We received a couple of requests regarding probate process after our recent post on receiving an advance on an inheritance. The laws for each state vary, and in many cases it is helpful, or even essential, to retain a probate attorney in order to proceed. If there is any question regarding challenge to a will or request to change the trustee, etc., you will almost certainly require an attorney experienced in these matters.
Always seek a local attorney who will be familiar with local laws and processes. Often, online resources are available to find lists of attorneys within a particular niche who practice within a given geographical area. These resources can be an excellent place to begin. For example, USA-probabte.com lists probate attorneys all over the United States. Select your home state (one reader was from California), and then choose your county. Our reader was from Oakland, and so would select Alameda county. This brings up a list of dozens of attorneys that practice in various specialties of probate law, and will help our reader find an Alameda probate attorney.
A number of things need to be done upon the death of a family member, particularly one with whom you share joint ownership of property. There may be inheritance taxes, creditors to deal with, life insurance, survivor’s benefits, pensions, jointly owned homes or other property which need to have the title changed, and many other complications. When faced with the death of a loved one, you may not be able to see to all of these matters to your own benefit. An experienced attorney will know how to proceed according to your best interests and can help when you may not be emotionally able to face the legal and financial maze of paperwork and matters to be attended to.
For that matter, it is a much better idea to seek advice in planning all the relevant financial aspects and setting everything in order before that time comes, so that the process will be as smooth as possible for those left behind and grieving.
If you are an heir to an estate, it is possible to receive an advance upon the inheritance you expect to (eventually) receive. The person receiving the inheritance advance generally has to be of legal age and the legal heir of an estate that will be distributed within a set time frame (depending upon the policies of the company providing the advance). A good credit history, employment history, and similar factors generally have no bearing at all on the process, because an inheritance advance is not a loan.
Rather, it is money paid to the heir up-front, before probate has settled the estate. For this service, the company providing the advance generally charges a processing fee. The amount of the fee is determined by a number of factors, such as the complexity of the settlement process, whether or not real estate is involved (because disposition of real estate is more complicated), how long the process is expected to take (because the longer the company has to wait to get their money back, the more it costs them).
Because it is not a loan, you should not generally expect to pay interest, per se, nor to have to make monthly payments. Instead, the company is repaid the advance plus their fee when the estate is settled an you receive your inheritance.
Factors that enter into the equation later and are unknown to the applicant, such as those that delay distribution of the estate, or claims that can reduce the inheritance amount, do not generally change the repayment amount. However, every such possibility should be discussed, because if there is potential fraud on the part of the applicant (such as withholding information regarding an expected claim), the applicant could be liable in that case.
Inheritance advances can be especially helpful and appropriate in cases where the estate must have ongoing amounts of money invested in it in order to keep it running, or in cases where the heir does not have the money necessary to pay probate costs. It is possible to advance only a portion of the inheritance in order to receive needed funds, while retaining full value on the remainder of the expected inheritance.