Exactly what is a Probate Loan, or Probate Advance, and what does it offer an Heir? Is this different from an Inheritance Advance or regular Inheritance Loans?
No, they are all terms used to describe a Probate Loan or Trust Fund Advance. A Probate Advance provides Heirs with an alternative financial a resource with which to partially liquidate their Inheritance Assets prior to their Probate or Trust Fund distributing Inheritance funds and/or assets to the Heirs of the Estate in Probate or Trust.
A probate loan is a cash advance given to heirs entitled to probated inheritance property. Factually speaking, there is no such thing as a probate loan. However, this term is often used when heirs assign inheritance rights to a funding source in exchange for lump sum cash. Cash advances are paid by the estate after all other expenses and settlement fees.
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Probate loan funding sources can include private investors, investment groups, and cash advance service providers. Funding sources charge an upfront fee which is deducted from the advance. Fees can range between 10- to 50-percent of the inheritance value.
