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 average cost of a funeral in 2024 varies depending on which state you live in. Mississippi has the lowest average funeral cost in the nation at just $6,500, while Hawaii has the highest average funeral cost at over $15,000. If you know your family is going to struggle to pay for a loved one’s funeral, the probate advances available through a reputable probate advance service like Rockpoint Probate Funding can help.
So, what are probate advances, and how can an inheritance cash advance benefit your family as you work your way through the probate process? Take a closer look at what makes these funding options beneficial for families who have lost loved ones below.
Make It Easier for a Family To Deal With Funeral Costs and Other Immediate Expenses
Funeral costs are just one of the many costs that a family might face in the aftermath of a loved one’s death. A family will also typically need to worry about paying outstanding medical bills, keeping up with a loved one’s mortgage payments, and everyday expenses.
Under normal circumstances, a family might have to wait months and sometimes even years for asset distribution to take place at the end of the probate process. They’ll have to file a loved one’s will in a local probate court, post a formal announcement about a loved one’s death for beneficiaries and creditors, and wait for a probate judge to validate a loved one’s will before family members begin receiving their inheritances as listed in the will.
Until these steps take place, a family will often be stuck in a holding pattern that prevents them from using a loved one’s assets to cover funeral costs, medical bills, mortgage payments, and other expenses. Probate advances allow them to gain access to inheritance money sooner than usual so that these immediate expenses will not cause financial problems for any family members.
Prevent a Family From Going Into Debt Following a Loved One’s Death
Probate advances aren’t the only funding options a family can choose to use as they wait for the probate process to conclude following a loved one’s death. They also have the option to pay for immediate expenses by:
- Using credit cards
- Applying for personal loans
- Taking out home equity loans
However, if they decide to go with one of these funding options, they could find themselves in debt before long. Probate advances can give a family money they’re scheduled to receive later and help them avoid the expensive repayment terms that accompany many other options.
Enable a Family To Make Smarter Decisions During the Probate Process
The probate process might seem tedious to some families, but it’s designed to protect beneficiaries by ensuring they receive the specific inheritances a loved one left them. If a family attempts to rush through this process because of the immediate expenses they’re facing, it could come back to hurt them.
A family must prepare to appear in probate court to grant executor approval to one family member who will oversee the execution of a loved one’s will. Choosing the right person for the job is important since they’ll take charge of the process and ensure all the necessary legal documentation is filed in court. They’ll also work to validate a loved one’s will accordingly while making things right with creditors.
If your family allows immediate expenses to cloud your judgment while you’re moving through the probate process, you might wish you had taken the time to apply for probate advances. They’ll let you cover these expenses and slow the probate process down so you can steer clear of making any crucial mistakes.
Keep a Family Together by Minimizing Financial Arguments
A family won’t just focus on the probate process after the death of a loved one. They’ll also deal with the grief that comes along with losing a loved one and go through the grieving process in the months to come. Navigating between these two states of mind without a cushion can be challenging.
When family members are grieving, their emotions can lead to financial disagreements that may spiral out of control. Everyone might have a tough time landing on the same page when it comes to how to handle immediate expenses stemming from a loved one’s death.
This is one more area in which probate advances can help a deceased person’s beneficiaries manage expenses more effectively. Once a family is approved for probate loans, they can collect an inheritance cash advance within just a day or two in many cases. They can use it to pay off any expenses due at the moment and grieve in peace rather than trying to do it while they’re at odds with other family members over money issues.
See How Probate Advances Can Help Your Family Cover Immediate Expenses
Unfortunately, figuring out when to expect your inheritance from a loved one isn’t always as straightforward as it might seem. For example, if a long list of creditors comes forward to file claims against your loved one’s estate, this may complicate matters and prevent you from receiving an inheritance anytime soon.
Probate advances are useful funding options for someone in your position who can’t decide how else to manage immediate expenses. Rockpoint Probate Funding can provide you with an inheritance cash advance as long as you meet a few basic requirements. Contact us to discover more about the benefits of putting in an application for one.
