A Guide to Understanding Cash Advances and Inheritance Loans
It is hard to dispute the fact that we need money for everything and anything today.
20:06 19 April 2019
And while there are more important things in life, not having any money won’t make things any easier. This is why sound financial planning and careful consideration on how to deal with your finances are now more important than ever, because you never know when that rainy day might come. When it comes to dealing with money, one of the biggest mistakes people usually make is with inheritance money and how to handle it. The problem with inheritance is the fact that it sometimes takes a lot of time to get processed, and that’s why you need an easier solution.
Why does inheritance money take a long time to be processed?
The answer to that question is probate. This is the legal process in the United States where a will is proved in court, and the assets and estate of the deceased are distributed. The reason why this process takes a long time is the court has to approve several steps before they can get down to distributing the money. For instance, all interested parties are issued a notice, creditors are paid, tax returns are required and filed, and the value of the assets takes time to be determined as well.
What can you do if you are in urgent need of the money?
Sometimes waiting months, or possibly years, for probate to take its due course have been just not an option. Sometimes further legal complications arise which further prolong the process, like one of the heirs disputing the will. In these cases, your option is getting an estate advance, also known as an inheritance advance. This is the perfect solution if you are in need of money and you don’t want to go through the process of getting a personal loan.
An inheritance payment can be received in two ways: the first is an estate loan, which will basically work like any other loan with fixed payments and the lenders imposing an interest rate. Then there’s option B, which is estate cash advances, where the person basically receives an amount of money in exchange for a fee. So, you are taking an advance on your inheritance, in exchange for giving the lender a portion of said inheritance, which is very practical because you don’t have to pay the money back until your inheritance has finally gone through the probate process.
It’s easy and simple
Another feature of an estate advance or loan is the fact that it is simple and easy, not requiring the long processes that usually come with a regular loan. You just file an application with some basic info about yourself, and you can receive your money within a few days. You naturally will need to provide proof that you are an heir to an estate, one way or another.
Considering the fact that probate can take years, and unless you are in a hurry or something, then you should take your time before getting an estate advance or loan. Comparison between different companies and varying interest rates, and choose the one that works best for you. There is also the fact that you should research the type of advance or loan you’re getting thoroughly, because some companies have a minimum inheritance for which they’ll give an advance. So, in short, consider all angles and options before taking this step.