Finding out that you have a large inheritance can definitely be a way to get out of debt and build a stable financial future for yourself and your family. But getting your hands on your inheritance can take years while you wait on the probate process to complete. One way to get around waiting for your inheritance is to choose probate loans.
What Is a Probate or Inheritance Loan?
A probate or inheritance loan offers money for you to borrow while you are waiting on your inheritance to clear probate court. When you obtain a probate loan, the money that you are going to earn from the estate will serve as the collateral for your loan.
How Is an Inheritance Loan Repaid?
Inheritance loans are repaid in monthly payments. You will be repaying this loan while the probate continues to process, and the lender will make money through the interest on the loan.
How Long Does the Probate Process Typically Take?
One of the reasons you may choose to get a probate loan is the long wait time you will have for the probate process to complete. Probate processes typically take at least six months, while others can extend for well beyond a year. If the probate is contested, it can last even longer. In contrast to the probate proceedings, an inheritance loan can take as little as a few weeks to be approved.