Inheritance Cash Advance Florida
An inheritance cash advance, also known as a probate advance or estate advance, provides individuals with early access to a portion of their expected inheritance before the probate process is complete.
Process For Florida Inheritance Cash Advance
- Locate and calculate all your expected inheritance. You, as the heir or beneficiary, determine how much you are entitled to inherit from the estate.
- Provide needed cash advance, inheritance documents.
- Underwriting verifies the details of the estate and your estimated entitlement to the inheritance.
- If you agree to the terms, you receive the cash advance immediately.
The company collects from the estate: When the probate process is complete and the inheritance is distributed, the probate advance company is paid directly from your share of the estate.
Inheritance Cash Advance Document Checklist
- Photo ID and SS card.-
- Letters of administration – Letters of administration are legal documents that officially authorize a person, called an administrator, to manage the estate of someone who died without a will (intestate) or where the will’s executor is unable or unwilling to serve.
- Notice to creditors – A Notice to Creditors is a crucial step in probate, serving to inform creditors of a deceased person’s estate about the opportunity to file claims against the estate. This notice, often published in a newspaper or sent directly to known creditors, sets a deadline for creditors to come forward and file their claims. The purpose is to ensure that all legitimate debts are addressed before estate assets are distributed to beneficiaries
- Probate Inventory sheet – The inventory should include the decedent’s real estate, personal property, and bank accounts. In addition to estate assets, the inventory should also include debts of the estate. Florida has a form on that the personal representative should use for completing the inventory.
- Petition for probate – In Florida, a petition for probate is the document that initiates the legal process of administering a deceased person’s estate. This petition must be filed in the proper circuit court, typically the county where the decedent resided at the time of death or where their property is located
- The death certificate for the person whose will you are named in.
- A copy of the legal will, if such a document is available.
Key Characteristics:
Why someone might consider an inheritance cash advance: Probate can be a lengthy process, and a probate cash advance can provide a quick way to access needed funds and pay attorney fees.
Not a traditional loan: Unlike a loan, you are not personally liable for repayment.
No interest payments: You are not charged traditional interest.
A flat fee is charged: The advance company charges a predetermined flat fee or percentage of your inheritance.
Risk is with the company: If the inheritance is less than expected or there are issues with the estate, the advance company typically takes the loss.
Based on the inheritance, not your credit score: Eligibility is based on the value of the estate and your entitlement, not your creditworthiness.
Fash cash needed expenses: This can be useful for urgent needs like funeral costs, debts, or emergencies.
Potential drawbacks:
Reduced inheritance: The probate cash advance fee reduces the final amount you receive.
Potential for high fees: Fees can be substantial, ranging from 75% to 100%.
May complicate the probate process: Involving a third party can potentially add complexity.
Risk of predatory lenders: As with any financial service, be cautious of company terms.
Considerations:
Understand the terms and fees: Review all details and fees before agreeing to an advance.
Immediate funds: Consider if the need for immediate cash outweighs the cost.
Explore alternatives: Compare inheritance advances with refinancing and selling beneficial interest.
Inheritance cash advance can be a helpful way to access funds quickly if you are ok with the costs.
