Helping you and your congregation access money from pending inheritances

This  webinar is focused on the specific needs of Churches and dealing with inheritances. Inheritances are often tied up in probate court, but now the beneficiaries can achieve immediate liquidly.

Key Takeaways

• ProbateCash provides upfront inheritance advances to beneficiaries who can’t access funds because an estate is still in probate or another court-supervised process.
• Probate often takes far longer than families expect due to creditor claim periods, potential will challenges, and the need to sell estate assets (like real estate).
• A ProbateCash advance can help cover urgent needs such as daily bills, mortgage or property tax payments, and home repairs needed to sell an estate property.
• The advance is not a loan: there is no interest rate, no collateral, and non-recourse repayment (paid only from the inheritance).
• If the will is thrown out, or claims reduce/wipe out the inheritance, ProbateCash typically absorbs the loss rather than requiring repayment from the beneficiary.
• Funding decisions are often made within 24 hours, with money provided quickly when urgent needs exist.
• Churches and other faith-based organizations can also be beneficiaries and may qualify for an advance when a gift is delayed in probate.

Full Webinar Transcript

Molly Driscoll:
Welcome, and thanks for joining today’s session, Helping Your Congregation Access Inheritances, a webinar presented by Probate Cash. I’m your host, Molly Driscoll.

Our presenter today is a professional with extensive experience in providing cash advances to individuals and organizations awaiting inheritances or bequest payouts. Marc Harris has worked in the specialty finance industry for 25 years and has been involved in purchasing over one hundred million dollars of assets. Many of those purchases required court hearings, and Marc has attended or appeared as counsel in many of them.

Marc has spoken at numerous conferences and has been active in drafting model legislation adopted by many states. Born and raised in Tallahassee, Florida, Marc earned his undergraduate degree from Florida State University and his law degree from Nova Southeastern University in Fort Lauderdale. He is active in his community and serves on the board of a non-profit organization. Marc, his wife, and two children reside in Parkland, Florida.

Marc is here to speak about the relatively new business of purchasing interests in actively pending inheritance claims.

Marc Harris:
First, welcome everyone. I’m going to apologize in advance if this sounds a little like an infomercial at times, but the goal is to be informative.

It looks like we have over 50 people in attendance today representing houses of worship throughout the country. As our website suggests, Probate Cash provides upfront money to beneficiaries or heirs who can’t access their inheritance because it’s tied up in probate court.

Trusted advisors—whether clergy, attorneys, or financial professionals—should have all the available tools in their toolbox. Probate Cash is one of those tools.

Probate Cash advances money to beneficiaries who are waiting for an estate to close in probate court or another proceeding. Probate is the formal legal process that gives recognition to a will and appoints an executor or personal representative who administers the estate and distributes assets to intended beneficiaries pursuant to a court order.

For most people, probate is unfamiliar and almost always takes longer than expected. Unlike old television shows where there’s a public reading of the will and beneficiaries walk away immediately with money and personal items, probate ensures creditors have an opportunity to file claims against the estate. It also allows other interested parties to potentially challenge the will.

All of this takes time and money, and beneficiaries are often caught in the middle.

Molly Driscoll:
What are some practical examples of how Probate Cash can help your congregants and other members of your community?

Marc Harris:
A typical example is a family member expecting an inheritance under a will or under intestate succession laws.

That family member may have bills due, may need money to keep an estate home from defaulting on property taxes or a mortgage, or the estate home may need repairs to prepare it for sale.

The probate case may not even be filed yet, or it may be filed and still waiting for the creditor claims period to end. That means the estate could be many months—or even years—away from closing, and creditors may still have time to assert financial claims against the estate.

Probate Cash will obtain public records of the probate case and underwrite the file to determine whether the family member qualifies for an advance. Within 24 hours, we can often determine how much we can advance based on our underwriting.

Probate Cash then waits the many months or years for the estate to close before being repaid, while the family member has money they need to meet their immediate obligations.

Molly Driscoll:
What’s an example when someone has inherited a house or property?

Marc Harris:
Often, an estate has a home or other property that must be sold before beneficiaries can receive their inheritances. Mortgages and property taxes must be kept current to prevent foreclosure. In other cases, the home needs repairs so it can be sold for fair market value.

