Although you will be impressed and relieved to learn that you inherited some money, the reality might be that the inheritance distribution process takes too long. In California, especially, the probate process tends to take a considerably lengthy period of time. If you need money urgently, therefore, one option open to you would be to get probate loans.
How Inheritance Funding Works
Essentially, companies that offer inheritance loans will purchase set dollar amounts from your inheritance, thereby allowing you to get the cash you need immediately. After you receive reimbursement from the estate and the entire probate process is complete, you can start paying off the loan. If you have been listed as an heir to an estate you should check with a reputable probate lawyer to find out whether probate funding services are viable options for you, and if you qualify for a probate loan.
Benefits of Probate Loans
Receiving a cash advance/loan for your inheritance comes with a number of advantages including, but not limited to:
1. Immediate Payment
Where it might take up to 2 years before your inheritance comes through, probate lenders will usually grant your inheritance loan in the shortest time possible. The lender will provide you with a lump sum payment after your loan request has been approved.
2. Un disruptive Process
Probate loans are totally straightforward. Hence, you can be sure that the inheritance funding you receive will neither be prolonged nor disrupted the probate distributions.
3. Secluded Advantage
Other heirs listed in the will in question will not be affected by the probate loan you receive.
4. Zero Risk
Most professional probate funding companies carry a zero risk policy. Therefore, in case your inheritance loan turns out to be greater than the actual amount your inheritance entitles you to, you can be sure that the lender will cover the balance. Therefore, you won’t have to worry about paying back the cash difference.
Spending Options for Probate Loans
So, what will you be able to do with the probate loan you receive?
You are free to use the money as you see fit. Most people who take out these loans are typically relieved on account of the fact that these inheritance advances grant them the financial reprieve they have been waiting for. Further, when a loved one passes on, you might not be prepared to cover the debt accrued by the deceased. Therefore, you can be sure that the assistance you receive through probate loans will enable you to cover such costs as attorney fees, funeral expenses, and much more.