Advance inheritance can be achieved by selling the probate property to an investor.
Advance inheritance is a term used by brokers and advance cash lenders when providing funds to beneficiaries or heirs of an estate held in probate. Unless a person has executed a Revocable Living Trust, everything they own is transferred to probate. Depending on the circumstances and complexity of the estate, probate can take between 6 months to 3 years (or longer) to settle.
Obtaining advance inheritance is not the same as obtaining a loan. There is no interest fee charged and the advance is not repaid through monthly payments. Instead, inheritance cash advances are reimbursed to the funding company from the estate.
Most funding companies provide inheritance cash advance when heirs are entitled to $15,000 or more. Beneficiaries are required to provide personal information including their date of birth and social security number, along with details of the estate. In most instances, heirs will be required to provide the name and address of the Estate Executor and attorney handling the estate.
Funding companies generally require a copy of the decedent's Last Will and Testament, Petition for Probate, Inventory and Appraisement statement, Death Certificate, Listing Agreement or Sales Contract for real estate and evidence of property insurance.
A credit report must be obtained for heirs applying for cash advance on inheritance. This is required to determine if the applicant has outstanding judgments, child support or bankruptcy proceedings which could interfere with payment of the assignment.
Once documents are verified by the funding source, advance inheritance distributions are generally made within 3 to 5 business days. This timeframe may vary depending on the amount of the advance and policies and procedures of the funding source.
A lesser known way to obtain an inheritance cash advance is through a private investor such as Simon Volkov, or private real estate investment group. Beneficiaries assign their inheritance rights to the purchaser in exchange for the upfront cash payment. In most cases, a fee is charged and deducted from the advance.
Purchasers assume significant risks when providing inheritance advances. First, there is the possibility of insufficient funds in the estate to repay the advance. Second, they must wait until the estate is settled to receive their distribution.
In instances where there are insufficient funds, the heir has no personal liability to repay the purchaser as long as they provide truthful information on their application and honor the assignment agreement. If it is proven the heir provided false information, the purchaser can proceed with legal proceedings to recoup the inheritance advance.
Inheritance cash advances typically range from $5,000 to $100,000. As a general rule, inheritance advances cannot exceed 30-percent of the heir's anticipated distribution.
If you are in need of an inheritance cash advance, Simon Volkov can assist you in obtaining necessary funding. By providing information about your inheritance through the secure Cash for Inheritance form, Simon can review your situation and help you determine which course of action is best suited for your needs.