Knowing you might receive an inheritance can quickly turn from excitement to downright impatience. This often happens as heirs realize the length of time involved in probate. If you are a possible heir, you might want to know more about this process and understand how probate loans may help you.
What is probate?
Probate is the process that legally transfers the estate of a deceased person to heirs. Say, for example, you have an uncle who died and left a legal will giving you all his estate. The process of transferring this estate to you is the probate process.
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There are good news and bad news when it comes to this legal system. The good news is it will eventually end at some point. This means you will get your share of the estate once the court sorts out all legal matters involving the estate.
The bad news, however, is it can drag on from a few months to several years. Some reports suggest that it can span from eight months to a maximum of two years. The reason for this is the legal mandate behind estates. The system gives all possible creditors a chance to get their share of the estate so they can be paid.
Another reason is so that all possible heirs may have their share. You might never know it but your deceased uncle, for example, may have other legal heirs who should also have their share.
What is probate loan?
Probate loan or advance, is loan available to heirs. As this is a loan, a potential heir needs to apply for it. It is not automatically given.
Filing for this loan involves filling out application forms and proving you are a legal heir of an estate set to receive an inheritance worth $20,000 or more. You also need to specify that this estate is within the USA.
Why should an heir apply for probate advance?
One of the goals of this loan is to give heirs money while the process is still underway. If you're a potential heir with your own money, this option might not mean much. If you are an heir with very little or no cash at all, then you will understand the value of probate advance.
Having money on hand can mean buying what you need or want right now. This situation can be particularly necessary if you face paying various bills. People who are unemployed or those who took care of dying relatives may well relate to this case. The cash will have you settling debts and/or rebuilding your life.
Those who are set to inherit properties that need repair will also find the advance very useful. Say, you are about to get an old inn, the funds you get will be useful to invest on the place. You might use the cash for marketing promotions, too, so you attract more clients in the near future.
Consider studying probate advance and applying as early as possible if you need it. Many companies offering it work on a first-come-first-served basis and it will be wiser to apply earlier. The sooner you do, the sooner you can receive funding for tasks you need completed.
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