Financial Planning Tips To Use an Inheritance Advance Wisely

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 Kansas probate laws — and the probate laws in many other states — often force families to wait for months on end to receive inheritances from their loved ones. Your family may, however, be able to work around this by applying for an inheritance advance.

Also referred to as a probate advance, this type of funding is available to those expecting to receive inheritances soon. You can gain access to inheritance funds through a lender like Rockpoint Probate Funding now in exchange for a percentage of an inheritance later.

Applying for inheritance loans is an excellent option for many families. But before filling out an application, take a look at these financial planning tips that will ensure you use an advance wisely.

Make Sure You Understand How an Inheritance Advance Works

If you’re currently going through the probate process following a loved one’s death, you’re likely still mourning their loss. This may magnify any financial issues you’re experiencing at the moment and lead to you applying for an inheritance advance without giving it enough thought.

Prior to providing a lender with the necessary information to apply for an inheritance loan, know what one is. This will help you decide whether taking out this type of loan is the right choice.

So, what is an inheritance loan? It’s essentially an advance on an expected inheritance that you may qualify for if your family is navigating through the probate process for a loved one. A lender like Rockpoint Probate Funding will extend this advance to you as long as you agree to repay them with a portion of an inheritance in the near future.

Also worth mentioning is that an advance from Rockpoint is a form of non-recourse funding. In other words, if you don’t ultimately collect an inheritance for one reason or another, you aren’t required to repay a penny to the lender that provided it.

Knowing that inheritance advances may minimize the risks associated with the probate process might change your perception of them, making you more comfortable with the idea of applying for one. If the money you’re entitled to would help you now, this might just be the ideal option.

Consider How You Plan To Utilize a Probate Advance

You may use a probate advance for just about anything once you’re approved for one by a lender like Rockpoint Probate Funding. For example, you may utilize it to:

• Purchase a probate bond to provide your family with financial protection
• Cover funeral and burial or cremation costs for a loved one
• Account for any lost wages you’ve had to deal with after missing work while grieving a loved one’s loss

You might even want to use an advance from Rockpoint Probate Funding for everyday expenses, like rent, groceries, utilities, gas, and more.

But here’s the thing: You shouldn’t even consider applying for an inheritance advance until you know what you want to use it for. There is a chance you might receive this advance in as little as 24 to 48 hours — and the last thing you want to do is waste it by spending that money without a solid plan in place.

Think About Using a Probate Advance To Pay Down Debt

Do you have your fair share of debt hanging over your head? Using an inheritance advance for debt repayment is one of the many ways to maximize its impact.

More specifically, you should give thought to paying down any debt with high interest rates attached to it. You could save a significant amount of money over time by taking this approach. This will make applying for an advance well worth it.

Create a Healthier Emergency Fund With a Probate Advance

One recent survey after another has highlighted the fact that almost half of American adults have little to no money stashed away in their savings accounts. If you fall into this category, an inheritance advance could help you change this immediately.

Rather than spending the cash provided by a probate advance, stick it into a savings account for safekeeping. This will provide peace of mind and even help you honor a loved one in a way. It will allow them to continue protecting you despite the circumstances.

Employ the Right Investment Strategies With a Probate Advance

In addition to showing that many Americans don’t have much in terms of regular savings, studies have suggested that millions of adults in the U.S. don’t have retirement funds set up. If this sounds like you, an inheritance advance could help you do something about it.

You might wish to consider establishing a retirement savings account with this advance and watch your inheritance funds grow over time. Just be sure to employ the right investment strategies based on:

• How much money you inherit
• How long you have until retirement
• How risk averse you are

Applying for an advance, receiving cash fast, and making the right investment moves will make an inheritance last much longer overall.

Reach Out to Rockpoint Probate Funding To Apply for Inheritance Funding

At Rockpoint Probate Funding, we make applying for inheritance funding easy. We also make it simple for those in need of this funding to qualify for it quickly.

However, it’s up to you to decide how to spend an inheritance advance. Use it wisely by keeping the financial planning tips mentioned here in mind.

Contact us at (888) 263-8588 today to discover more about how our application process works.