What You Should Know About Probate Advance

Before talking about what a probate loan is, it's important to first understand the process of probate

. Probate is a legal procedure where the ownership of assets of a deceased person is moved to his heirs or beneficiaries. Due to how it is shown in the media, many people think that the concept of a last will and testament or estate is straightforward. They are mistaken. Although it is fairly easy to understand, there are intricacies people need to know about.

The property of the dead person is called an "estate." An estate can include stuff like personal belongings, real estate, bank accounts, as well as other properties. If the individual who died came up with a will prior to death, this individual is called the "testator." The estate of a person who dies with a will becomes a "testate estate." In instances where a will is prepared by the deceased, the estate is called an "in testate estate." If a will exists, it will more than likely identify a single person who carries out the bequests of the deceased. This individual is known as the "executor."

In short, the probate process requires the verification of assets. A legal court certifies whether the deceased has any debt or other issue that will need addressing.

When an estate goes into probate, beneficiaries can take one of three steps. First, they can wait out the entire probate process. The length of the process differs depending on the size of the estate. In most cases, the process takes at least six months. If an heir would like to claim their inheritance right away, they can, but this process will most likely involve large fees and high taxes. The third and most suitable option is to secure a probate advance.

What is a probate advance/loan?

A probate loan is more like a cash advance than a loan. A beneficiary won't be personally in charge of repaying what is advanced. The pay return process will be left up to the estate. In essence, instead of waiting, heirs advance what they stand to inherit and shift the waiting process to their funding source.

What are the eligibility requirements?

Requirements differ according to lenders. However, the basic requirements are the following: First, there has to be an estate. Second, the applicant will have to be a beneficiary or heir of the estate. Lenders require those that seek loans to present supporting documents to prove that they're heir to or will benefit from the estate. The final basic requirement would be that the estate has to be in probate.

While it might seem to be an ideal option, there are things beneficiaries need to remember. If there are other heirs involved, it will be smart to keep everyone informed. If an estate is not that big, consult with a probate attorney. In some instances, beneficiaries of a smaller estate are more well off waiting out the process instead of trying to get a probate advance.

by: Isabella Manzanares

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