About Probate
When someone passes, their estate does not automatically transfer to the people named in the will; it usually has to go through probate first. Probate is a court supervised process that verifies the will, settles any debt, and distributes what’s left to the beneficiary. If there is a written will, the court checks to ensure that it is valid, and then makes sure the directions in the will are carried out.
The steps of the
probate process are:
- Determine if a will exists and is valid
- Determine the heirs and beneficiaries
- Establish a value of the deceased person's property and assets
- Take care of any outstanding financial responsibilities the deceased person had (settle debts)
- Inheritance funding: Transfer the assets and property to the heirs and beneficiaries
Types of probate
Probate can be a very lengthy process typically taking 17 months to close in the U.S, but for more complex case, it can be several years. During that time, beneficiaries usually can’t access the funds tied up in the estate, making an inheritance advance (sometimes referred to as a probate advance) incredibly helpful. An inheritance advance is not a loan as it does not need to be paid back by the customer; it is repaid directly from the estate at the end of probate when assets are distributed to the beneficiaries.
