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Avoid Payment Delays with an Inheritance Advance
If a friend or family member left you a sizable inheritance, you most likely could use that extra money as soon as possible. However, the traditional inheritance process in America could leave you stuck waiting months or even years before you get your money. With an inheritance advance, you get a payment right away so you can get through a lengthy inheritance settlement without any financial problems.
Inheritance ProcessWhen a person dies, his assets are typically passed on to his heirs through a court process known as probate. During probate, a representative of the deceased person goes to the state courthouse to present the deceased’s will. The court reviews the will and records the person that will be managing the transfer of the deceased’s estate. If the will doesn’t name someone, the court will pick a representative. The written will then goes on public record.
Once appointed, the estate representative has three jobs to complete the inheritance. First, he has to collect all the deceased’s property and evaluate how much everything is worth. Some assets, like bank accounts and stocks, are quick and easy to value. Others, like houses, are not. Once the representative has properly recorded all the assets, he needs to pay off the deceased’s remaining debts, taxes, and final expenses. After everything is paid off, the representative can finally pay out the remaining inheritance to the heirs.
Most of the time, probate is quick and easy. If the inheritance is small enough, the entire process can be completed in many states without requiring you to go to court. If your inheritance isn’t complicated, you don’t need an inheritance advance; you’ll get your money soon enough. Unfortunately, this isn’t always the case. There are a few problems that can significantly delay an inheritance, especially if the deceased left a large estate behind.
One common problem is a long delay in court. This typically happens when there is a disagreement between the heirs over how property should be split up. If you are involved in a challenged inheritance, you’ll likely need to hire a lawyer to help you through the process. This whole legal process can drag on indefinitely as the court hears everyone’s side, reviews the evidence, and finally makes a decision.
An inheritance can also be delayed if the deceased left behind an estate that has assets that are difficult to value, like properties or a stake in a small business. The estate representative will need to hire an appraiser to carefully examine the property to decide how much it’s worth. The estate representative needs to get this right to make sure the remaining taxes and debts are paid off in full. Otherwise, he could get in trouble. Unfortunately, this valuation process takes time and while he’s busy reviewing the estate, you’re stuck without your inheritance.
Cash Flow Problems
A delayed inheritance can cause serious financial problems. If you need to hire a lawyer or financial representative to guide you through the probate process, you’re going to need to pay for their services out of your own pocket. This is an added financial strain on top of any other bills you were hoping to settle with your inheritance.
Most heirs in this situation get stuck turning to expensive and risky sources of money like payday loans, credit cards, and bank loans. All these loans charge costly interest. They also put your credit score and your other assets at risk. When you eventually receive your inheritance, it will be cut down significantly by your loan payments. If things go wrong and you don’t receive any inheritance, you’ll still be stuck on the hook for these loans.
Benefit of an Inheritance Advance
When you’re stuck waiting for a delayed inheritance, an inheritance advance is a much easier and safer way to get money earlier. When you apply for an inheritance advance, the settlement company will review your claim and will likely pay you within a week of your application. Depending on the size of your future inheritance, you could receive anywhere from a few thousand dollars up to a 6-fixure advance.
To take out an inheritance advance, you agree to give a portion of your future inheritance to the settlement company. It’s decided in advance how much the company is going to receive and this money can only come out of your inheritance. If there is a lengthy delay, the settlement company won’t take more money because of interest charges. If things going wrong and you don’t receive an inheritance, it’s no problem for you. The settlement company only has a claim against your inheritance and won’t go after your credit score or other assets.
Don’t get trapped waiting for a never-ending inheritance. With an inheritance advance, you get your money fast and without any liability on your part. This way you get to enjoy your inheritance today without dealing with the headaches of potential delays.
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