Applying for an Inheritance Cash Advance
You may be familiar with the traditional loans wherein you can borrow money from a bank. But for those who have been endowed with inheritance funds, it may interest them to know that they can apply for an inheritance cash advance. Lending companies and even some business investors offer inheritance cash advance services to people who have money stored in probate.
Now, you may ask, when are inheritance funds transferred to probate? And, when can you actually avail of an inheritance cash advance? Only when a person passes away will the property and other assets of that deceased person proceed to probate.
A probate can run anywhere from at least six months to as long as three years. Within this grace period, the estate’s executor is assigned to look after the remaining estate. The executor is also in charge of listing down the properties and fulfilling any obligations left—including some debts and taxes. It is also within this same period that a person who is entitled to part of the deceased’s assets can request for an inheritance cash advance.
Interestingly, an inheritance cash advance may be obtained in the same manner as any regular loan application. There is also no interest charge in an inheritance cash advance. The amount borrowed in this type of small loan is reimbursed from what remains of the deceased’s estate after everything has been settled by the executor.
Financing agencies usually provide this inheritance cash advance service to those persons who are expected to take home a minimum of $10,000 inheritance money. There are some who even relate to heirs that get at least $2,500. If your money is smaller than $10,000, you can ask for the help of some small-time investors who can still give you the inheritance cash advance service when you wish to.
To get inheritance funding, the respective heir should be able to provide the basic information and the proper paperwork concerning the estate to the lenders. Companies will ask for the assistance of the inheritance’s executor and/or lawyer. It takes about 3 to 5 working days for the transaction to be completed.
As a general rule, a beneficiary cannot take an inheritance cash advance that would total to more than 30 percent of the value of the deceased’s remaining estate. Once signed by the beneficiary, a cash payment is made in exchange of the inheritance rights. A fee is also placed and taken from the advance.