In easy to understand terms a probate cash advance allows a beneficiary or heir to collect on their inheritance without having to wait for it to go through probate. Waiting for your inheritance can take up to two years when it goes through the probate process. So let’s take a look into it and find out the ins and outs and whether an advance might be suitable for you?
How Does the Probate Cash Advance Work?
It is important to realise that the probate cash advance isn’t a loan. It is a way of getting your hands on the inheritance you will get once it has gone through the probate process. Simply put it is a way of unlocking the money from the inheritance early. Instead of waiting for one or two years to get the money, you may be able to get it in as little as two to three days from signing up with a company offering the cash advance.
You will make an agreement with the company offering you the advance and assign an agreed share of the inheritance to that company. There will generally be nothing to pay in advance as the company simply takes their share from your inheritance when you receive it. This is unlike a loan where you would borrow money and then pay that money back along with interest on it within a certain period of time. You only pay the agreed sum out of your inheritance to the probate cash advance company.
Of course a probate cash advance may not be suitable for everyone and one of the first steps is to determine whether or not it is suitable for you. To be able to unlock your inheritance early there is some criteria that must be met and this typically includes:
- You are going to inherit a sum typically in the region of $5,000 to $100,000;
- The estate in question should already be in probate;
- You need to be the beneficiary or the heir of a trust or a will.
Why You Might Choose To Take A Cash Advance
There are numerous reasons where it might be in your interest to go with a company offering a probate cash advance. These include but are not limited to the following:
- If you have accumulated debt and need to pay it off fast;
- If you need to find a large cash sum of money for a new home;
- You suddenly find yourself without a car and have to purchase a new one;
- You want to purchase a round the world cruise and you could save money if you paid now.
The above just give you some idea of why you may want to consider going for a probate cash advance and there are many more. Is it suitable for you?