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Inheritance Online cash advances - Should Heirs Sell Their Inheritance ...
Inheritance online cash advances can offer financial relief to heirs entitled to assets held in probate. Assets can consist of real estate, financial holdings, businesses, automobiles, and personal belongings such as jewelry, household items, antiques, art work and clothing.
Heirs can obtain inheritance online cash advances through private investors or online cash advance organizations. Entities that provide advances assume considerable risk. Reimbursement of the advance cannot be made until probate settles. In some cases, this can take up to three years.
Investors typically charge a fee for providing a lump sum cash payment in exchange for inheritance assets. Heirs cannot obtain the full appraised value of assets. The advance is limited to one-third of the estate value. Advances can be given for as little as $5,000 and up to $250,000.
Although inheritance advances are not actually loans, heirs must provide financial documents and undergo a background and credit check. These actions are required to show proof to the loan provider that the heir does not have outstanding liens or judgments that could interfere with repayment.
Once the estate settles out of probate, the estate administrator is responsible for repaying the loan provider. If the estate does not have sufficient funds, the online cash advance lender cannot take legal action against the estate or individual heirs. The exception to this rule is if the investor is able to prove the heir provided false information.
Online cash advance providers are paid only after outstanding creditor debts and probate lawyers are paid in full. Any monies left over after the advance is repaid will be divided amongst heirs according to the decedent's Last Will and Testament.
There are many reasons heirs elect to obtain inheritance online cash advances. These funds can be used in any fashion desirable. Oftentimes, when loved ones die they leave behind large medical bills. Some decedent's do not prearrange their funeral or have life insurance policies to cover funeral expenses. It is not uncommon for heirs to sell assets in order to cover burial expenses or pay off debts associated with the estate.
Estate planning experts state over 80-percent of estates end up with no available funds for heirs. This stems from outstanding debts, medical expenses, funeral expenses and attorney fees. By obtaining inheritance advances, heirs can obtain cash within a matter of weeks instead of waiting for completion of the probate process.
Many assets can be safeguarded from probate by establishing payable-on-death and transfer-on-death beneficiaries. POD beneficiaries can be designated on life insurance policies, individual retirement accounts, investment portfolios and bank accounts. TOD beneficiaries can be established for real estate and motor vehicles including cars, motorcycles, recreational vehicles, boats and airplanes.
Probate is time-consuming and costly. Few people can administer an estate without the assistance of an attorney. This is especially true if family disputes arise or heirs contest the validity of the decedent's Will.
Establishing estate planning is perhaps the best gift you can provide to your loved ones. Doing so ensures your assets will be distributed to loved ones in the way you desire and relieve them of the emotional and financial strain caused by probate.
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