Inheritance Advances Benefit Personal Representatives
If you are the personal representative of an estate, you probably already know more about the probate process than most people. You may be the personal representative of the estate because that was the wish of the decedent or perhaps nobody else wanted or understood the responsibility of being a personal representative.
The challenges of being a personal representative often begin well before you or your lawyer ask the court to grant you what is called the Letters Testamentary. The person who has been granted “Letters” by the court is now the person who has the legal authority to act on behalf of the estate.
For most, the thought of an advance against an inheritance is the furthest thing from a person’s mind. Why would an advance against an inheritance even be necessary? After all, you and your family members know that you are entitled to an inheritance. You know there are bank accounts owned by the decedent. You know there are other assets owned by the decedent that the decedent wanted you and your family members to have and maybe even made a gift to each person in the decedent’s Will. Finally, you know there is property that was owned by the decedent that must be sold.
As you attempt to take care of distributing assets pursuant to the Will or carry out the good intended belief that you are acting pursuant to the decedent’s wishes, you may now be learning for the first time that you cannot access any of the decedent’s property without opening a probate case and obtaining the legal authority from the court (the “Letters”) so you can prove you have that legal authority.
Opening the Probate: Unless you already know a lawyer, you probably need to hire someone to help with opening a probate. You are not required to hire a lawyer to begin the probate process, but it can be complex and time-consuming to proceed without one. As you begin interviewing potential probate lawyers, you will likely be asked to pay the lawyer what’s called a retainer (money to pay the lawyer’s anticipated legal fees and costs). If you or your family members do not have money to pay the lawyer at the beginning of the process, you may find it difficult to hire the lawyer you want to begin the probate process so you can access the estate assets.
People who do not have the money to pay a lawyer to begin the probate process often delay or “put off” the opening up of the probate. By so doing, the assets remain in the name of the decedent or the estate and none of the family members or other interested parties can begin settling the estate, including the distribution of the estate assets to all the beneficiaries. An advance on your inheritance or against the estate assets is a practical option that can expedite the probate process.
How an inheritance advance works for the personal representative or the person who wants to be the personal representative: ProbateCash provides the beneficiary of the estate who also is applying to be the personal representative with an advance against their inheritance or the estate assets for the purpose of opening the probate. With an inheritance advance from ProbateCash, you can begin the probate process and show the other beneficiaries of the estate that you, as personal representative, are moving the probate along.
Benefits for the personal representative to understand the option of an inheritance advance: The personal representative, besides having the legal authority to act on behalf of the estate, is also the liaison between the other beneficiaries and the probate attorney. Remember, the probate attorney only represents the estate and not you, individually or any of the other beneficiaries. As a result, only the personal representative has information from the lawyer about the progress of the probate case and how much longer until the beneficiaries can receive their inheritance.
Personal representatives have not just the responsibility of working with the probate attorney, but the responsibilities to collect information needed for the probate. For example,
Where are bank accounts?
Has anyone made the mortgage payments on the estate home?
Has anyone paid the property taxes?
Has anyone made car payments for the decedent?
Are there beneficiaries on bank accounts or are the bank accounts estate assets?
Does the decedent owe any money to third parties who may have a claim against the estate?
Can I sell the estate property? Does the estate property need repairs so that the estate receives a fair purchase price?
Finding the answers to these questions is time consuming and difficult. Also, the other beneficiaries are gong to be calling you often to ask about when they will receive their badly needed inheritance. ProbateCash can help you as personal representative and the other beneficiaries.
The Estate Property: ProbateCash makes advances against the inheritance or estate assets to prepare the estate property for sale. Beware of people offering cash for the estate home. While it may be tempting to take cash for the estate property, make sure you know what the property is actually worth. If someone is offering you cash for a quick sale, the potential buyer probably knows the estate property is worth much more money than the offer to you. But that buyer is hoping you and the other beneficiaries need money so badly today that you will not take the extra couple of months to repair and sell the house for potentially tens of thousands of dollars and more than what is being offered.
ProbateCash can make an advance for the purpose of preparing the home for sale so the personal representative can demand the best price for the property. The more money paid for the property, the more money each beneficiary will receive from their inheritance. And since it may take some time to prepare and sell the home, ProbateCash can provide inheritance advances to the other beneficiaries so they can afford to wait for the best price and put more money into their pockets when the home is sold, and the assets are distributed. The personal representative controls this process and makes decisions that affect all of the beneficiaries. As a result, the personal representative has enormous pressure to make sure that the estate receives the most money for its assets while informing the other beneficiaries of the challenges of the probate process.
Probate Takes Time (a lot of time): It’s usually a shock to learn how long it takes to complete the probate process in most states, even when there’s no family bickering or other third-party challenges. Nobody likes that completing probate can take approximately a year or more, but that’s normal in most places. What’s also normal is that beneficiaries are often in need of money that was being counted on from the inheritance and because they don’t communicate with the probate attorney, they will be calling the personal representative.
Although those beneficiaries cannot take money from the estate without court approval (assuming there’s money in the estate while waiting for a property to sell), the beneficiaries can receive an inheritance advance from ProbateCash. The fact that beneficiaries may not have good credit or qualify for an inheritance loan does not matter. ProbateCash is not a lender and does not rely on or request anyone’s credit score. ProbateCash will provide an inheritance advance to anyone who is entitled to receive an inheritance from the estate. The inheritance advance will not cause any delays in the probate process, but will likely help the probate lawyer and the personal representative to continue their work without the constant phone calls, texts and emails from the other beneficiaries. As personal representative, you can maximize the value of the estate property and keep the other beneficiaries happy with an inheritance advance from ProbateCash. Plus, ProbateCash usually pays the inheritance advance to the beneficiary within 1-2 business days after the request. Again, no credit is necessary to receive an inheritance advance and no delays to the probate case.
Inheritance advances are a lifeline to beneficiaries who need money before the estate assets can be distributed. But it’s important to know your options. The beneficiaries will be looking to the personal representative for guidance and help in receiving their inheritance. The personal representative cannot change the fact that probate cases take a long time to conclude, but the personal representative who knows about inheritance advances can determine what’s best for the estate and other beneficiaries by advising those beneficiaries that they can quickly receive an inheritance advance from ProbateCash.
Contact a ProbateCash funding executive today.
And to learn more about if a ProbateCash advance is right for you, please read my other article:
