Legal ServicesSuccession

Everything You Need to Know About Inheritance Advance Loans

Probate advance loan

Don’t want to wait until you receive your inheritance to get your money? Probate can take a long time to complete, and you may need funds immediately. You may have to wait months or even years to receive your inheritance. Lawyers, the court system, and other heirs can significantly slow the process and make you have to wait even longer to receive your inheritance. An inheritance advance loan may be the answer. Learn how these loans work, their benefits, and their risks, so you can decide if this type is suitable.

Many people who have lost a loved one need additional funds to pay bills, rent, and buy food while waiting for the succession process to finish. A probate advance or inheritance advance loan can help you get your inheritance faster if you qualify. Similar to financing legal fees, an inheritance advance loan allows you to access money to pay essential bills and stay afloat.

What is an Inheritance Advance Loan?

An inheritance advance loan is a loan taken out against an expected inheritance. The loan is offered by a lender specializing in advance payments and can provide access to your funds faster than waiting for the estate’s probate process. Typically, you will have to give some information about the estate and produce proof that you are an heir or beneficiary before taking out the loan. Many inheritance advance companies require documents from the court. You can ask your probate lawyer that filed the succession for your loved one to provide you with originals or certified copies that you can present to the inheritance advance company. If you still need to file a succession, you may need to contact an attorney to file it before applying for a succession loan. 

How Do I Apply for an Inheritance Advance Loan?

Applying for an inheritance advance loan is relatively simple. You’ll need proof that you will soon receive an inheritance, such as a copy of the deceased person’s will or evidence that a petition has been filed with the court. Once you have gathered this information and verified it with the lender, they will assess the estate’s worth and determine if it is enough to cover the requested loan. Depending on the lender’s policies, you may also need to fill out a loan application and provide additional paperwork regarding the size of your inheritance. Most inheritance advance loan companies have a lender you can speak with directly to walk you through the application process. Once approved, the company will fund the loan, and you will receive the funds. 

How Do I Qualify for an Inheritance Advance Loan?

To qualify for an inheritance advance loan, you’ll need to prove that you will soon receive an inheritance from a deceased person. Depending on the lender, proof of the heritage might include a copy of the will and other legal documents relating to the estate. In addition, lenders may ask for additional paperwork such as bank statements, tax returns, and other financial information to assess your creditworthiness and ability to repay the loan.

What Fees Are Associated with Inheritance Advance Loans?

Loan fees vary between lenders but may include interest rates, application fees, and APR. Other features should be taken into consideration before deciding. These include prepayment penalties, late payment fees, and repayment periods. It’s important to research different lenders and find the best combination of features and expenses so you can access your inheritance.

Who Qualifies for an Inheritance Advance Loan?

To qualify for an inheritance advance loan, applicants must meet the following criteria: be at least 18 years old, be a US citizen, have been named as a beneficiary of assets due to inheritance, and have the legal right to access those assets. Additionally, applicants must provide proof of identity and financial records showing they can make regular payments on the loan. The process takes little time as you have the required documentation ready. You may also want to speak with an attorney who handles inheritance advance loans or a probate attorney with qualified clients. They will be able to give you insight into the process and what to expect. You can also have your attorney review the loan details to ensure you get the best deal possible. 

In Conclusion: 

Probate often takes a long time. You may need to access your inheritance immediately. Inheritance advance loans can be a great alternative to get the money you need immediately. Speak with an attorney that handles these types of loans to ensure you do not get taken advance of by the loan companies who know you need money immediately.