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.
Beneficiaries, or heirs, are the people who are set to inherit anything of monetary value. An advance of this type involves monetary funds. After the loved one dies, the will can be tied up in probate for weeks or months. During this time, you may experience financial strain. Companies that offer advances on inheritances can help alleviate this strain.
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.
Another type is a loan. The lender provides you with a loan amount that you are approved for based on what you are supposed to inherit. This type can work similar to an advance, but there is one big difference. Lending companies tend to charge interest and may also charge a slew of fees as well.
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.
From this point, your documentation and application will be reviewed. The company will decide to approve or deny your request. They will also decide on how much they are willing to advance or loan to you. This approval process can take as little as a few days or as much as two or three weeks based on the complication of your case.
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.
Getting funding on what you will be inheriting can be helpful in taking care of financial needs. It is specifically helpful if there was not a life insurance policy, or when the insurance company is taking too much time to disburse funds. Be sure to read your contract carefully and, if possible, have your lawyer look it over as well.
Beneficiaries, or heirs, are the people who are set to inherit anything of monetary value. An advance of this type involves monetary funds. After the loved one dies, the will can be tied up in probate for weeks or months. During this time, you may experience financial strain. Companies that offer advances on inheritances can help alleviate this strain.
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.
Another type is a loan. The lender provides you with a loan amount that you are approved for based on what you are supposed to inherit. This type can work similar to an advance, but there is one big difference. Lending companies tend to charge interest and may also charge a slew of fees as well.
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.
From this point, your documentation and application will be reviewed. The company will decide to approve or deny your request. They will also decide on how much they are willing to advance or loan to you. This approval process can take as little as a few days or as much as two or three weeks based on the complication of your case.
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.
Getting funding on what you will be inheriting can be helpful in taking care of financial needs. It is specifically helpful if there was not a life insurance policy, or when the insurance company is taking too much time to disburse funds. Be sure to read your contract carefully and, if possible, have your lawyer look it over as well.