Inheritance Funding Companies: A Mississippi Inheritance Advance versus Inheritance Loans
There are a couple of issues to consider when you’re first thinking about getting an advance on inheritance, or, as many heirs say, borrowing against inheritance assets… putting a toe in the water, so to speak – with respect to, first, looking for a local Inheritance Funding Company… The answer is – don’t. There are no local Inheritance Advance Companies…Unless you reside in Los Angeles, San Francisco, New York or New Jersey. Basically, that’s about it. They are all national Inheritance Advance Companies. A lot of heirs call these companies and ask if they have an office in Waterloo, Wisconsin, or Polaris, New Mexico… or any number of localities. Don’t waste your time. There are no local companies that provide inheritance cash advances.
The second item of frequent confusion is some of the terms people use to describe these Inheritance Financing transactions… An Inheritance Advance or Probate Advance are essentially the same – basically the same cash advance assignment that you would receive from any Inheritance Funding Company, moreover the popularized names people use these days to request info on, or an application for, Inheritance Loans, or Probate Loans, or Estate Loans – they are all the same, regardless, and are identical usually to the Inheritance Advance or Probate Advance you might ask for on the phone; none are in fact actual “loans” – none are interest-bearing, none require a credit report. No credit score is asked for, and there is no personal liability with respect to the money you are being advanced, with no effect on your credit rating whatsoever. In short, these financial advances are all essentially the same advance inheritance transactions, whether you call it an Advance, a Cash Advance or a Loan.
As for looking more deeply into Inheritance Advances or, as heirs like to call them, Inheritance Loans – if you wish to find out about how they determine their rates, and fees, with respect to the type of estate or trust assets you have coming to you, and how much you are personally receiving – inheritance funding search terms such as the terms listed below will help you to search online for the right company websites, Blogs, forums, and info-sites, to assemble as much information as you need to make important decisions on your short term financial future.
Inheritance and Wills in Mississippi
If a person residing in Mississippi does not create and execute a will to establish arrangements for the distribution of his or her assets and property, that property and those assets will be split up and distributed to relatives according to state law – which may or may not be in line with the wishes of the decedent. These inheritance laws are called “laws of intestate succession,” and they provide a distribution scheme that dictates a priority of heirs. In other words, certain relatives are entitled to all, or a portion of, a decedent’s estate under certain circumstances – if the decedent did not create a valid will. An estate without a will is entitled, “intestate.”
Any person who is 18 years old or older, and of sound mind, can create and execute a will in the state of Mississippi. Being of sound mind simply indicates that the will-maker, or “testator,” knows or understands the significance of executing a will. In Mississippi, a parent can disinherit a child by stating it clearly in his will. If a married Mississippi resident attempts to disinherit his spouse in a will – or leaves her less than her statutory share – she may set the will aside and choose to take an “elective share.” An elective share is a portion to which a surviving spouse would normally be entitled to under the state’s laws of intestate succession.
What Mississippi Residents Should Know About Probate
Probate is the official way that an estate gets settled under the supervision of the court. A person, usually a surviving spouse or an adult child, is appointed by the court if there is no Will, or nominated by the deceased person’s Will. Once appointed, this person, called an executor or Personal Representative has the legal authority to gather and value the assets owned by the estate, to pay bills and taxes, and, ultimately, to distribute the assets to the heirs or beneficiaries.
The purpose of probate is to prevent fraud after someone’s death. Imagine everyone stealing the castle after the Lord dies. It’s a way to freeze the estate until a judge determines that the Will is valid, that all the relevant people have been notified, that all the property in the estate has been identified and appraised, that the creditors have been paid and that all the taxes have been paid. Once all of that’s been done, the court issues an Order distributing the property and the estate is closed.
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