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.
If your relative has left you a sizable inheritance, don’t start celebrating just yet. The probate process can take months (or even years for complex estates). Until the process is complete and the estate settled, your inheritance sits frustratingly out of reach.
But it doesn’t have to be this way. Inheritance funding provides a cash advance on your expected inheritance, giving you access to the money now and not months or years later. It’s an excellent solution if you have immediate expenses and need fast cash to pay for them.
Below, Rockpoint Probate Funding, a trusted inheritance cash advance service, explains what to know about inheritance funding.
How Does the Probate Process Work?
After someone passes away, their estate will likely have to go through probate even if they have a will. The only surefire way to avoid probate is to put assets in a trust before death. Some states have a “small estate” probate process that’s cheaper and faster than regular probate. It’s typically for estates valued at $10,000 or less.
During probate, the estate administrator will have to inventory assets, notify creditors, find all heirs, pay taxes, and finally, distribute the estate funds. Thus, the probate process and timeline can take many months. If a problem crops up — for example, an heir contests the will — the process can take even longer.
You won’t have your inheritance until the entire probate process is complete. This is a big problem if you have expenses and debts to pay now.
Have Access to Your Inheritance Faster With an Inheritance Advance
Don’t want to wait an eternity for your inheritance to hit your bank account? Inheritance funding is the solution. An advance gives you early access to your inheritance, and you can spend it on anything you’d like. Here are just a few ways you can use your funding.
- Funeral expenses: Funerals can be costly, and sometimes, families don’t have the money for more than a simple burial. You can use inheritance funding to pay for a beautiful funeral that honors your loved one’s time on this planet.
- Buying out property heirs: If your loved one left their home or another property to multiple heirs, you can use your funding to buy out those heirs and pay them their fair share for the property. You would then be able to sell the property or move into it yourself.
- Paying for necessities: After a loved one’s death, you might wish to take time off from work to properly grieve. Unfortunately, bills still need to be paid, and you still have to put food on the table for your family. You can use your inheritance advance to cover life’s necessities during your time of mourning.
Inheritance Cash Advance vs. Other Funding Options
An inheritance advance isn’t your only option for gaining early access to your funds. You could also apply for a probate loan, also called an estate loan, with a bank. A probate loan is similar to an inheritance advance; however, you’ll have to pay interest on your loan. You’ll need to continue making interest payments until the estate settles, and the longer the process takes, the more you’ll pay.
Additionally, the bank can take quite a while to approve you for an estate loan. That’s because it must perform an evaluation to determine the value of your inheritance. Comparatively, we can approve you for inheritance funding much more quickly.
You could also petition the court for early distribution of your inheritance. Again, this process can take a long time. It’s also only ideal for monetary inheritances. If your inheritance involves real estate or other physical assets, the court may not approve early distribution.
Benefits of Inheritance Cash Advances
Compared to other types of funding options, an inheritance cash advance offers many appealing benefits. Some of these include:
- Money when you need it: There’s no need to wait months for the probate process to finish before accessing your inheritance. With a cash advance, you could have that money in your pocket in a couple of weeks or less.
- No credit check: Has your bank denied you a loan because your credit score is in the gutter? A bad credit score is no problem when you apply for an inheritance cash advance. We don’t perform a credit check, and it doesn’t matter how good or bad your credit score is.
- No monthly payments: Traditional loans come with hefty monthly payments that borrowers often struggle with. An inheritance cash advance does not require monthly payments. Instead, we take a percentage of your inheritance once the probate process is complete.
- No interest: Interest can add thousands to the amount you owe for a traditional loan. Inheritance cash advances don’t have interest, so you’ll only owe a flat rate.
What Do You Need To Apply for an Inheritance Advance?
Although applying for an inheritance advance is much easier than applying for a traditional loan or inheritance loan, you’ll still need to provide us with a few documents. We require:
- A photo ID
- The decedent’s death certificate
- A petition for probate
- A list of estate assets
- Notices to the estate’s creditors
- Letters of administration
- A copy of the deceased’s will (if they had a will)
- A document identifying the estate executor or administrator
Don’t Wait for Estate Distribution — Apply for Inheritance Funding Now
If you’re expecting a hefty inheritance and don’t want to wait for probate to finish, reach out to Rockpoint Probate Funding at (888) 263-8588 for a free consultation. We’re also happy to answer questions about heir rights and the cost of inheritance tax.
