By Kerri Stout
Following the death of a loved one, there is a somewhat lengthy process that comes with carrying out the estate disbursement detailed in a will. Probate court must certify the will and address any issues that may be raised by anyone contesting all or part of the will. Inheritance funding is a type of loan that provides an advance on funds that are left to a beneficiary.
An heir is the person who is designated to receive money or property from the deceased. Receiving funds, in this instance, occurs as an advance or loan against the amount you are set to inherit. The probate process can take some time to get through even when there are no problems with the will or anyone contesting. There are companies that offer financial assistance while you await the closing of the case.
These funds are commonly in the form of an advance on a portion of the total amount you are inheriting. With an advance, the company charges a fee that is based on the amount getting advanced to you. The company does not charge interest. They get repaid when the inherited funds are released by the court and you get the remaining amount.
A loan is a bit different. Some lending companies provide loans on inheritances that work a lot similar to an advance, using your inherited funds as collateral. Other companies may or may not work this way but they do charge an interest rate. You may also get an additional charge for processing.
Regardless of which type of method is used, you will need to fill out an application for the company. You will be required to submit documentation regarding the amount you are due to inherit. In many cases, the company will require contact information for the probate lawyer. Once you have provided everything the company needs, your application and documentation will be reviewed.
If approved, the company will tell you how much they are loaning or advancing, along with fees that are being charged. The approval process can take as little as a few days or as long as a few weeks, often depending on the complexity of your case. Be aware that the amount the company approved you for may not be as much as you requested.
You should also be aware of the terms of your agreement. Some companies have a deadline on repayment. In these cases, usually with loans, you are required to pay the money back by a certain date. If the will is still going through probate, you may have to pay out of pocket, unless the loan is set up to be taken from the inherited funds.
Discuss your options with the probate lawyer that is handling your case. Allow him or her to look over your contract agreement, before you sign it. This type of funding can be helpful in your time of need, but if it is not handled by a reputable company you can wind up in near financial ruins.
An heir is the person who is designated to receive money or property from the deceased. Receiving funds, in this instance, occurs as an advance or loan against the amount you are set to inherit. The probate process can take some time to get through even when there are no problems with the will or anyone contesting. There are companies that offer financial assistance while you await the closing of the case.
These funds are commonly in the form of an advance on a portion of the total amount you are inheriting. With an advance, the company charges a fee that is based on the amount getting advanced to you. The company does not charge interest. They get repaid when the inherited funds are released by the court and you get the remaining amount.
A loan is a bit different. Some lending companies provide loans on inheritances that work a lot similar to an advance, using your inherited funds as collateral. Other companies may or may not work this way but they do charge an interest rate. You may also get an additional charge for processing.
Regardless of which type of method is used, you will need to fill out an application for the company. You will be required to submit documentation regarding the amount you are due to inherit. In many cases, the company will require contact information for the probate lawyer. Once you have provided everything the company needs, your application and documentation will be reviewed.
If approved, the company will tell you how much they are loaning or advancing, along with fees that are being charged. The approval process can take as little as a few days or as long as a few weeks, often depending on the complexity of your case. Be aware that the amount the company approved you for may not be as much as you requested.
You should also be aware of the terms of your agreement. Some companies have a deadline on repayment. In these cases, usually with loans, you are required to pay the money back by a certain date. If the will is still going through probate, you may have to pay out of pocket, unless the loan is set up to be taken from the inherited funds.
Discuss your options with the probate lawyer that is handling your case. Allow him or her to look over your contract agreement, before you sign it. This type of funding can be helpful in your time of need, but if it is not handled by a reputable company you can wind up in near financial ruins.
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