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.
Did a loved one pick you to serve as the executor of their will? You have a huge job on your hands. You’re responsible for doing everything from gathering a loved one’s assets for estate distribution to locating legal assistance for probate.
In some cases, you may receive payment for your work. But in others, you either won’t be paid or won’t receive payment until the probate process concludes.
This may leave you wondering, “Can executors apply for probate funding?” Ensure you know the answer before you start serving as an executor to avoid putting yourself in a precarious financial position.
What Is an Executor?
An executor is someone put in charge of carrying out the final wishes of someone who has died. In certain instances, a person will choose their own executor and name them in their will. However, in cases where the deceased neglected to select an executor in advance, a court will appoint one in their stead.
Either way, an executor will examine a person’s will and follow the instructions they left behind as closely as possible. The main executor responsibilities include tackling tasks like the following:
- Notifying beneficiaries and creditors about a person’s death
- Identifying a person’s assets and arranging to have them appraised
- Taking care of any debts or other liabilities a person had at the time of their death
- Filing tax returns on behalf of a person
- Dividing up a person’s assets and providing them to the appropriate beneficiaries
- Representing a person’s estate in court, if necessary
- Hiring estate planning lawyers, accountants, insurance brokers, etc.
Can an Executor Apply for Probate Funding?
Serving as the executor of a loved one’s will can take a physical and emotional toll. When you’re thrust into this role, it may start to feel like you’re spending every waking minute on the phone with a different beneficiary or creditor.
Playing the part of an executor can also take a financial toll. Even if a loved one left behind a generous inheritance, you can’t claim it until the probate process concludes. This might have you asking, “Can executors apply for probate funding?”
You’ll be happy to hear that you are eligible to apply for a probate loan, even when you’re the executor of a loved one’s estate. Executors, beneficiaries, and heirs are all permitted to put in applications for probate loans at any point.
When Should an Executor Apply for Probate Funding?
As an executor, you might start thinking, “Can executors apply for probate funding?” as soon as you take on the job and see funeral costs begin piling up. Fortunately, you won’t have to worry about footing the bill for these types of expenses even though you’re the executor of a loved one’s will.
You can legally use cash from a loved one’s estate to cover funeral costs. You can also pay for them out of pocket and reimburse yourself using funds from a loved one’s estate later.
But there are times when you should consider applying for probate funding as the executor of a loved one’s estate. For example, you should think about doing it when:
- You’re struggling financially and could use a probate loan to catch up on overdue bills.
- You owe back taxes and could benefit from using a probate loan to pay them off.
- You’re the executor of an estate without a will and anticipate a time-consuming probate process.
The beauty of probate loans is that you can use them for almost anything. Probate funding is an advance on an inheritance you’re set to receive, so there aren’t any limits on how you can utilize it.
Where Can an Executor Apply for Probate Funding?
Probate funding has become a big business in the U.S. The probate process often drags out in court for months and sometimes even years, so there are always families looking to take out probate loans before estate settlement takes place.
There isn’t any shortage of companies that can provide probate funding. However, you should stick with a well-known name like Rockpoint Probate Funding to provide the needed funding.
Rockpoint makes it easy to apply for a probate loan. The company also has experienced agents who can answer questions like, “Can executors apply for probate funding?” before you fill out an application.
What Should an Executor Do When Applying for Probate Funding?
Even though you’re the executor of a loved one’s will, nothing will stand in your way when you wish to take out a probate loan. Still, you don’t want to create any confusion by giving beneficiaries the impression you’re using money from an estate for personal gain.
While you don’t need to seek beneficiary approval to apply for probate funding, it might be a good idea to let any officially named beneficiaries know about your plans to apply for a probate loan to avoid giving them the wrong idea. This can help simplify the probate process by keeping you on the same page.
Apply for an Executor Advance Through Rockpoint Probate Funding Today
“Can executors apply for probate funding?” is a commonly asked question during the probate process. Now that you know the answer, consider applying for a probate loan through Rockpoint Probate Funding. We make the application process quick and painless and can provide you with the funds you need in a matter of days.
Are you interested in learning more about how probate advances work? Reach out to us at (888) 263-8588 today for additional information.
