Legally speaking, the term “probate” refers to the official proving of a will. The word “probate” actually comes from the Latin verbs probo or probare, meaning to try, to test, to prove or examine. It is safe to assume, then, that like any legal process, officially proving the will of a deceased owner can take a substantial amount of time.
Whenever an estate of the contested by one of more of the heirs, this will likely lead to a long, drawn-out legal procedure that could take several months. This is where probate loans might become a good idea for these heirs. Probate cash advances can provide heirs and beneficiaries the financial resources they need to handle selling real estate in probate while the will is officially being proved.
In a normal setting, the named heirs will get an inheritance. This can include property, titles, debts, rights and obligations that all get passed on once the individual is deceased. However, when there is a dispute over inheritance, probate loans are often the best solution. Getting a loan can help maintain any probate real estate an heir is looking to sell.
But how do these heirs get a probate loan? They might be required to provide the values for life insurance proceeds and financial accounts owned by the deceased. These have to be up to date and be current with the day of death.
Once the loan is secured, and once the cash is received, the heirs can then begin the process of selling real estate in probate. This real estate must be kept up and put in prime condition for selling in order to get the most back from both the loan and the inheritance in general.
Of course, these post-death occasions can be very stressful. You might not be planning the funeral, but you might still be trying to handle selling real estate in probate. Remember that the best way around is always through.