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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.