Inheritance Advance – Faster Funding Solutions for Clients

December 23, 2011 by  Filed under: Loans 

Knowing that you have an inheritance coming your way is exciting; the boring part is going through probate court. Probate is a process where an heir receives estate from a deceased person. Often, this can take months to at least a year. Factors such as the presence of a will, its validity and further claims against the estate can make this a slow process. At the end of the day, it might not be worth waiting for. As an heir, you might need to think about getting an inheritance advance.

What is an inheritance advance?

The advance or loan is money given to heirs before they receive anything from the probate process. It’s a necessary choice that must be made, especially if you stand to receive an estate while the money or property is still pending in probate court.

Most companies offering inheritance advance will not look into your credit score. Instead, they will look at the estate’s projected amount. You are often required to have at least $20,000 to $30,000 worth of estate or amount coming your way if you want to qualify for the loan.

While many loan companies operate within California, applying for one is possible even if you reside in another state. A prime requirement, however, is for the estate to be within the United States. For instance, you can live in New York while the estate you receive is in Arizona.

Should I worry about fees and payment?

Unlike other options, the loans do not have any collateral. Applying will not require upfront fees or other charges. All you have to do is to file for the loan and the company will look into your papers and its legitimacy.

Loan repayment will come from the estate you will receive. In a typical scenario, you apply for the loan and once the lending firm approves it, you get the money. The estate pays off the advance later after it closes.

Is an inheritance loan a practical choice?

Yes, it is. Eight months is not a short time to wait, especially if you have present worries. Bills and other concerns can pile up. Before you get anything out of the court, it is likely you might have already incurred some bills or credit. Having money on hand is better since it can help alleviate pressing matters now rather than later.

The money you receive can cover many things. If you are planning to fix the house or land you might receive, the inheritance loan can make it all happen.Those with debts to pay and expenses to shoulder should apply for one. This can ease the burden of a large financial obligation.

Is there a risk involved?

Risks lie mostly on the company providing the loan. Lending firms face great risks if the estate suddenly loses value. This can happen if multiple creditors and claimants appear all of a sudden and start demanding their share of the pot.

Loan processing varies from one company to the next. The more important part is to apply early on. Many inheritance advance companies operate on a first-come-first-served basis. The earlier you submit the application, the better your chances of receiving your much-needed funds.

Isabella Manzanares is an accounting specialist who worked with inheritance advance as well as inheritance loan companies.

Article Source:
http://EzineArticles.com/?expert=Isabella_Manzanares

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