April 23, 2024

Cash for inheritance is an option available to heirs who wish to sell inheritance assets bequeathed to them through a Will or trust. When assets are held in probate it can take several months or years before final distribution occurs. If heirs do not want to wait for estate settlement, they can assign inheritance rights to a funding source in exchange for a lump sum cash payment.

Cash for inheritance can provide quick cash which heirs can use in any manner they desire. When a person dies their estate must undergo the process of probate, unless protected by a trust. Probate protects decedent’s assets to ensure inheritance is distributed according to their last will. If no will exists, probate is required to determine rightful heirs and settle the estate according to probate laws.

Beneficiaries who obtain cash for inheritance advances are not responsible for repaying the funding source. Instead, the estate executor includes the assignment of inheritance rights into estate settlement. The funding source is the last person to be paid during estate settlement.

Traditional lending institutions generally do not provide loans to beneficiaries using inheritance assets as collateral because it is too high-risk. While there are a few inheritance funding companies, the most common place to obtain probate advance is through a private investor.

Heirs are required to provide financial records, current credit report, background check, and estate information. The funding source must verify the applicant is entitled to inheritance and conducts a background check to ensure the probate advance recipient does not have outstanding liens or judgments that could interfere with repayment.

Inheritance loan funding sources assume considerable risk. Not only do they have to wait for probate to settle, they also run the risk of the estate being financially unable to repay the cash advance. For this reason, funding sources do not provide inheritance advances for the full value of assets. Instead, investors charge an upfront fee ranging between 25- to 40-percent.

Cash for inheritance loans are generally reserved for heirs entitled to $15,000 or more. Funding sources are more apt to provide probate funds when inheritance is backed by collateral such as real estate or financial portfolios.

The process for obtaining inheritance funding typically takes two to three weeks. Once the funds are distributed, heirs can use funds to pay off credit cards and outstanding debts, for investment purposes, or for anything they desire.

Spending inheritance money frivolously is counterproductive. Remember, loved ones worked hard to obtain the assets they are passing along to family members. They are giving away their accrued property in hopes of improving the lives of designated beneficiaries. It is senseless to waste inheritance money on material things. Instead, use the funds to invest in your future.

The laws surrounding probate estates and inheritance property are complex. Prior to seeking out cash for inheritance funding it is recommended to consult with a probate lawyer. Heirs can locate attorneys who are well-versed in inheritance law by visiting the American Bar Association website at FindLegalHelp.org.