Not everyone is familiar with how laws in the US work when someone in the family dies, and you need to get your inheritance. Of course, there are many cases, and if the estate is simple and small, it’s possible to get it fast without delays. But if there is a will, you may need to bypass a probate process before getting your part of the estate.
In many cases, the probate process can be quite long, so you may wait for several months or longer to get your portion. An inheritance advance can be helpful when you are still waiting for the probate process completion.
In this short guide, we will explain what the inheritance advance is and how you can get your inherited money without waiting for a long time of probate process.
What Is an Inheritance Advance?
Usually, the inheritance is a long process in the USA that takes many months until the heir can get money or real estate. With an inheritance advance, anyone can get funds immediately without long waiting. The inheritance advance isn’t a loan because the sum of money you get during this process is based on your part of the inheritance.
It means that you must not pay back any money. It’s quite simple to get money: you need to fill out the application with a trustworthy company that will review the information and approve your issue. You only need to choose a reliable company to avoid scams, so look for popular providers and stay away from unknown and suspicious agencies.
Reasons to Get an Inheritance Loan
There are four main reasons for people who want to get an inheritance advance:
- Settling the estate. Of course, it’s a costly process, and you need to pay a lot of fees, including legal fees, estate debts. Sometimes you may need to pay something for repair, and we didn’t mention how much you’ve spent for the funeral. In this case, an inheritance loan is a great chance to cover these expenses without problems.
- Getting other heirs’ parts. Different people prefer to get inheritance differently: some of them want to get real estate, but others prefer to get cash. You can get an inheritance loan and buy the part or parts of other heirs to receive the house if you want.
- Paying off your debts. When you are getting an inheritance, it’s possible to pay off any personal debts, like any unpaid bills, credit card debts, or loans. Needless to say, you need to pay off debts as fast as you can to avoid being stuck in this process for a long time.
- Using money for your daily needs. As we already said, the probate process isn’t fast, and you may spend months and years to get an inheritance. If you are in a difficult situation now, it’s possible to take an inheritance advance to cover your expenses and solve your problems without any other financial help.
How to Get Inheritance Advance?
We want to share the main steps on getting inheritance advance to explain the whole process.
- Filling out the application. First of all, you have to fill out the paper and send it to the inheritance company. In the next 24 hours, they will contact you to approve the amount of the loan and inform you about the main things of the process.
- Approving the advance. When your inheritance advance is approved, you will get all the needed documents for signing to get the loan. You have to sign all the papers and send them back. Within 48 hours since you sent signed documents, money will be transferred into your bank account.
- Repaying the loan. You do not need to pay anything until the inheritance is paid off or after 1 year from the day when you have filled the advance inheritance application. Advanced money will be repaid from the estate trust account, and if there is any leftover, it will be transferred to your account.
As you can see, there are many benefits to getting an inheritance in advance and getting your money before the long process is completed. Of course, it’s quite important to know the main stages of this process to do everything correctly and receive your money successfully and fast.