Inheritance cash advances provide financial support to heirs entitled to assets that are locked up until the probate process is complete. Assets can consist of real estate, financial interests, businesses, automobiles, and personal belongings such as jewelry, household items, antiques, artwork, or vehicles. There are many reasons why an heir would consider an inheritance loan a good solution. He discovers the main reasons to select this payment option and skip the probate wait.
These funds can be used in any way the heir wishes. There are many cases where the deceased person leaves behind expensive medical bills. And when the deceased was the sole source of income, things get pretty complicated for the remaining dependents. Also, many people do not plan their funeral in advance or have life insurance policies to cover funeral expenses. For example, if he is around 40-50 years old, he doesn’t really think that he could die tomorrow and leave his loved one in debt. He’s probably not even considering writing a will. Therefore, it is not uncommon for heirs to sell assets to cover burial expenses or pay off debts associated with the estate.
Most of the heir is faced with debts, medical expenses, funeral expenses and attorney fees. By getting estate advances, heirs can get cash in a matter of weeks instead of waiting for the probate process to complete.
Skipping the probate process is another major reason heirs are eager to get an estate loan. Probate is an extremely complicated and lengthy process, especially if there are many beneficiaries involved. It can take anywhere from a couple of months to even several years. And clearly, not many people are thrilled to hear that they have to wait a few years for something that is rightfully theirs.
It becomes obvious that selling inheritance rights to a company can provide much-needed money. The business can wait until it reaps the financial benefits of the inheritance.
To qualify for this type of loan, an heir must provide proof of inheritance. In addition, the company may be required to bring the following: Probate Petition and Inventory and Appraisal Statement. If real property is used as collateral, the financing source typically requires a copy of the sales contract or listing agreement. Also, you may be asked to show a current credit report. The company will check if you have outstanding taxes or liens from creditors, pending bankruptcies or legal issues that compromise your application for a loan advance.