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One of the most unique features of a probate heir cash advance, is how and when it is repaid.
An heir cash advance is not a loan. A loan would normally have a date certain for repayment, but the heir advance does not. The advance is repaid when the estate settles and funds are distributed to all parties. This normally takes 12 to 18 months, and many times much longer.
A loan would normally have a specified rate of interest, and that interest would grow and accumulate until the loan is repaid. An heir cash advance has neither. The fixed amount of the assignment is repaid when the Estate is distributed. Even if the Estate administration continues for multiple years, the fixed amount of the assignment shall be not change. It is fixed.
A loan would normally have the borrower responsible for any unpaid portion of the monies due, but an heir advance has a non- recourse provision. If the funds are not available to repay us, the heir is not responsible, and we will suffer the loss. The only exception would be if fraud is committed.
A probate heir cash advance is clearly different than a loan. Remember it is best to seek the advice of an attorney before entering into agreement.
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