When my Dad passed away after a long battle with cancer, in a way it was a relief that his suffering was finally over, but I was not prepared for the impact it would have on me personally. Fortunately, I had a brother who I could rely on to make all the funeral arrangements because I could not face it. A week or so after the funeral we quickly had to start making decisions about his estate and what he left behind. I was still in a fragile state and simply couldn’t bear the thought of working through his financial past, as I wanted to get past the pain without thinking about what to do with what he left behind. While researching what to do after someone dies, my brother found out about inheritance advances—something I didn’t even know existed.
I learned a lot of interesting information.
It’s Not a Loan
We found out that there are companies that provide inheritance advances, which do not need to be paid back since they are not loans. These companies assess the value of the estate and the likelihood of probate closing, then they advance the money. These companies make their money when probate finally closes and collect the portion that’s agreed on in the contract.
It Could Bring Me Peace of Mind
Even though my dad’s will was very clear, I soon learned that probate was going to take much longer than I expected. I think it had something to do with a second mortgage on his house. I certainly trusted my brother to handle the details fairly, but the fact remained that I really needed that inheritance cash as soon as possible. I have a son in college and was hoping the inheritance money would help pay for his next semester. An inheritance advance was exactly what I needed.
I looked around online and went with a company that seemed easy to work with and had a short form on their website ready to be completed. According to my research, this company took a smaller percentage than other companies.
After I filled out their form, they emailed me back right away to schedule a call. On the call, the representative walked me through how the process works (it’s really simple) and asked me some questions about my dad’s estate. She was able to tell me immediately that I could get an advance on my inheritance as long as the information I’d given them was correct.
My Mediocre Credit Score Didn’t Matter Because – No Credit Checks
I was worried that my bad credit rating would be a problem, but a credit check was not required, they just looked at the estate that is in probate. All that mattered was the value of my dad’s estate and some legal issues around that (like was he indeed the owner of his house, etc.). She listed off the documents they needed to see and told me how to get them to her.
After the call I got copies of the few documents I needed, took pictures of them with my phone and uploaded them to the website; then I waited, but not for long. I received an email the next day saying they’d be happy to give me an advance on my inheritance and could have it wired directly to my checking account.
The Dollars and Sense of My Advance
Here are the details of my inheritance cash advance: They estimated the value of my inheritance to be $160,000 and said they could advance me up to 40% of it if I wanted, or I could opt for a lower advance amount if I chose, and wait for probate to end to receive the rest. I’d rather have the cash now, so I went for the full $65,000. After some research of other competitors, their fees were clearly the most fair, so I accepted. Just like they promised, the money appeared in my checking account in two days.
I paid for the last semester of my son’s school, planned a trip with my wife for this summer, and put the rest away for a rainy day. My brother decided not to get an advance. Nine months later he is still waiting for probate to be resolved and the estate to close, which means dealing with more frustration on top of missing our dad.
Overall, I’m very happy with the service I received. The inheritance advance allowed me to put my inheritance to work right away, while saving me from months of worry and paperwork. When my son graduates this fall, I’ll be thinking of how my dad helped make it possible.