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April 11, 2011
Law suit financing is a strategy used by individuals involved in litigation, but have not yet been awarded monetary settlement, to obtain lump sum cash. Pending awards are used as collateral to secure advanced funds. Funds are usually obtained from funding sources such as private investors or cash advance providers.
The majority of law suit financing advances are funded as "non-recourse". This process is used when litigants obtain advanced funds against a lawsuit in which the verdict is undetermined. If recipients are unsuccessful in the courtroom they are not held responsible for repayment of advanced funds
December 28, 2009
Probate proceeding refers to the process used to settle estates of people who have died. Probate is required within all 50 states and governed by the Uniform Probate Code. Each state handles probate differently and many have significantly altered UPC regulations. Estate administrators typically require services of an attorney or estate planner to assist with settling probated estates.
Probate proceeding letters testamentary are provided to the estate executor giving evidence they have authority to manage the estate. Some states engage in court supervised probate and require executors to obtain approval for all aspects of estate management. Other states engage in court confirmation and grant unsupervised authority; allowing the estate executor to manage the estate without making multiple court appearances.
November 16, 2009
Probate money refers to cash, coins, gold or currency gifted to beneficiaries through a decedent's last will and testament. Unless protected through a trust, inheritance money must be processed through probate before distribution can occur. Unfortunately, this process can extend for months or years.
Probate money can also refer to cash obtained through the sale of probated assets. Many aspects are involved with selling inheritance assets held in probate. Much depends on the type of asset and its value. Selling a business or piece of real estate requires considerably more effort than selling a valuable stamp or coin collection.
November 07, 2009
The word 'estate' refers to items owned by individuals who have died. An estate can consist of the decedent's home, car, personal belongings and valuable assets such as jewelry or collectable artwork.
When a person dies their estate must be settled through a process known as probate. The exception is when decedents establish a trust. Many types of trusts exist. Each has advantages and disadvantages. Trusts are generally reserved for estates valued over $100,000; however, strategies exist for smaller estates to avoid probate.
October 10, 2009
'Decedents' is a term used in legal documents to reference persons who have died. It is most commonly used in last wills, revocable trusts and irrevocable life insurance trusts. Wills and trusts are used to bequeath inheritance assets to beneficiaries.
Decedents can give their personal belongings, financial assets and real estate holdings to whomever they wish. Most individuals gift assets to their spouse, children or direct lineage relatives such as sisters, brothers, mother, father, nieces and nephews.
April 26, 2009
Inheritance cash advances aren't loans. There are no monthly payments to pay back. Inheritance cash advances don't have to be repaid by heirs at all. The estate repays the lender once it has been probated.
Inheritance cash advances supply money to beneficiaries of estates immediately. When a loved one dies, their estate goes into probate unless the decedent created an irrevocable living trust. The probate courts ensure the validity of the Last Will and Testament of the deceased, but the courts main purpose is to ensure creditors are paid before heirs.
January 07, 2009
Heir advance is a term used to describe a cash advance using inheritance assets as collateral. The primary difference between cash advances and an heir advance is that the latter is not a loan. Instead, heir advances are repaid to the funding source when the estate settles out of probate.
Probate is a legal process used to validate decedents Last Will and Testament. During the process, all assets owned by decedents must be inventoried and a value established. An estate administrator is appointed to oversee the estate and perform certain duties. In cases where heirs elect to obtain a cash advance, the estate administrator must validate the amount of inheritance the heir is entitled to.
December 30, 2008
Currently, billions of dollars in unclaimed inheritance from Wills is sitting in government trust funds across the nation. Experts suggest millions of heirs are entitled to money and valuable assets left to them by a deceased relative or friend. The majority of assets go unclaimed simply because the beneficiary changed their name or moved from their residence.
The majority of unclaimed inheritance from Wills is generated from life insurance policies. Life insurance companies must be notified when the policyholder dies. If no one notifies the issuing company the policy sits dormant until claimed by rightful heirs
November 26, 2008
Inheritance funding is a cash advance method available to heirs entitled to assets held in probate. The probate process can suspend distribution of inheritance for months or even years. As long as the decedent executed a Will and family members are in agreement, probate generally takes six to nine months. During this time, all assets are frozen with the exception of a bank account setup to manage outstanding bills and financial obligations.
In order to obtain inheritance funding, heirs must work with either an inheritance funding company or private investor. In the past, some banks and lending institutions provided cash for inheritance loans. With today's credit crisis, few, if any traditional lending sources offer this service.
August 31, 2008
Advance inheritance can be obtained by heirs and beneficiaries against estates held in probate. When a person dies, all of their assets are transferred to probate where a judge must assess the inventory and ensure it is divided according to the decedent's Last Will and Testament. If a person dies without a Will (intestate), the judge will distribute inheritance property according to state laws.
Advance inheritance is not a loan and does not have to be paid back by the person who borrows funds. Instead, advance cash lenders are reimbursed for the full amount when the estate is settled. For this reason, beneficiaries cannot receive the full amount of inheritance monies due to them. Typically, lenders cap the inheritance advance at 70- to 85-percent of the amount due to the beneficiary.