Yes, you can get a loan on your inherited property.
You may also sell the probated real estate and use the proceeds to purchase something else.
If you are getting ready to buy an expensive house or piece of land using your inheritance money for down payment, we have some valuable information for you. We’ll show you how to protect your inheritance money from being spent in probate.
This is how to prevent going through the process of getting inheritance money released after a death… Probate Process Step-by-Step
Step 1: Filing A Petition
The first thing you need to do is file a petition with the probate court. The petition asks the Judge for permission to to receive an advanced distribution. The problem with this is that the court usually makes the estate do a full accounting before granting an early distribution. This means you must wait until the court approves your petition and does a full accounting of the estate. The Judge wants to make sure there are enough assets left for creditors, heirs, and taxes (if applicable). If there is not enough money in the estate to pay everyone then you will have to wait until all claims are satisfied before any more money is distributed.
Step 2: Distributions Made To Creditors And Taxes If Necessary
If you want an early distribution of your probate funds, the judge will want to know if the necessary taxes and creditors have been paid. So they will require you to show proof that all creditors have been paid off. In many cases, the executor has already taken care of things like this without the heirs even knowing about it.
Step 3: A Court Hearing
If the judge is satisfied with the accounting he or she will then set a court date for your early distribution where the accounting of the estate will be reviewed. Only if the judge believes that everything is satisfactory will he grant an early distribution. The process is long and arduous which is why many people opt for a loan on their inheritance instead or a probate advance from a funding company.
Step 4: Confirming The Distribution
After being granted the advanced distribution the heirs will receive paperwork saying that they are now in possession of their inheritance. But wait…there’s more! If you don’t have a will, then there is one more step!
Step 5: Filling out The Final Documents Before You Can Access Your Inheritance
If you don’t have a will, then the money must be transferred according to state law (the laws of intestacy). This means it will go to surviving family members as well as friends and relatives who are beneficiaries. But before they get access to it, you must fill out any forms that were required by the estate. This may
Get a Loan On Inherited Property
If you’re considering getting a loan on your inherited property, make sure to keep these steps in mind. Give us a call if you need help with any of the steps or have questions about probate funding companies. We look forward to hearing from you soon!