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Being named an heir is definitely exciting news. Though exciting when it comes to acquiring the inheritance it could get tiring. The probate process is long and tiresome. Ensuring and confirming the heir and passing on the property of the deceased to the deserving person is done through the process of probate. This can take months and even years sometimes as it involves providing rightful information to all interested on the estate. A much easier alternative is to apply for a probate loan but you need to be a rightful heir in order to do this.
A loan provided to an heir even before the process is completed is called a probate loan or a probate advance. The procedure you need to follow is similar to the one you would follow in applying for a general loan. An application should be filled in and furnished with proper documentation.
Probate loans are offered by many private companies extending their services to potential heirs. People who live and have property within the United States can apply for the loan.
In order to be eligible you first need to fill out a form and after which you will have to prove that you are the rightful heir to the estate. It is also vital that the estate is in probate court when you apply for the inheritance advance.
Once these are proven the company would be doing a background check to understand the authenticity and also to know the worth of the estate in question. The company comes up with a market value and will also calculate the value after the probate process is completed. Once they have performed all the required steps, they would contact you to inform you of the approval.
Most individuals are wary about applying for a loan on inheritance as they do not clearly know if there are fees involved. However there are no direct fees involved. The applicant will only have to apply and await approval.
As in any loan there are certain risks involved with probate loans as well. The risk for a dip in value of estate may happen leading to fund shortage. This is the most common risk experienced.
Inheritance loans are the most practical solution to receive immediate funds as the probate process is a long one. The procedure is long because there are various steps involved. If you have immediate bills to take care of then waiting for the estate to clear probate may not be a wise choice.
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Source by Dhivya Rateesh Nair