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FAQ

What is Probate?

Probate is the legal process where all assets and belongings of a deceased person are collected and distributed to the rightful heirs. The rightful heirs are identified using a valid will, if available. If there is no valid will, the estate will be distributed according to the intestate rules in the specific state. These rules specifically prioritize all parties that could potentially receive funds from the estate: creditors, family members, caretakers, etc.

What’s an Estate?

The assets and liabilities left by a decedent.

What’s an Heir?

A person entitled to inherit property/assets of the decedent.

What is a Will?

A legal document that directs distribution of assets upon death.

What exactly is an inheritance cash advance?

The inheritance process in the United States takes an average of 17 months to distribute funds to the rightful heirs. An inheritance cash advance allows heirs to access a portion of their inheritance in 3-5 days when the estate opens rather than waiting for it to close.

Who is eligible to receive a cash advance?

Anyone who has a pending probate case and inheriting at least $17,000 or (management discretion) from a probate estate which is already open (or is in the process of being opened) is qualified for a probate advance.

What the largest cash advance amount an heir can receive?

Advanced Loan Inheritance funding’s range from $1,000 to$1,000,000.  The amount of the advance is based on an heir’s expected distribution from the probate estate.

Why is it called an inheritance cash advance and not a loan?

The advance isn’t based on your credit, employment, criminal background, so in other words, you don’t have to qualify for the advance. With loans, you normally would have to qualify to receive a loan.  

How long does the inheritance process take?

According to a comprehensive study of the Probate process done by AARP, the average time to distribute an estate in the United States is 17 months.

Why does Probate take so long (9 to 24 months or more)?

  • Types of assets in the estate (cash only estates are much easier than estates with business or valuables that need to be appraised and sold)
  • Mandatory creditor claims period (often 90 days)
  • IF there is real estate, it must be sold and that takes time to repair, market and sell.  
  • The complexity of the tax situation (for example 9 months minimum if Federal estate tax return is needed)
  • The efficiency of the Personal Representative and estate attorney working to close and distribute the estate.
Other complications could include:
  • Disputes between heirs on the validity of a will or how assets should be distributed
  • Disputes over external and internal claims on the estate

Who sets the rules for Probate?

Every state in the US sets its own set of laws that control the Probate courts within its borders. Additionally, some specific counties introduce additional regulations in their jurisdictions. Many states have enacted all or part of the Uniform Probate Code (UPC). That said, 33 of the 51 jurisdictions in the United States have not adopted the entire UPC.

What is the UPC (Uniform Probate Code)?

The Uniform Probate Code, accepted by 18 states, specifies the rights of a surviving spouse when their spouse passes without a will. The rights include: If there are no parents, children, or grandchildren of the deceased spouse, the surviving one inherits the estate; if a parent survives, the surviving spouse inherits the first $50,000, then splits the remaining half of the estate with the parent(s); if a child or grandchild survives, the surviving spouse inherits the first $50,000 and then splits the remaining 50% of the estate with the child or grandchild. All states in the USA and the District of Columbia have enacted laws governing most aspects of estate planning and probate -- legal validity of wills, the creation of trusts, the probate process, and more. These laws can fall under various names, often as collections of laws called "codes." The different estate and probate codes that can be found from state to state include "Decedents' Estates," "Trust and Fiduciaries," "Estate Administration," and the "Uniform Probate Code." The estate attorney works with the Personal Representative only and only represents the estate itself. The estate attorney is not obligated to pass the information along to various heirs in the estate.

What Court fees and legal cost are associated with probate?

Probate expenses usually run anywhere from 3% to 7% of the total value of the estate. This includes court costs, executor's fees, and possible expenses, a surety bond, appraisal fees, plus legal and accounting fees. If there is a "Will contest" expense can run even higher.

Do customers have to pay an inheritance tax or estate tax?

The person in charge of handling estate assets, usually the executor or Personal Representative, oversees filing tax returns and paying tax bills. Every state handles State inheritance and estate taxes differently but a Federal Estate Tax only applies to very large estates – $5.34M+ in 2014.

off during the probate process?

Mandatory creditor claims period (often 90 days).

Does the advance affect other heirs in the estate?

Our transactions are strictly between funding company and the specific heir who received the advance. The estate and the other heirs’ share are never affected by the advances.

Other than the courts, who else oversees the probate process?

The estate attorney, the executor or court-appointed personal representative.

What if the heir lives in a different state than where the probate estate is open?

The state where decedent passed away/lived in is where the probate case will be filed.

Can an heir that lives out of the country do a deal if the decedent lived in the US?

Yes! If the probate case is in the United States, ALI can do the deal regardless of what area the heir lives in.

Do Credit unions or banks provide inheritances loans?

No, banks or credit unions do not offer cash advances on inheritance.

Can an executor, who is also an Heir, apply for a cash advance?

Yes, in our Executor Funding program. Please ask your funding executive for more details.  

Can I do what I want with my inheritance cash advance?

Yes! Heirs can do what they want with their money after getting an advance from Advanced Loan Inheritance.

Are there penalties to pay if the probate process is delayed?

No, our pricing scale is clear and simple, the cash advance fee is broken up quarterly. So, if the process goes longer than expected you won’t be charged any additional fee.

Can a customer be held liable if the estate does not cover the cash advance?

Never! At the end of the probate process, if we find that the inheritance simply does not contain enough funds or assets to pay off the advance; the customer will not be held personally liable. This is one of the risks the funding company take at the time of giving you the advance.

Is a rebate given if the estate is paid out early?

If we receive payment in full before the Early Pay-off Rebate (EPOR) date, we’ll send you the rebate amount by check.

How does the Estate proceed if there is no valid Will?

If you have begun the process of probate, and you find out the Will is missing, check with the probate court in the county of the state where the deceased resided. You can buy a copy if it is there or hire a legal agency or attorney to retrieve a copy of the Will if you live far away. If the deceased held property strictly through a joint ownership arrangement or a Living Trust, there may not be a Will due to the fact there may not have been a need to file a Will.
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