Michigan Inheritance Advances versus Probate Advances or Inheritance Funding Cash Advance Assignments
How can you tell if you’re doing everything correctly, to be assured of approval for an inheritance advance, by an inheritance funding company with nationwide service?
Advanced inheritance cash (inheritance now, rather than in weeks or months), from a trust or probate advance, is allowed in Michigan in all 83 counties. As long as you choose an inheritance funding company that is reliable and experienced, and you able to furnish the inheritance lenders with a Michigan state photo-ID proving you are over the age of 18; and as long as you can produce documentation that confirms estate assets – for example, an inventory sheet that displays assets, property, cash, and debts. You will also need documents proving inherited real estate status – whether or not it is for sale, or has of yet been sold; plus total property value and sale price. Finally, you’ll need documentation revealing the status of creditors, total estate debts, and the total value of the entire estate, including your inheritance share of assets and real property, equaling at least $15,000. Estate assets such as, for example, cash accounts, real property, personal property, valuables, antiques, artwork and/or investments must all be based in the United States – with the exception of Ohio and Puerto Rico, estates where inheritance advances are not fundable. If you can produce documents and paperwork verifying all appropriate holdings and financial items, plus sign and mail, email or fax your own inheritance advance Agreement to your inheritance funding company… frequently called probate lenders or an “inheritance loan company”, by the inheritance lenders themselves. Even though they are not technically “lending” funds to heirs, they are actually only providing a cash advance assignment. However, if you can accomplish all that in a matter of days, to stay within the timeline proposed by the inheritance funding company you’re working with… you stand an extremely good chance of being approved for your inheritance advance, within or under a week’s time.
Inheritance Law in Michigan
In terms of basics – inheritance is not “an estate”. An inheritance is a property and/or assets, personal property, real property, investment accounts, cash accounts, etc. that we leave, as direct gifting, to our heir or heirs, or beneficiaries. An estate is an existence in the overview of everything a decedent owned at the time of death, or had a percentage of “ownership interest” in. How inheritance assets and property from the estate are distributed depends on whether or not the decedent left a will – and if there is a will, what are the exact terms of the will… that is to say, the decedent’s wishes for his or her property and assets. It is also important to understand the essential differences between an “heir” and a “beneficiary”. An heir is a person who is somehow related to the deceased and has the right to inherit by law even if the decedent did not leave a will. A beneficiary is someone who receives property and/or assets from the estate under the terms of a will and may or may not be related to the decedent.
Passing Away Without a Will in Michigan
In Michigan, having a will or not having a will has no effect on an estate going through probate or not going through probate. Assets and property owned by a decedent require a legal process called probate to make sure property and/or assets go to heirs or beneficiaries properly, without any fraud or difficulties involving other heirs; plus making sure creditors are paid back during probate. For the most part, the steps of probate are the same in Michigan with or without a will, but there are some fundamental differences. If no will exists or has been “lost” or misplaced… and the deceased has not named an executor or executrix to manage his or her estate through the lengthy probate process – an executor, or personal representative, will be appointed by the court. A probate court judge may look at siblings or distant relatives as an option. FYI – Michigan inheritance law actually allows creditors to name their own representative if no one has yet been named.
The Probate Process in Michigan
Michigan has four types of probate: 1) Informal probate; 2) Unsupervised formal probate; 3) Supervised formal probate, and 4) Summary probate. Most probates are informal. They take place under the supervision of a probate register rather than a probate court judge. Probate court judges are elected officials in Michigan. Some small estates valued at less than $22,000 do not need much court supervision in Michigan. Instead, they qualify for a summary probate proceeding. A family member can file court forms, and then distribute the assets to heirs or beneficiaries by affidavit. The estate cannot include real estate, as it can be passed by affidavit.