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The heir cash advance is not a loan. With a cash advance, an heir assigns a limited portion of his/hers inheritance. Unlike an heir loan, an assignment is a non-recourse transaction. This means that the heir will not be personally responsible to repay any portion of cash advance (other than in the case of fraud); we get repaid directly by the Administrator, who deducts the assigned amount from the share of the heir. We assume the responsibility to collect our share during the estate settlement. If there are not sufficient funds available to satisfy the assignment, then we suffer a loss, and we CANNOT demand payment from the heirs themselves.
We DO NOT check credit. We DO NOT run credit reports. Our security and the probability of repayment is supported by an heir’s potential inheritance. We assume the responsibility to verify that the estate will have sufficient assets to repay us. Therefore the advance does not require the heir to go through any credit check or FICO score verification process.
Time To Close
Securing a cash advance from us DOES NOT slow down or speed up the Estate administration. The cash advance process has little impact, if any, on the timely administration of the Estate. We simply get repaid from the heir’s share when the Estate is distributed. For example, the Administrator will request approval for final distribution as follows: “$100,000 to Henry Heir, subject to repayment of the $20,000 in favor of Advance Inheritance, LLC.”
Cash Advance Limits
There are no limits to the number of cash advances that an heir may procure, other than as defined by the amount of the expected inheritance. Each heir may assign a portion of their share, and each heir may take multiple advances. This is particularly important if you are not sure of your need for funds in the future. Some heirs estimate that they need $15,000 for a few months, but as the Estate administration marches on, and sometimes get delayed, an heir may discover that distribution will not occur for many more months, and that they need to access their inheritance by securing another cash advance from us. A few of our clients have secured more than 15 cash advances from us during the course of a delayed probate administration. Most of our clients secure 2-3 cash advances from us. We also offer discounted repayments if final distribution is imminent.