as an inheritance must clearly support the inheritance advance amount you are asking for – and this is a critical point.
Connecticut allows inheritance Funding in all 8 counties in the state of Connecticut.
If you die leaving behind property in Connecticut, the state's laws determine who inherits your property. While these laws allow you to choose who gets your property in some situations, they also decide for you if you do not take the proper steps beforehand.
There are two main ways in which property gets passed to inheritors in Connecticut: in accordance with the terms of a validly created last will and testament, or according to the requirements of the state's intestacy statutes. When a person in Connecticut wants to choose who receives her property after death, she can detail her wishes in a last will and testament. To be valid in Connecticut, a will must be made in writing, signed by the testator and signed by two witnesses. Connecticut does not allow for oral or handwritten wills unless executed in another state that recognizes them.
When you don't leave behind a valid will in Connecticut, your property goes to those whom the state's intestacy laws dictate regardless of your wishes. If, for example, you die leaving behind a wife and no children or surviving parents, your entire estate goes to your wife. If you leave behind a wife and a spouse, the wife receives the first $100,000 of the estate plus three-quarters of the rest of the estate, with the remainder passing to the surviving parents, according to Connecticut Code Section 45a-437.
When a family member, or an heir of some other sort, dies and probate is filed, generally by the estate attorney of record, hired to manage the estate and probate process – this is all basically to make sure the process runs smoothly, that there is no fraud, that all heirs receive an equitable share of the estate, that creditors are paid back what they are owed by the estate, and that assets are distributed fairly to all heirs of the estate. Probate addresses and supervises the organization, accounting and accurate distribution of all estate assets, money, investment accounts and real estate; mainly with respect to heirs or beneficiaries and creditors. A court petition typically opens the estate and names a personal representative, executor or executrix to be aware of and responsible for the administration of certain aspects of the decedent’s assets, cash, valuables and personal property, investment accounts, and real property, land, and so forth. Next, a Notice of Creditors is published in one or more local newspapers, and Notice of Administration is sent to other parties involved in the estate. Creditors have a finite amount of time to file their claim(s) from the first date of publication of the Notice, allowing the executor or personal representative to pay off any debts, and distribute the remaining assets of the estate to heirs. Lastly, a Petition for Discharge is filed to close the estate.
Some Connecticut estates have to pay various taxes based on the value of the estate. The Connecticut Judicial Branch reports that for anyone dying after January 1, 2010, the state's Estate and Gift Tax applies only to those estates with a taxable estate valued at $3.5 million or more. If this is the case, the estate administrator must file the appropriate estate tax forms with the state Department of Revenue Services and pay the taxes before distributing property to the heirs.
Not all estates must go through probate though. If an estate falls below a certain threshold, it is considered a "small estate" and doesn't require court supervision to be settled. Also, not all assets are subject to probate. Some kinds of assets transfer automatically at the death of an owner with no probate required. The most common kinds of assets that pass without probate are:
Lastly, if a decedent had created a Living Trust to hold assets, that estate will not go through probate, unless the assets left outside of the trust add up to more than Connecticut's small estate limit. That, in fact, is why that Living Trust was created, to avoid probate after the death of the trust's Grantor.