IL Inheritance Advance Funding
When someone passes away in Illinois, their cash, various misc. assets, personal property, real property, invested assets, etc., aren’t distributed right away to family members and/or heirs. A fairly complex legal and financial process begins. It takes an average of 12 to 18 months for all assets to be distributed to heirs. If you are in this position, one option to access your inheritance cash faster is to apply for IL inheritance advance funding, also called an Advance on Inheritance, or an Inheritance Loan.
Getting IL Inheritance Advance Funding, or an Inheritance Advance, is actually easier and less complicated than applying for most other type of traditional loans, so long as you qualify to be approved for a trust fund advance or probate cash advance by inheritance lenders; specifically, by the inheritance funding company you choose to supply your IL inheritance advance (which many heirs these days call inheritance loans, estate loans, or probate loans, even though these are not technically loans, but are in fact cash advance assignments). However, the outcome is still the same. You don’t need a credit report or credit score for IL inheritance advance funding; there is no invasive checking on your income, financial history, or employment status; there are never any hidden fees, there is no interest, and no monthly payments!
“How do I Know If I’ll be Approved to Borrow Against Inheritance? Can I Cash Out my Inheritance Assets with IL Inheritance Advance Funding?”
Bottom line, so long as 1) your inheritance funding company agreement and cash advance assignment paperwork is completed and submitted correctly, and 2) you furnish your chosen inheritance funding company with all required estate/probate documents, and 3) you have a photo ID to prove you are over the age of 18, and 4) you can prove that your inheritance consists of assets and/or cash and real property based inside the USA, and 5) you can produce documents to show that you are inheriting a minimum of $15,000 or more in inheritance assets, property, and/or cash – then it is a good bet that you’ll get your IL inheritance advance funding, or inheritance cash advance.
But be aware! Your inheritance funding company – whether it’s a new inheritance funding company in business for a month or the best and most established inheritance advance company in the USA with over 20 years of experience – you will still need a photo ID; documents proving your status as a valid Illinois heir; estate documentation (such as an Inventory Sheet) proving each of your inheritable assets, as well as any possible debts eating into those assets; and arguably most important, proof that the assets and cash you’re inheriting are enough to merit the inheritance advance sum you’re requesting in writing.
Which of the Counties in Illinois allow Inheritance Funding (what many heirs call “Inheritance Loans from an Inheritance Loan Company”)?
Inheritance funding is permitted, without any limitations, in every one of Illinois’ 102 counties.
Researching Inheritance Funding for Heirs of Illinois Estates
If you are researching the Probate Advance or Inheritance Advance process, and are motivated to learn all about the nuts and bolts of the Inheritance Funding process, such as how a typical Inheritance Funding Company functions, or to find out how Inheritance Lenders compute Probate Advance Rates (what many heirs call “Inheritance Loan Fees”), or the standard formulas that Inheritance Cash Advance Companies use to set pricing, etc., then you can simply search Google with the following search terms (below), to identify websites that address these Inheritance Financing issues, along with Inheritance Advance Companies or Probate Advance Companies that promote and provide Inheritance Advances (or, as many heirs call these Trust and Probate Advance services: Inheritance Cash Out, Inheritance Loan Advances, or Inheritance Loans and Probate Loans) from so-called Inheritance “Loan” Companies.
Despite the name, these types of Inheritance Cash Out, Heir Loan, Inheritance Financing, or Probate Lending services are not based on interest-bearing loans, but rather, are non-interest Inheritance Cash Advances assignments designed to yield fast inheritance cash in days, not weeks. Because they don’t require a credit report or credit score, they impose no personal liability regarding payback of advanced inheritance funds. However, “loan” related search terms are quite popular with heirs and beneficiaries while conducting online research, including those like inheritance advance, inheritance loan, probate advance, probate loan, inheritance funding, inheritance cash advance, inheritance funding company, etc.
Illinois Inheritance Laws
How do you settle an estate after someone dies in Illinois?
When a person dies, he/she will leave property and assets (known as an estate) that have to be settled – in other words, collecting that person’s personal and/or real property, paying off their debts, and distributing the money that is left. Distribution of assets can be governed by a will, or, if the estate is intestate (there is no will), it is governed by Illinois Intestate (Inheritance) Law. A valid will must be filed, but that does not necessarily require Probate Court. A will can simply be filed at the County Courthouse.
Certain specific assets pass directly to beneficiaries instead of going into an estate. Real property and bank accounts that are held in joint tenancy will pass directly to the surviving joint tenant(s). Not only that, but money from life insurance policies go directly to the policy beneficiaries.
Probate in Illinois
Probate is a common way to settle the distribution of property and assets after someone dies, but it is not the only approach, nor is it always necessary. Illinois Intestate and Probate Law permit a simplified procedure for smaller estates, such that they do not have to go through regular Probate Court.
In Illinois, an estate of less than $100,000 (including total assets), without land, is known as a small estate. Instead of Probate Court, an affidavit summarizing the deceased’s estate, including how it should be distributed to heirs/beneficiaries, will suffice to simplify the procedure. Coupled with a death certificate, the affidavit can be used to complete the allocation of property, without the need to open a Probate Case case in court.
For those who can’t or don’t want to utilize Small Estate procedures, two Probate options remain: 1) Limited, and 2) Full Supervision. Limited Supervision allows a Probate Case to be opened in court, but a judge will simply review and approve the Estate Administrator’s account. Contrariwise, with Full Supervision, a Probate Judge will take an active role in the administration of the estate. In both cases, the judge will issue Letters of Office to appoint an Executor (Legal Representative) of the estate.
Many people incorrectly assume that the Full Supervision process is used for all estates, meaning that they will inevitably get tied up in Probate. In fact, Full Supervision is only necessary when there are contributing factors to the Estate, such as lawsuits. Many estates in Illinois, particularly Small Estates, can avoid Probate altogether.