This webinar, for Paralegals, details how ProbateCash allows your clients to access some of their inheritance cash now.

We will also discuss how ProbateCash provides you with a new tool in your probate toolbox to serve clients better.

Key Takeaways

• ProbateCash provides inheritance advances to beneficiaries who are waiting on distributions from an estate or trust.
• These advances are not loans: there is no credit check, no fixed due date, no interest rate, and no monthly payments.
• ProbateCash generally does not purchase an heir’s entire inheritance—beneficiaries keep “skin in the game” and remain motivated to close the estate.
• If ProbateCash “over-purchases” and there’s a shortfall due to estate issues (property sells for less than expected, IRS liens, Medicaid/Medicare claims, insolvency), ProbateCash typically absorbs the loss.
• An advance is a contract between ProbateCash and one beneficiary. Other beneficiaries do not need to approve it.
• ProbateCash files an assignment of inheritance with the probate court and proactively communicates with the estate attorney to avoid surprises.
• ProbateCash can sometimes help law firms get paid by advancing funds that can be used to cover retainers and probate filing costs when the client has no cash upfront.
• Referral partners may be eligible for referral fees, which are typically paid at the time the advance is funded.

Full Webinar Transcript

Molly Driscoll:
Welcome, and thank you for joining today’s session, ProbateCash Provides Inheritance Advances, a webinar brought to you by Probate Cash. I’m your host, Molly Driscoll.

As a reminder, please type your questions in the chat window. The presenters will address questions after the presentation. If your question is case-specific and confidential, please indicate that in the chat and someone will respond separately after the presentation.

Our presenter today is a professional with extensive experience in providing cash advances to individuals awaiting inheritance payouts. Marc Harris has worked in the specialty finance industry for 25 years and has been involved in purchasing over one hundred million dollars’ worth 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, including the National Association of Insurance Commissioners, the National Council of Insurance Legislators, and the Pennsylvania Bar Institute. 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.

We hope we cover all of your questions today, but we’d also like to continue the conversation after the webinar. Please don’t hesitate to contact Marc. You can call him at 561-476-0018 or email marc@probatecash.com.

Marc, the first question is: how is this different from a loan?

Marc Harris:
These transactions are not intended to buy out an heir’s entire interest in an estate. The goal is to provide the recipient with interim cash sufficient to meet current needs while still keeping the heir engaged in the ultimate winding up and distribution of the estate.

We want the settlement and distribution of the estate to remain a priority for the heirs we fund.

This is not a loan. There is no credit search, no fixed due date, no interim payments of principal or interest, no stated interest rate, and no personal liability on the part of the recipient if the estate turns out to be insolvent or if the amount distributed to the heir is less than originally expected.

The only situation where we would have a claim against a recipient is if the estate pays the heir, the heir receives their inheritance, and then refuses to pay us. That is fraud, and we will pursue repayment.

But if property sales are disappointing—for example, an estate home sells for less than expected, or outstanding debts consume proceeds—or if probate takes far longer than anticipated, that is our risk.

Molly Driscoll:
Do you purchase the entire inheritance?

Marc Harris:
Generally, no. Our practice is not to purchase the entire inheritance. We want the beneficiary to have funds coming to them when the estate closes.

That helps ensure the beneficiary remains cooperative and does what’s needed to help move the estate toward closing. It’s also important for attorneys and executors to know that referrals to ProbateCash are not designed to harm the estate or other beneficiaries.

Molly Driscoll:
What happens if ProbateCash “over-purchases”?

Marc Harris:
ProbateCash takes the loss if there’s a shortfall. There is no lawsuit against the estate attorney or the heir if the inheritance is reduced and our assignment cannot be fully repaid.

It’s our job to underwrite correctly. Since these are purchases and not loans, they are non-recourse. If the estate becomes insolvent or can’t pay the assignment due to issues like an IRS lien, Medicaid or Medicare claims, or other debts, that is on us.

Molly Driscoll:
Does everyone need to be on board for someone to get an advance?

