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.
When someone passes away, it’s highly likely that their estate will need to go through probate (yes, even if they had a will). Your loved one may have left you a sizable inheritance, but because it can take months for the probate process to finish, you may not see that money for quite some time.
Probate funding is the answer. Think of it as a cash advance on your inheritance, which means you’ll have the money in your pocket sooner rather than later. Going through probate is often expensive, so probate funding can be a real lifesaver.
Below, Rockpoint Probate Funding explains how you can use probate funding to help you manage the many costs that come with probating an estate.
How Inheritance Funding Helps You Manage Estate Expenses
From taxes to legal fees, probating an estate comes with plenty of unexpected fees. Here’s how probate funding can help.
Pay for Probate Fees
Unless your loved one had the foresight to put their entire estate into a trust, that estate will likely need to go through probate. This process comes with quite a few fees, some of which can total hundreds of dollars.
Don’t have cash on hand to cover burdensome probate fees? Need those estate expenses paid off now? Probate funding provides much-needed financial relief.
Pay Off Debts
Debt collectors won’t wait until probate finishes for you to pay them. Probate can take several months, and while you wait for your inheritance check, that debt continues to climb. Don’t forget about interest, which can tack hundreds or thousands onto what you already owe.
Thanks to probate funding, there’s no need to let your debts grow out of control while you wait for your inheritance. Use your advance to pay off high-interest loans, credit card bills, medical debt, and more.
Pay for Legal Fees
Claiming your inheritance isn’t as simple as it looks in the movies. For complex estates, you might need to hire a lawyer to help you manage the process.
Legal fees can be incredibly expensive. If you don’t have cash on hand to pay those fees now, consider probate funding.
Cover Inheritance Taxes
While the deceased’s estate typically pays for estate taxes, beneficiaries may be responsible for paying inheritance taxes. Currently, six states have an inheritance tax: Maryland, Pennsylvania, New Jersey, Iowa, Kentucky, and Nebraska.
Inheritance taxes can range from 1% to 20% of the value of an inherited asset. If you don’t pay, your state can place a lien against the asset and seize it to pay off your debt.
Probate funding was made for situations like these. Use your funding to pay off lingering taxes and enjoy your inheritance worry-free.
Pay the Mortgage on an Inherited Property
If your loved one left you their house in their will, you might feel very fortunate — at least, until you realize the home still has a mortgage that’s yet to be fully paid off.
When someone bequeaths a mortgage to you, you become responsible for paying that mortgage. If you can’t afford the mortgage, is your only option to sell? Not necessarily. You can use probate funding to help you pay down what you owe on the property while waiting for the remainder of the inheritance check to arrive.
Buy Out Probate Real Estate Heirs
Sometimes, an individual leaves their property to multiple heirs, which means each heir has an equal stake in the property. If you’d like to move into the home, you’ll need to buy out those heirs.
The majority of people don’t have tens of thousands sitting in the bank to pay off each heir in a probate sale. You might have an inheritance check coming, but it could be months or even years before you receive it. This is where probate funding comes in. You can use it to pay each heir their fair share of the property, then move in or sell the home — it’s up to you.
Maintain Estate Assets
In some cases, heirs are responsible for paying asset maintenance costs. For example, you might be required to keep an asset in a secure storage facility. Probate funding can help with these expenses.
Have Funds on Hand for Unexpected Expenses and Emergencies
Financial emergencies can pop up at any time during the probate process. You can use probate funding to pay for medical emergencies, unexpected car repairs, and much more.
Perks of a Probate Advance
Probate funding has plenty of excellent benefits to offer, including:
- Speedy access to funds: Probate can take months to settle, but you could have access to much-needed funds in a week or less.
- No monthly payments: Unlike a traditional loan, you won’t owe monthly payments. You pay nothing until the court grants you your inheritance.
- No interest: We don’t charge exorbitant interest — or any interest at all, for that matter. Rather, we take a percentage of your inheritance.
- No credit check: Many traditional forms of financing require a credit check and a good credit score for approval. Not probate funding. We don’t check your credit, and you don’t need a good or great credit score to qualify.
Apply for Probate Funding Now
Probate funding comes in handy when you need access to your inheritance funds right now. Don’t have time to wait for that inheritance money to hit your bank account? Work with Rockpoint Probate Funding. We make applying for a probate advance easy, and you could have your money in just days.
Call Rockpoint Probate Funding at (888) 263-8588 for a free consultation, or check out our blog for helpful tips on understanding probate law.
