Probate inheritance makes reference to cash and property bequeathed to beneficiaries upon death. In most instances, inheritance gifts are specified within a last will and testament. If a person passes away without writing a Will, estate assets are given to heirs in accordance with probate laws.

Probate inheritance can be comprised of nearly anything belonging to the decedent. Estates often consist of money, real estate, automobiles, household furnishings, and personal belongings. If decedents engage in estate planning strategies many assets can be transferred to beneficiaries without enduring the probate process.

Probate is the legal process used within the U.S. to settle estates. As long as a person writes a Will, probate usually settles within a few months. During this time, estate assets are frozen and cannot be given to heirs and beneficiaries until estate settlement proceedings are completed.

If a person doesn\’t write a Will the probate process extends for a longer period of time. The Will is used to provide directives regarding estate settlement and to appoint a personal representative to perform required duties. Without a last Will, the court appoints a representative and provides guidance on closing the estate.

People usually appoint relatives to settle their estate, but personal representatives can also be a lawyer, estate planner, or personal friend. If there is high probability for family disputes over inheritance to occur it can be beneficial to appoint a neutral third party to oversee estate settlement proceedings.

When arguments take place they often lead to heirs contesting the Will. This action prolongs settlement and is costly to the estate due to incurred legal fees.

Personal representatives are in charge of several duties. They will need to take inventory of estate assets and acquire appraisals for valuable property. Outstanding debts owed by the decedent need to be settled before cash can be transferred to heirs.

If decedents owned real estate secured by a loan the estate is responsible for remitting loan installments, as well as paying property insurance and taxes. If the estate does not have sufficient funds to pay debts the personal representative may need to hire a lawyer to negotiate with creditors. Upon estate settlement, representatives oversee transfer of property to heirs.

Although probate cash is usually not distributed until settlement, there are instances when the court will grant a partial distribution to heirs. This typically only occurs if the personal representative provides evidence to the court that distribution would not interfere with payment of existing debts.

If estate assets consist primarily of real property heirs can elect to sell property in exchange for an inheritance cash advance. It\’s usually not the best choice to sell assets, but there are times when it does make good sense.

An example could be if real estate is tied up in court for several months and will depreciate in value. Heirs could assign their rights to the property to a funding source that supplies cash advances.

If keeping real estate becomes financially burdensome for the estate, the personal representative can request permission to sell the property through probate court. If more than one heir is entitled to realty, all heirs have to agree to the sale unless property is ordered sold by the judge.

Acquiring cash for probate inheritance usually takes a few weeks to complete. Heirs must locate a reliable funding source and provide documentation regarding the estate. Cash advance providers generally assess a fee that can range from 10 to 40 percent of the property value. Upon estate settlement the property is given to the funding source.

Learn more ways to protect probate inheritance from California investor and probate liquidator, Simon Volkov. He provides an exclusive estate planning article library that offers information and resources about probate and inheritance at www.SimonVolkov.com.

Learn more ways to protect probate inheritance from California investor and probate liquidator, Simon Volkov. He provides an exclusive estate planning article library that offers information and resources about probate and inheritance at http://www.SimonVolkov.com.

Author Bio: Learn more ways to protect probate inheritance from California investor and probate liquidator, Simon Volkov. He provides an exclusive estate planning article library that offers information and resources about probate and inheritance at www.SimonVolkov.com.

Category: Finances
Keywords: probate inheritance,cash for inheritance,inheritance cash advances,probate,personal representative