| Read Time: 3 minutes | Articles & FAQ

If an estate will owe you money as part of an inheritance, you may be able to get a cash advance on that money now. You do not need to take out a traditional or inheritance loan to do so. Instead, inheritance advance loans provide a more simplistic avenue to quickly receive the financial benefit the estate owes you. Here are the ins and outs of inheritance advances, how they can assist you, and why they are advances, not inheritance loans.

Understanding an Inheritance Advance

An inheritance advance is a cash advance for heirs and beneficiaries of an estate. It allows them to access their inheritance soon after the estate of their loved one opens. As a result, they can get some or all of the money much sooner than they would via the standard process of waiting for the probate system to wrap up.

When an inheritance advance company gives you the cash advance, it will recoup the money when the estate settles and probate is ready to disburse your money.  An inheritance advance ties together the amount you receive, and when and how it is repaid, with probate’s release of the funds. With an inheritance advance, the money you receive is your money—you are just getting it sooner.

Not the Same as an Inheritance Loan

Inheritance loans before probate are another avenue of seeking money held up in probate. With inheritance loans, the lender lends private funds and usually requires a secure loan process. For instance, the lender may require that you secure the loan with real estate owned by the estate or trust. In addition, with an inheritance loan, you will need to make monthly payments until the loan is paid off, often under high-interest-rate terms.

Also please note this crucial difference between an inheritance loan and an inheritance advance: An advance does not stipulate that you personally make repayments on the advance. Instead, the company that advances the money receives its repayment from your inheritance. With an inheritance loan, it is your responsibility to pay the money back during the designated time period of the loan. 

Applicants for an Inheritance Advance

If the law finds you to be an heir or beneficiary to an estate, you can apply for an inheritance advance. If it is clear that you are set to inherit money from an estate that is already open (or is in the process of opening), you may be in a position to receive an inheritance advance very quickly. 

Reasons for an Inheritance Advance

Courts and lawyers may tie up an estate for years. As a result, even when an estate law clearly identifies a person as a beneficiary or heir set to inherit, they may not be able to access their money for a very long time. Many individuals prefer to have their inheritance as soon as possible. An inheritance advance helps meet this goal. 

The final advantage, to drive this point home, is that if you choose to receive this cash advance, you will not be required to make monthly loan repayments. The money advanced to you is paid pack with the actual inheritance.

Applying for an Inheritance Advance

The first step in applying for an inheritance advance is to locate a reputable inheritance advance company. This means finding a company that is ethical, that is dedicated to the client, and that defines itself as an inheritance advance company.

Once working with an inheritance advance provider, the steps toward the cash advance usually will involve:

  • A free consultation with the inheritance advance company;
  • An assessment of the estate, including verification of the heir’s status and expected inheritance amount, by the company;
  • The company outlining the details and terms of the cash advance in the inheritance advance agreement;
  • The company providing the advance to you; and 
  • The company arranging its repayment via the estate.

The service provider should provide an avenue for immediate cash for you. The amount offered should be in exchange for an assignment of a fixed dollar amount of your eventual inheritance. 

Don’t Borrow, Seek an Advance

Rather than jumping through the many hoops required to take out an inheritance loan or waiting for the legal system to settle an estate, seek an inheritance advance. Use and enjoy your inheritance sooner rather than later.

Swift Inheritance Advance

Swift Inheritance Advance provides cash advances to individuals who will eventually collect their inheritance. We give clients the ability to use and enjoy their inheritance sooner than they would if they decided to wait for the probate process to end. If you need an inheritance advance, please contact us today.

Rate this Post

1 Star2 Stars3 Stars4 Stars5 Stars