Inheritance cash advances provide financial support to entitled heirs to assets that are blocked until the probate process is complete. Assets can consist of real estate, financial holdings, businesses, automobiles, and personal belongings such as jewelry, household items, antiques, art work or vehicles. There are many reasons why an heir would consider an inheritance loan as a good solution. Discover the main reasons to select this payment option and skip waiting for the probate.
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 decedent was the only 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 probably isn’t 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 faces debts, medical expenses, funeral expenses and attorney fees. By getting inheritance 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 the inheritance rights to a company can provide much-needed money. The company 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: Petition of Succession and Declaration of Inventory and Appraisal. If real estate is used as collateral, the financing source generally requires a copy of the sales contract or listing agreement. Additionally, you may be asked to show a current credit report. The company will check if you have pending taxes or liens from creditors, pending bankruptcies or legal issues that compromise your loan advance request.