When you are dealing with the death of a loved one, it can be difficult to think about things like wills, inheritance and even money. But all of that is a necessary part of saying your final goodbyes to someone who has died.
Whoever is in charge of the deceased owner and his or her properties and estate has to deal with resolving all claims and distributing the inheritance to whoever is getting it, via the will.
Now sometimes a will does not exist, in these cases, probate may be necessary to ensure the heirs receive what is coming to them.
Here are some things to keep in mind about probate
- A Legal Notice Must Be Published. This is part of the probate process. Another part is notifying the creditors of the deceased person to let them know of the death.
- Seek Professional Guidance. The executors of the will must receive guidance in how to distribute assets and when to do it. They must also receive guidance in how to take care of the money owed to creditors, if there is any.
- Heirs Could Be Required to Provide Paperwork. Before any money can be claimed or distributed, the heirs of the decedent may have to show proof of death date for life insurance payouts and final distribution of financial accounts.
The probate process can sometimes be a long process, and many probate problems arise, especially when there are several heirs involved or when no will exists.
For this reason, it can be a good idea to apply for a fiduciary loan, which will give cash immediately to the heirs. A fiduciary loan is the same thing as a probate loan; essentially it is just an advance on the money that is coming from accounts of the deceased as well as from sale of inherited real estate.