Probate Cash provides advances that can help save an estate home from foreclosure or allow it to be sold so beneficiaries can receive their inheritance.

Molly Driscoll:
When should I refer a person to get an advance from Probate Cash?

Marc Harris:
When members of your congregation or community find themselves unable or unwilling to wait for the probate case to conclude in order to access their inheritance, you can refer them to Probate Cash.

We provide money today and then wait until the probate case concludes to be repaid the advance amount and an applicable fee.

We take the risks you would expect in probate. If no inheritance is paid, we don’t get paid back, and the beneficiary is not legally obligated to repay us.

To be clear, we provide a portion of the anticipated inheritance upfront. We review the probate case and quickly determine the amount of money we can advance. We then wait until the estate assets are ordered to be distributed.

If there is not enough money in the estate for the beneficiary to repay us, Probate Cash will not be repaid, and that shortfall does not affect other beneficiaries. Other beneficiaries still receive what they are entitled to receive, assuming the estate has funds available at the end of the probate process.

The fact that one beneficiary receives an advance has no adverse effect on the estate’s other beneficiaries or even the probate attorney. In fact, many probate attorneys now refer anxious heirs to Probate Cash because there often isn’t another option besides waiting out the probate process.

Molly Driscoll:
How is this different from a loan?

Marc Harris:
Traditional loans are recourse transactions, meaning they must be repaid even if claims or other issues reduce or eliminate the expected inheritance.

Borrowers usually must have collateral—such as a home, business, or other assets—that a lender can foreclose on if the loan isn’t repaid.

Probate Cash does not charge an interest rate because these advances are not loans. They are not loans because the advances are not secured by collateral, and Probate Cash has no recourse against the beneficiary if we are not repaid.

We assume the risk of non-repayment. If it turns out the beneficiary never receives anything from the estate because assets are significantly less than anticipated, the beneficiary keeps the advance and Probate Cash does not demand repayment.

Molly Driscoll:
Who qualifies to receive an advance from Probate Cash?

Marc Harris:
Anyone—or any entity—anticipating an inheritance from an estate may be eligible.

We’ve discussed individuals, but churches are sometimes named beneficiaries as well. When a church or other faith-based organization has been given a gift through a will, that gift can be tied up in probate just like any other inheritance.

Just like any other beneficiary, a church can obtain an advance against its expected inheritance.

If no one needs immediate cash, that’s optimal. But if congregants have immediate needs, we believe it’s helpful for faith leaders to know Probate Cash is an available option.

We also can provide advances for gifts made to churches or other non-profit organizations when the gift is delayed.

Marc Harris (closing):
We can’t overemphasize the vital work faith-based leaders do, especially during difficult times such as end-of-life issues. Those times include grief and the role of faith in helping guide people through challenges.

When those challenges also include the practical need to access inheritance money during a long probate process, knowing you can refer people to Probate Cash can be another practical solution to immediate financial problems.

Molly Driscoll:
We’re at the 15-minute mark. As promised, the presenters will stay on to answer questions. If you need to leave now, we’ll be sending everyone a link to the recording of the presentation and the questions and answers.

If you want to ask questions offline, please contact Marc Harris. You can call him at 561-476-0018 or email him at marc@probatecash.com.

One question we received: what if the will gets thrown out? Does the customer have to repay the advance?

Marc Harris:
If the will is challenged and ultimately thrown out, that is a risk we take. We take all the risks, and that includes a will being thrown out.

It also includes creditor claims, such as claims from tax agencies or healthcare providers, or other common claims that can reduce or eliminate an inheritance.

Molly Driscoll:
How fast does this process move? How quickly can you work?

Marc Harris:
When people need our services, they usually need money right away. As soon as we get a call, we look at the probate case that’s filed, or we evaluate the situation if it hasn’t been filed yet.

Within 24 hours, we can often make a decision on the amount of the advance. The money then goes to the beneficiary or whoever is anticipating the inheritance.

We don’t get paid back until the estate is distributed, which is often about a year after we begin working with the customer, although probate timelines vary.

Molly Driscoll:
Thank you for joining us today. If anything is confidential or case-specific, please reach out directly to Marc at marc@probatecash.com or call 561-476-0018.