Disclaimer: Consumer legal fundings and advances are not loans under applicable financing laws. Rockpoint’s products are non-recourse, meaning if you don’t win your case, you don’t have to pay us back. Receiving financial support in connection with a legal case is typically (and oftentimes incorrectly) referred to as a “lawsuit loan” or “loan.” Therefore, for the ease of search references, these terms may be used in this context to refer to our funding products, but we maintain our separateness from consumer loan products in all legal aspects.
The probate process can take anywhere from a few months to a few years following a person’s death. Until probate is over, a family can’t distribute a loved one’s assets to beneficiaries and heirs, regardless of whether or not they had a will. Rockpoint Probate Funding can offer a probate advance to anyone who can’t afford to wait until the probate process ends to collect an inheritance.
So, who can apply for probate funding, and how can they go about doing it? Rockpoint Probate Funding makes it easy for those eligible to apply and seek approval for probate advances.
What Is Probate Funding?
When someone dies and leaves assets behind in a will or trust, their family must work through the probate process to ensure that a person’s final wishes are granted.
An executor oversees probate. They are responsible for taking inventory of a person’s assets and paying down their debts before distributing their belongings to their beneficiaries and heirs.
Although the probate process is necessary, it’s often time-consuming. This is especially true when a person didn’t create a detailed will or, worse, when they didn’t leave their family a will at all. This makes it difficult to bequeath a mortgage or pass down an inherited property, and it can force an executor to hold a probate sale.
While beneficiaries and heirs wait for all this to happen, they can claim probate funding. This type of funding enables them to collect a percentage of an inheritance in advance from a lender like Rockpoint in exchange for giving up a larger percentage of it later.
Who Can Apply for Inheritance Funding?
Anyone involved in the probate process can apply for probate funding through a company like Rockpoint. This includes:
- Beneficiaries: Those set to receive assets from a deceased person according to their will
- Heirs: Those with a legal right to an immediate family member’s assets in the aftermath of their death
- Executors: Those in charge of overseeing the probate process and handling estate distribution
Even if you’re not sure you qualify for a probate loan, you might find applying for one worth it. The application process is quick and painless and shouldn’t take more than a few minutes.
What Is the Application Process for a Probate Advance Like?
Not all lenders make applying for probate funding easy. You can be thankful that Rockpoint won’t make you jump through any hoops to apply for a probate advance.
Follow these steps to put in an application for a probate loan:
- Visit the application page on the Rockpoint website.
- Fill out the application with your name, your contact information, and the name of the person you’re receiving an inheritance from.
- Submit your application and allow Rockpoint to review it.
- Find out whether you’re approved for a probate advance within about 24 hours.
- Arrange to have inheritance funding deposited into your bank account if Rockpoint approves you.
While this process is simple, you’re welcome to contact Rockpoint representatives at any time to ask questions or express concerns.
How Long Does It Take To Be Approved for Probate Funding?
When you apply for other types of funding, such as personal loans, you will typically have to wait for at least a few days to be approved. You might also have to send a lender additional information about your income, your debt, or another aspect of your finances to receive a final decision on your application.
None of these factors will apply when you attempt to secure probate funding. Rockpoint won’t check your credit report or score before deciding whether to provide you with an inheritance advance. They also won’t do much digging into your employment history or current debt obligations.
A probate advance is based solely on the inheritance you’re scheduled to receive after a loved one’s probate process ends. This makes it possible to seek approval for this funding without having to wait long for a decision from Rockpoint.
How Can You Use a Probate Loan?
The greatest part about applying for a probate loan is that, if approved, you won’t be restricted in how you use it. You can utilize an inheritance advance just like you would an inheritance.
For example, you can use a probate advance to:
- Pay off outstanding debts
- Catch up on back taxes
- Make home improvements
- Enroll in college
- Purchase a new car
Just remember that you will receive this advance in place of a portion of an inheritance, so make smart decisions with this money. Keep any estate expenses paid by the beneficiary in mind, too, since they could impact the total assets you eventually receive from a loved one’s will.
You’ll need to have enough to repay the probate funding company that provided you with an advance on your inheritance when the time comes to collect it.
Apply for an Inheritance Advance Through Rockpoint Probate Funding Today
Are you a beneficiary, heir, or executor going through the probate process now after losing a loved one? If so, you’re likely eligible to apply for a probate advance through Rockpoint Probate Funding. Fill out an application now to find out how much you can collect in the form of inheritance funding.
Rockpoint can also speak with you more about the benefits of probate funding and discuss other probate-related topics that may apply to your situation, such as the distribution of probate real estate. Whatever the circumstances, contact us at (888) 263-8588 today to talk to a knowledgeable representative.
