Washington estates & inheritance loans
Inheritance loans (as they are often called) are the same non-interest financing solution for Washington State heirs as inheritance cash advance assignments are. Inheritance advance or probate advance funds are simply interchangeable brand names with “loan” or “lending” terms (such as inheritance loans and probate loans, or estate loans) to reference advance inheritance financing. Whatever the terminology, the financial outcome is the same.
Inheritance Funding: Washington Estates & Inheritance Loans
Washington estates & inheritance loans, as many heirs prefer to call them, never impose any danger for heirs of recourse for non-payment. In other words, heirs receiving an inheritance advance from My Inheritance Cash are not personally responsible for repayment. Heirs can also feel confident that they are getting inexpensive probate advance rates, as well as the most rapid turnaround time possible.
How do I know If Washington Estates & Inheritance Loans move as quickly to conclusion as I’d like?
Although probate in Washington is slow, there are ways to get inheritance cash quickly, much faster than the year it takes waiting for probate to close! Washington estates and inheritance loans, as you may prefer to call them, generally allow for an extremely fast and simple process. There are no up-front fees or hidden charges, no monthly payments or interest, and no credit report or credit score to worry about! And instead of waiting 12-18 months or more to get access to cash from Washington estates and inheritance loans, funding usually occurs in 2 to 3 days!
How do I know if I’ll qualify for a Probate Advance in Washington State?
It is generally a simple matter to determine whether or not you qualify for inheritance funding or a probate advance for Washington estates and inheritance loans, based either on probate property or liquid assets. Besides relevant documentation, you must be at least 18; be an heir to an estate in probate or trust in the USA or Canada; and be set to receive an inheritance of at least $15,000. Once you qualify, and actually receive advance inheritance money, you can use probate advance cash for any purpose!
Paperwork requirements for Washington estates & inheritance loans are simple compared to paperwork requirements for an interest-based bank loan. As we have indicated, My Inheritance Cash only provides inheritance cash advance assignments, not interest-bearing loans, although a lot of heirs and lawyers refer to Washington State inheritance cash advance assignments as Washington estate inheritance loans, estate loans, or probate loans, basically out of convenience. To get approved for a probate advance in Washington, heirs of estates in probate or trust fund beneficiaries need a valid Photo ID, documents proving status as a valid heir of a Washington estate, proof of inheritance assets (such as real property, liquid assets, or personal property), as well as the amount of advance inheritance money being requested by the heir as an advance on inheritance.
Washington Inheritance Laws
In addition to federal estate tax, Washington State also charges an estate tax. Not what all Washingtonians might prefer, but it is what it is. Moreover, Washington is also a community property state, combining almost all the assets of any person who is married, or who is in a domestic partnership.
Does Washington Have an Inheritance Tax or Estate Tax?
Many people planning their estate believe all they have to worry about is the federal estate tax, which the vast majority of families try to avoid. This is largely because of the exorbitantly high estate exemption the federal government now levies for the tax. But for Washington residents and those who own property in the state but live elsewhere, there is a Washington estate tax to be mindful of. There are no inheritance taxes, though.
At the time of writing, Washington State residents are not required to file an Estate State Tax return, so long as the value of the Estate in question is less than the State tax-exempt amount (currently $2,193,000). This same exemption applies to non-Washington residents who own property in Washington (NB: Only the value of property in Washington). At the time of writing, tax percentages vary from 10% to 20% for Estates that exceed this limit.
Passing Away Testate in Washington State
To be valid, a testator must sign his will before two witnesses. In his will, an Executor should be named to manage the Estate (typically, alongside an estate attorney). Likewise, an official Notary must be public at the time of signing. Washington State stipulates that wills be filed with the County Court where the deceased died. Upon all the above, a will is considered testate.
After the Estate owner’s death, beneficiaries will need to determine whether Probate is required. This is a legal process designed to protect the rights of a decedent, and to ensure that heirs/beneficiaries receive what is rightfully theirs, either according to the will or State Intestacy/Succession Law.
Probate will likely need to be filed (1) whenever a decedent owned real property, and/or (2) the Estate contained more than $100,000 in personal property. If neither of these conditions apply, Washington State allows an Estate to bypass Probate as a Small Estate.
Testate or Intestate, all debts must be settled before the Estate is distributed and Probate closed. This will be done by the Executor of the Estate, not the Court.
Passing Away Intestate in Washington State
Especially if you’d like to bequeath assets and/or property to loved ones, charities, etc, you’ll want to file a will. In the State of Washington, if you pass away without a will, your Estate will be distributed according to State Succession Laws. This is known as dying intestate.
A valid will will name an Executor of the Estate. For those who die without a will, or if the Executor has passed away, the Probate Court will name one in your stead.
Notwithstanding the unexpected, there is rarely a reason to die intestate. Protect your Estate, and legacy, with a will today.
Community Property and Inheritance Law in the State of Washington
Washington is known as a Community Property state, meaning that property obtained during a marriage or domestic partnership is legally owned and inherited by both partners. However, this does not include inheritance assets and gifts given to a partner. This is called separate property, meaning personal property and real property.
Resources for Estate Planning
Managing your own estate, or handling the intricacies of inheriting money from the estate of a loved one who has passed away, combines many factors to deal with. It can be such an overwhelming venture — with taxes to file, possible court proceedings to go through, and more — that you might want some help.
A financial advisor matching tool can match you with up to three nearby financial advisors that have experience handling your inheritance and estate planning needs when it comes to Washington inheritance laws. You’ll be paired with advisors based on your answers to questions about your financial situation and preferences. To learn more about individual advisors in your area, explore SmartAdvisor Match.