Generational wealth is one of the primary ways to build and maintain financial stability. Whether someone is able to leave a large or small amount to their family, an inheritance can be life-changing. It does not have to be millions of dollars to free the recipients from crushing debts or offer other financial opportunities. Unfortunately, the probate process is time-consuming. A beneficiary may need to wait months or even years after someone’s death to gain access to those funds. That can lead to the accrual of interest on debts or missed financial opportunities. The longer the wait, the less likely it is that the inheritance will change your life. Using Inheritance Cash to get a cash advance on your inheritance lets you access some of your inheritance before probate concludes.
Understanding Probate
Probate is the legal process of proving a will and settling an estate. The steps may vary from state to state. Still, generally, the administrator presents the will to the court, does an accounting of the deceased’s estate, pays outstanding bills, collects outstanding debts, files taxes, and then distributes the assets to the beneficiaries. Depending on the complexity of the estate, this process can take months to years.
Because the courts are involved, even simple estates can take a substantial period. There are statutory required times so that creditors can discover the death and file claims. So, it will take months to wind up a simple estate. A complex estate can take much longer — some take years to resolve.
Probate Loans and Estate Loans
You may have heard people mention probate loans or estate loans. While they have the word loan in their name, neither of these are actually loans. They are a way of accessing funds from your inheritance before the end of the probate process.
An estate advance allows you to trade a portion of your future inheritance for immediate cash. Fast estate advances can often be funded within 72 hours, sometimes months. Other names for estate advances are probate advances and inheritance advances.
To understand the process, it can help to think of it as selling a percentage of your inheritance. The funding company purchases that percentage from you and gives a portion of that money to you in the form of a cash advance. When the estate finally settles, the funding company collects the amount that they advanced to you and the fee they charge you from the estate.
Loans
To qualify for a loan, even with an inheritance as collateral, a person needs to establish that they are creditworthy and that they have the money to make monthly payments. In addition, many lenders will require additional credit. So, it does not differ from many other personal loans. A loan involves good credit, a job, payments, and interest.
One of the reasons to avoid getting a loan is that you cannot predict the associated costs. When someone is paying interest on a loan, they do not know the total cost associated with borrowing the money. They can estimate how long probate will take, which may give them an idea of associated costs. However, if the process takes longer, those costs can skyrocket.
My Inheritance Cash’s probate advances are NOT loans. You do not need good credit, you do not pay interest, and you do not have to make payments. In fact, once you sell the portion of the inheritance to us, you do not have to interact with us any longer. Once the estate settles, the administrator will pay us, the inheritance cash company.
There is an additional benefit to inheritance advances. Sometimes, estates run out of money, or someone contests a will and wins, leaving beneficiaries without an inheritance. Once an inheritance funding company purchases a portion of the estate, it owns that portion. If the inheritance is not funded, they are stuck with the loss. You do not owe them any additional money.
Do You Charge Interest for Probate Advances?
No. There is no interest in probate advances. However, people must realize that this does not mean they are free. We charge a flat fee for the cash advance. The fee ensures that you know precisely what you will pay for the cash advance. The only exception is that — if the estate settles much more quickly than anticipated — we may refund some of that fee to you. You will never owe more money than the stated flat fee.
Fast Estate Advances
Our goal is to help people get access to their inheritance. Once you get the advance, you can spend it in any way that you choose.
That does not mean that everyone should get an inheritance advance. When going through the process, you should consider whether it is better for your financial future to get the money early or to wait for it. In today’s world of crazy interest rates and outrageous prices, getting early access to money can make life-changing positive differences for people.
Getting an inheritance advance can be a great way to access funds.
- They are fast — people can get the money in 24 to 72 hours.
- They do not require good credit.
- You know the fees upfront.
- They are no-risk — the funding company takes on the risk of an inheritance failing to fund.
Getting Started
Our process is simple. We have an online application. After reviewing it, we will let you know the amount we can advance and the fees associated with that. You can opt for a lesser amount, as well. For most applicants, the process takes 2 to 5 days from application to funding.