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.
According to the Federal Reserve’s insightful Survey of Consumer Finances, about 20% of American households collect inheritances over time. Many of them wait for the probate process to play out following the deaths of loved ones before accepting their inheritances during estate distribution. However, others prefer to apply for an inheritance cash advance service.
Would it make sense for your family to look into the possibility of procuring an inheritance advance? While you’re trying to decide, look through some real-life stories that showcase the various ways in which applying could benefit your family, especially if you’re facing a financial need right now.
Read through these different situations below and determine whether or not you should sell a portion of your heir rights in exchange for a fast cash advance. Depending on your circumstances and reasons for needing the money, it could be the right solution.
Covering Funeral Costs
Did you just finish laying a loved one to rest? You may have been surprised and possibly even experienced sticker shock after seeing how much funerals cost these days.
The median cost of a funeral that includes a viewing, a funeral service, and a burial is between $8,000 and $9,000 in 2024. That number can also climb significantly depending on where you live and what kind of funeral service you would like to plan for a loved one.
If your loved one’s funeral cost you a small fortune and put you in a tough financial spot, an inheritance advance can help. This type of cash advance can give you the money you need to cover funeral costs and other related expenses.
You won’t have to worry about waiting for the probate court process to play out and rack up even more debt due to high credit card and personal loan interest rates.
Paying Off Medical Bills
Some families mistakenly assume that a loved one’s medical bills will disappear in the event of their death. More often than not, this isn’t the case. Your loved one’s estate will likely have to pay these medical bills, and it might create a messy financial situation if you aren’t careful.
The good news is that you should have the opportunity to avoid high interest rates on medical debt by explaining your situation to the medical facility that cared for your loved one and working out a fair deal. But even still, you probably can’t snap your fingers and hope this debt will vanish altogether.
An inheritance advance might serve as a solid stopgap solution for medical debt if you anticipate the probate process dragging on for months or maybe even years. This cash advance can clear up medical debt and help your family avoid calls from debt collectors from now on.
Buying a Home
Did your loved one let you know they were planning to provide you with the funds to buy a home in their will? This is yet another case where you may want to explore the idea of taking out an inheritance advance.
Over the last couple of years, the interest rates available to home buyers have been on the higher end of the spectrum. This has made purchasing houses difficult, if not impossible, for some people. However, these interest rates have dropped in recent months and could drop even further soon.
By applying for an inheritance advance to afford a downpayment on a home today, you could save thousands of dollars over the life of your mortgage loan. This could make your inheritance advance even more valuable than your inheritance itself, especially if interest rates rise again in the not-too-distant future.
Enrolling in College
College tuition is already expensive, and its cost increases about 8% every year on average. If you would like to use an inheritance from a loved one to enroll in college, utilizing an inheritance advance to do it now instead of waiting could be the right move.
If you have to wait even a year or two for an inheritance to arrive, you might end up spending significantly more money to go to college later than you would to do it now. You can go to school and earn a degree to apply for better-paying jobs sooner.
Hosting a Family Reunion
Did your loved one want you to use a portion of the inheritance you’re set to receive to bring your family members together from far and wide for a celebratory reunion? This is one more reason to consider taking out a cash advance.
A reunion could provide the perfect way to honor your loved one’s final wishes without having to take on a mountain of debt. It could also help your family heal and pay tribute to the life your loved one led in a way that would otherwise have been impossible.
Take Out an Inheritance Advance Today With Our Assistance
If you aren’t in a huge rush to acquire an inheritance, you’re welcome to wait for it. But as you’ve seen here, there are many reasons for wanting to explore the benefits of applying for an inheritance advance. If nothing else, knowing you can apply for a cash advance through Rockpoint Probate Funding will provide your family with peace of mind during a tough time.
Contact us to learn more about the cash advances we can provide and to discover more about the differences between beneficiaries and heirs. Doing so could put you on the path to financial security during an emotional time.
