When someone you love dies, their Last Will and Testament is used to determine how their estate and the money or property is divided between beneficiaries. For some people, this process goes fairly quickly. With other people, however, it can take longer, particularly if the will takes longer to go through probate court for certification. In these cases, the financial strain can be eased by receiving inheritance funding.
An heir is the person who is designated to receive money or property from the deceased. Receiving funds, in this instance, occurs as an advance or loan against the amount you are set to inherit. The probate process can take some time to get through even when there are no problems with the will or anyone contesting. There are companies that offer financial assistance while you await the closing of the case.
Advances and loans are two forms of financing available. An advance, as the name suggests, is when the company gives an amount of money to you in advance of the release of funds from probate. These types do not accrue interest. Once the court releases funds, the company deducts what it advanced from the inherited funds.
A loan is a bit different. Some lending companies provide loans on inheritances that work a lot similar to an advance, using your inherited funds as collateral. Other companies may or may not work this way but they do charge an interest rate. You may also get an additional charge for processing.
Filling out an application begins the process. The company will need specific details and documentation about the inheritance and probate process. It will also be necessary to provide information about the probate lawyer. He or she may also be required to turn in some legal documentation from this point, everything will be reviewed.
The review process can take anywhere from a few days to a couple of weeks. A decision must be made about whether the company will approve your application and how much they are willing to advance to you. It is important to understand that you may not get as much as you request. In many cases, the company wants to make sure you will have some money left when probate court is finished.
Once you have been approved, you will be provided with a contract agreement to review and sign before funds are released to you. Read your agreement completely, paying particular attention to the terms regarding repayment of the loan or advance. These terms will specify if there is a dedicated date for full repayment, in addition to the fees and interest rate that may be charged.
Discuss your options with the probate lawyer that is handling your case. Allow him or her to look over your contract agreement, before you sign it. This type of funding can be helpful in your time of need, but if it is not handled by a reputable company you can wind up in near financial ruins.
An heir is the person who is designated to receive money or property from the deceased. Receiving funds, in this instance, occurs as an advance or loan against the amount you are set to inherit. The probate process can take some time to get through even when there are no problems with the will or anyone contesting. There are companies that offer financial assistance while you await the closing of the case.
Advances and loans are two forms of financing available. An advance, as the name suggests, is when the company gives an amount of money to you in advance of the release of funds from probate. These types do not accrue interest. Once the court releases funds, the company deducts what it advanced from the inherited funds.
A loan is a bit different. Some lending companies provide loans on inheritances that work a lot similar to an advance, using your inherited funds as collateral. Other companies may or may not work this way but they do charge an interest rate. You may also get an additional charge for processing.
Filling out an application begins the process. The company will need specific details and documentation about the inheritance and probate process. It will also be necessary to provide information about the probate lawyer. He or she may also be required to turn in some legal documentation from this point, everything will be reviewed.
The review process can take anywhere from a few days to a couple of weeks. A decision must be made about whether the company will approve your application and how much they are willing to advance to you. It is important to understand that you may not get as much as you request. In many cases, the company wants to make sure you will have some money left when probate court is finished.
Once you have been approved, you will be provided with a contract agreement to review and sign before funds are released to you. Read your agreement completely, paying particular attention to the terms regarding repayment of the loan or advance. These terms will specify if there is a dedicated date for full repayment, in addition to the fees and interest rate that may be charged.
Discuss your options with the probate lawyer that is handling your case. Allow him or her to look over your contract agreement, before you sign it. This type of funding can be helpful in your time of need, but if it is not handled by a reputable company you can wind up in near financial ruins.
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