ProbateCash: A new tool for your probate Toolbox, How to meet the demands of heirs

We discuss how ProbateCash can fit into the needs of heirs, what they might expect, and how we can help firms in the process.

When Anxious Heirs Call

Our Webinar Series Revisits One of our most popular topics: When Anxious Heirs Call.

This webinar dives into how ProbateCash can help you and your clients.

Key Takeaways

• Not a Loan: An inheritance advance is a non-recourse transaction with no monthly payments, no interest rates, and no personal liability for the heir.
• Alleviating “Anxious Heir” Syndrome: Providing heirs with immediate cash reduces the volume of disruptive calls and emails to the attorney’s office.
• Protecting Estate Assets: Advances provide the liquidity needed to wait for the best fair market value on real estate, preventing rushed “fire sales” in a high-interest-rate environment.
• Transparency and Regulation: Probate Cash follows the strict consumer safeguards of California Probate Code 11604.5 in every state where they operate.

Full Transcript

Molly Driscoll: Welcome and thanks for joining today’s session, “What Anxious Heirs Call: A New Tool for Probate Professionals.” I’m your host, Molly Driscoll. Our presenter today is Marc Harris, a specialty finance professional with 25 years of experience. Marc has been involved in purchasing over $100 million in assets and has spoken at numerous prestigious conferences, including the National Association of Insurance Commissioners and the Pennsylvania Bar Institute. Today, he’s here to discuss the purchasing of interests in actively pending inheritance claims.

Marc Harris: Thanks, Molly. To start, let’s be clear about what this is not. We are not discussing life insurance or property owned by someone still living. This is also not a loan. There is no fixed due date, no interim payments of principal or interest, and no personal liability for the recipient if the estate turns out to be insolvent.

The only situation where we would have a claim is if the recipient receives their inheritance and simply refuses to pay us, or if there was flat-out fraud regarding their identity. If property sales are disappointing or debt eats up the proceeds, that is strictly our risk to bear.

Molly Driscoll: Marc, having worked in specialty finance for over two decades, what were your first impressions of inheritance funding?

Marc Harris: It made total sense. Probate is not as predictable as a layperson thinks. The average person believes that shortly after a death, there is a “reading of the will” and they leave with their money. TV has done a great job of misrepresenting that. In reality, it takes months or years, which creates immense pressure.

Molly Driscoll: Many lawyers on this call are wondering: Does this provide real benefits to the estate attorney, or is it just another hassle?

Marc Harris: Much of our business is actually referred to us by probate lawyers and realtors. First, attorneys are regularly hounded by “anxious heirs” who don’t understand why the process takes so long. Probate Cash curtails this disruptive communication by giving the heirs money today. By releasing that financial pressure, the phone stops ringing at your office.

Secondly, many estates are comprised of real estate. In the current interest rate environment, homes aren’t selling as quickly as they were just months ago. An advance allows heirs to wait for the best price rather than pressuring the executor for a quick, low-value sale just to get some cash.

Molly Driscoll: If an heir or client asks about getting an advance, what should an attorney say?

Marc Harris: If it’s my client—the executor—I explain that this is an option but it comes with a cost. I’d advise them to take only what they strictly need. If the question comes from an heir who is not my client, I’d remind them that I need the executor’s permission to disclose confidential details to a third party. In both cases, the advice is the same: use it as a tool for immediate needs, not as an ATM.

Molly Driscoll: Are there specific laws governing these advances?

Marc Harris: California is the pioneer with California Probate Code 11604.5. While no states prohibit these assignments, we follow the spirit of the California code in every state, including filing the assignment with the probate court. This ensures the process is 100% transparent and clear to all parties.

Molly Driscoll: Providing information takes time. Does Probate Cash compensate the attorney?

Marc Harris: Absolutely. We know lawyers sell their time. We will reimburse the firm for up to one hour of time spent helping us with questions or gathering estate information.

Molly Driscoll: What are the fees associated with Probate Cash?

Marc Harris: Our fees can be as low as 15%. Generally, the fee increases for each quarter the money is outstanding, but we cap the fees after one year. This means if a case takes two or three years to settle, the fee stops accruing. Because we take all the risk, the more information we have about the estate’s assets, the more room we have to negotiate those fees.

Molly Driscoll: Can you give us a specific example of the cost?

Marc Harris: Sure. If an heir takes a $10,000 advance and pays it back within the first three months, they pay back the $10,000 principal plus a $1,500 fee (15%). If it goes into the next period, the fee would increase to 30%, or $3,000. We’ve handled advances from $3,000 to over $250,000.

Molly Driscoll: What about adversarial situations, like a will contest?

Marc Harris: Yes, we get involved there too. Heirs often need money to survive during a long litigation process. We will review the arguments, the size of the estate, and the status of the case. We’ve advanced significant funds in situations where a will was omitted or is being challenged.Molly Driscoll: Thank you, Marc. If anyone has further questions, call Marc at 561-476-0018 or email marc@probatecash.com.