3 Helpful Tips to Applying For a Probate Loan
Probate is a legal process that is carried out to validate the last will and testament of a deceased person if he/she made one.
Losing a close family member can be a highly charged and traumatic season in your life. Apart from dealing with the grief, you might also be required to take care of their finances. In some instances, you may be required to obtain a grant of probate.
What Does Probate Mean?
Probate is a legal process that is carried out to validate the last will and testament of a deceased person if he/she made one. The purpose of probate is to locate and determine the value of all of the deceased's assets, pay off all his pending bills and taxes and finally distribute the remaining estate to his rightful beneficiaries.
can be a very lengthy process, especially if the
deceased will is contested. If one of the heirs
contests an aspect of the will a hearing is
usually required so that the court can decide on
the validity of the will. Once the evidence has
been presented the court takes time to determine
the proof of ownership before distributing the
contested funds to the right heirs. This can
take months or even several years before you
finally get the inheritance your loved one
wanted you to have.
To avoid getting into a financial crisis during this period you can always apply for a probate loan. A probate loan also known as an inheritance loan allows you to borrow and get instant funding against assets that you don’t have access to yet. There are two major types of probate loans and these are; an advance loan on all the assets that you are supposed to inherit and a probate loan that utilizes your inheritance as collateral payment in regular monthly installments. Visit www.probateadvance.com today and find out if you qualify for a probate advance. You can apply for a free quote and once your case has been reviewed you can get your cash in just two days.
Here are three helpful tips when applying for a probate loan.
1. Check with a Lawyer
A probate loan is very necessary especially if when you need to pay off a debt that your loved one left behind. A probate loan can also be used to cover the funeral costs of the deceased and provide for daily expenses while waiting for the inheritance. However, before you apply for the inheritance loan be sure to check with a lawyer. This is because inheritances can be very complicated and you will need a legal expert to advise you on whether you can take out funding against your inheritance.
2. Understand the Value of the Inheritance You Are Seeking
Make sure that you are informed about the value of your inheritance. Many lending companies require that you stand a chance of inheriting at least $15,000 before you apply for a probate loan. You can always talk to a financial specialist and find out if your inheritance meets eligibility requirements.
3. Read the Terms and Conditions of the Probate Loan
Go through the loan documents and read through the terms and conditions before signing on the dotted line. Look for hidden fees and unfavorable conditions and in case you have any questions don’t be afraid to ask the lending company. Finally, be sure to ask if there is an early payment penalty. This means that if you pay off your loan early, a company could penalize you for doing so if they have such a clause.