Glossary
A
Administrator – A person appointed by the court to manage and distribute an estate when there is no will.
Advance (Inheritance Advance / Probate Advance) – A cash payment is provided upfront to heirs waiting for their inheritance. An inheritance advance—sometimes called a probate advance or ProbateCash advance—is not a loan, and repayment is only made from the heir’s future inheritance once the estate settles.
Asset – An asset is any property—such as real estate, cash, investments, or personal belongings—owned by a person or estate that holds monetary value. During probate, assets are used to settle debts, taxes, and ultimately distributed to heirs. The value of these assets can determine eligibility for an inheritance advance, probate loan, or ProbateCash solution, allowing heirs to access funds before the estate closes.
B
Beneficiary – Someone named in a will, trust, or insurance policy to receive assets. A beneficiary can often qualify for an inheritance advance or probate loan if their distribution is delayed.
Bond (Probate Bond) – A type of insurance required by probate courts to protect heirs and creditors in case the executor mishandles the estate. Required before any ProbateCash advance can be disbursed in some cases.
C
Creditor – An individual or institution owed money by the deceased.
Claim Against the Estate – A formal request submitted by a creditor for payment from the estate. Claims must typically be resolved before a probate loan or inheritance loan can be processed.
Claims Period – The claims period is a legally defined window during the probate process when creditors can submit claims to recover secured or unsecured debts from the deceased’s estate. This period typically begins after a notice to creditors is published. Estates cannot be closed or distributed until the claims period has ended. Heirs may choose to use an inheritance advance option from during this time, especially if delays in settling debts are holding up their inheritance.
D
Decedent – The person who has passed away has left behind an estate to be distributed via probate.
Disbursement – The final payment of estate assets to heirs and beneficiaries. ProbateCash or inheritance advances are repaid from these funds before distribution.
E
Estate – All property, assets, debts, and liabilities left behind by the decedent.
Estate Advance – Another term for inheritance advance or ProbateCash advance, a portion of a beneficiary’s future inheritance provided upfront.
Executor/Personal Representative – The individual named in a will to administer the estate and carry out the wishes of the deceased.
F
Fiduciary – A fiduciary is an individual or institution—such as an executor, administrator, or trustee—legally obligated to act in the best interests of the estate and its beneficiaries. This role carries a duty of loyalty, transparency, and care. In the context of inheritance advances fiduciaries may be asked to verify estate information or assist in confirming an heir’s eligibility for funding while ensuring no conflict with estate administration.
H
Heir(s) – A person legally entitled to receive a portion of a decedent’s estate. Heirs may qualify for a probate advance from ProbateCash.
I
Inheritance – Assets passed to heirs or beneficiaries after death. Delays in accessing an inheritance often lead heirs to seek an inheritance advance from ProbateCash.
Inheritance Advance – A non-recourse cash advance on a pending inheritance. Unlike an inheritance loan, an advance does not require credit checks or personal guarantees and carries no repayment if the estate fails to distribute.
Inheritance Advance Company – A company (like ProbateCash) that provides upfront funds to heirs in exchange for a portion of their future inheritance.
Inheritance Loan – A term sometimes used interchangeably with inheritance advance or probate advances. ProbateCash provides inheritance advances, which are NOT a loan. Unlike a loan, our inheritance cash advances have: no interest fees, no fixed “due date,” and impose no personal recourse or liability in the event of a payment shortfall.
Intestate – The condition of dying without a legal will. When someone dies intestate, the court distributes the estate based on state law. Heirs may still be eligible for a ProbateCash advance.
L
Letters Testamentary / Letters of Administration – Legal documents issued by the court giving the executor or administrator the authority to act on behalf of the estate. These are required for any ProbateCash transaction.
Liquid Asset – cash on hand or an asset that can be readily converted to cash
P
Personal Representative – The executor or administrator is legally responsible for managing and distributing an estate. Inheritance advance companies like ProbateCash often work closely with personal representatives during probate.
Pour-Over Will – A pour-over will is a legal document that works in tandem with a trust. It ensures that any assets not already placed into the trust during the person’s lifetime are automatically transferred—or “poured over”—into the trust upon death. This helps centralize estate management and simplifies distribution. Heirs named in the trust may still face probate delays for certain assets, making them potential candidates for a probate advance.
Probate – The legal process of validating a will, appointing an executor, and distributing assets. Probate can take months or years, prompting many heirs to pursue an inheritance advance, sometimes referred to as a probate loan, from trusted providers like ProbateCash.
ProbateCash – ProbateCash is a leading provider of inheritance advances, offering a fast, simple, and risk-free solution. We provide inheritance advances, which are NOT a probate loan, but are often called one.
Probate Loan – A form of funding that gives heirs access to money while the estate is in probate. Often used interchangeably with inheritance advances, but ProbateCash does not provide loans. ProbateCash only provides non-loan advances.
R
Real Property – Land and buildings owned by the decedent. It must often be appraised during probate, and can delay distribution. Heirs with real estate inheritances may still qualify for an inheritance advance.
Risk-Free Advance – An advance that the heir does not repay if the estate does not distribute—common with inheritance advance companies like ProbateCash.
S
Spendthrift – A spendthrift clause is a provision in a trust that prevents beneficiaries from borrowing against or recklessly spending trust funds. It also protects the trust assets from creditors. If a trust includes a spendthrift provision, heirs may not be able to access immediate funds, making an inheritance advance option from ProbateCash a practical alternative for liquidity.
Stirpes – Stirpes, or per stirpes, is a legal term used in estate planning to describe how assets are distributed along family lines or branches of descendants. If a named beneficiary passes away, their share is passed down to their children, ensuring that each family branch receives its intended portion. In inheritance advance planning, understanding per stirpes distribution is essential—it determines heir eligibility and the amount of funding that may be provided by ProbateCash.
T
Trust – A legal structure that manages and distributes assets, often outside of probate. In some cases, beneficiaries of trusts may still be eligible for an inheritance advance from ProbateCash depending on distribution terms.
V
Venue – In probate law, venue refers to the county and state where the decedent (deceased person) resided or passed away, and where the probate case must be legally filed. The proper venue determines which probate court has jurisdiction over the estate. The venue also affects timelines for distribution, which can impact when heirs are eligible for a probate advance if they’re facing delays due to court proceedings in that location.
W
Will – A legal document outlining how a person’s assets should be distributed upon death. Wills must go through probate, during which heirs may apply for an inheritance advance from ProbateCash.
Waiver of Accounting – A document signed by heirs or beneficiaries to waive the requirement for the executor to provide a detailed financial accounting of the estate.
This glossary is presented as a convenient reference only and should not be considered a substitute for legal advice rendered by a licensed professional. ProbateCash does not offer, render, or dispense legal counsel or advice. Visitors are encouraged to retain and consult with a licensed professional of their own choosing before entering into a transaction relating to estate planning or a pending probate proceeding.
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