Probate money is a term used amongst private investors and funding sources that provide cash for inheritance. Beneficiaries entitled to inheritance assets held in probate can use those assets as collateral to obtain a cash advance.
Funding sources that provide probate money charge a fee which is usually deducted from the cash advance. The funding source assumes considerable risk in providing probate money. Not only do they have to wait until probate settles, they also run the risk the estate will not have enough funds to repay the advance.
When heirs apply for a probate money cash advance, they are not responsible for repaying the debt. Instead, they must provide documentation of their inheritance and assign the rights to the funding source. Once the probate process is complete and distribution takes place, the estate repays the funding source.
In the past, funding sources for probate money consisted of banks, lending institutions, cash advance companies and private investors. With today's credit crisis, few traditional lenders provide probate cash. In fact, it has become more challenging to locate reputable organizations that offer probate funds. Most people turn to private investors for this type of financial transaction.
When seeking out private investors, it is important to conduct research and ensure you are working with a reputable professional. After all, you are signing away the rights to your inheritance. Use the Internet to determine if complaints have been filed against the funding source and check with the Better Business Bureau at www.BBB.org.
When applying for inheritance funding, be prepared to provide personal information such as your social security number and date of birth. Funding sources generally run a credit report to determine if there are outstanding liens or judgments which could impede repayment of probate money advances.
The funding source will also require information about the estate including an original death certificate and a copy of the decedent's Will. Prior to providing probate money, the funding source will verify estate information through the probate courts.
Once the funding source obtains verification and the credit report comes back clean, probate cash disbursement generally occurs within 10 to 15 business days. Fees for obtaining inheritance loans typically range between 25- and 40-percent of the amount of the cash advance. For instance, if the cash advance is $10,000, the final check will be between $6,000 and $7,500.
Simon Volkov provides probate money advances to qualified applicants. All that is required is to fill out requested information on the secure Probate Inheritance form. Simon will contact you within 48 hours to discuss options available.
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