Marc Harris:
Not necessarily. The contract is between ProbateCash and the one beneficiary who wants the advance. Other beneficiaries don’t have to approve it.

We understand that families don’t always communicate well, and sometimes beneficiaries are in conflict.

We enter into the contract with the heir and file the assignment with the probate court. That said, we do strive to receive cooperation from the estate attorney or executor. We proactively try to contact the estate lawyer to make sure they are aware of the assignment.

We don’t like surprises, and we know the attorney’s office doesn’t like surprises either. Transparency is always the best practice.

Molly Driscoll:
If an heir or a client called a law firm and asked about getting an advance, what would you say to them?

Marc Harris:
It depends on whether the question is coming from the law firm’s client, such as an executor or personal representative, or from an heir who is not the attorney’s client but is still involved in the estate.

If it’s your client, I’d suggest you explain the process and make sure they understand that an advance comes with a cost. You may also ask whether they have other sources of cash to meet immediate needs.

If it’s an heir who is not your client and is anxious to receive funds, you can let them know there is a company that can provide immediate cash, but it’s ultimately the heir’s decision. You may also want to clarify you are not their lawyer, but that you can cooperate as permitted.

Another common call law firms receive is from someone who needs to open probate but doesn’t have money for a retainer or filing costs.

If your firm is taking those calls and a potential client cannot pay upfront, you should ask what assets are in the estate. If there is a home or another asset that will likely be sold and there is equity, ProbateCash may be able to help.

In those situations, we can advance money to the beneficiary or prospective executor, and that person can authorize us to pay the retainer directly to the law firm. That allows the probate case to be opened and filed.

The bottom line is: you may not have to turn down a case solely because the potential client doesn’t have upfront money.

Molly Driscoll:
What is the common advance amount?

Marc Harris:
We can advance as low as $3,000 and up to $500,000, depending on the estate assets and underwriting.

We try to respond quickly—often within 24 hours—and we have funded advances within hours in certain cases.

Molly Driscoll:
Can you expand on how a firm gets paid if the client doesn’t have money to pay upfront?

Marc Harris:
If a client can’t pay and you don’t want to turn them away, ask what assets are in the estate or expected to be in the estate.

Often, the primary asset is the home. It could also be a business, investment accounts, or other assets that need to be liquidated.

Even before probate is filed, if there are assets and the client needs to open probate, we can advance money to the beneficiary. The beneficiary can authorize us to pay that money directly to the law firm to cover the retainer and costs.

Molly Driscoll:
Another question: if a personal representative doesn’t have money to pay state fees or other probate costs, can ProbateCash help?

Marc Harris:
Potentially, yes. We would need to review the estate assets.

Typically, the personal representative is also a beneficiary. If there is a beneficiary we can underwrite for an advance, we can provide funds to that person and help get the probate opened.

Once the probate case is opened, we file the assignment of inheritance with the probate court. That way, the personal representative and the court know the beneficiary assigned a certain amount of inheritance.

For example, if there is a $20,000 assignment, it is filed with the court, and when assets are distributed, the personal representative knows to pay ProbateCash that amount.

Molly Driscoll:
What is the fee schedule ProbateCash charges for an advance?

Marc Harris:
Fees are based on underwriting and risk. These are non-recourse transactions, and we can’t sue the estate or anyone else if there is a shortfall.

Fees can be as low as around 15% and can be significantly higher depending on factors like risk, estate complexity, and how long the advance remains outstanding.

Advances can also be repaid at any time. The longer an advance remains outstanding, the higher the fee tends to be. With strong cooperation from estate counsel and a clear picture of repayment, fees may sometimes be negotiable.

Marc Harris (closing):
One more thing: we also pay referral fees. If you know people who could benefit from learning about inheritance advances, send them our way. When a case is approved and we fund an advance, referral fees are paid at the same time we fund the beneficiary.

Even though we may not be repaid for a year or more, referral partners are paid right away when the advance is made.

Molly Driscoll:
If you have any additional questions, please contact Marc directly. You can call 561-476-0018 or email marc@probatecash.com. Thank you so much for joining us today.