Waiting for an inheritance can unearth a range of complex emotions and thoughts. For many, the grief of losing a loved one is their primary state of mind, so when financial issues arise, it can feel incredibly stressful.
Getting wealth transferred can often take a lot longer and be more complicated than people think. Here are some of the unexpected stumbling blocks that can hinder the process and how you can navigate the stress and financial burden.
The probate timeline
Typically, the probate process is divided into pre-application, application and finally post-approval. The first stage is where documents are gathered and assets are valued. If the estate is complex, this can take weeks rather than days.
Once everything is squared away, the application can be made to the Probate Registry. This application is then processed, which can range from a few days to a couple of weeks. Finally, once probate has been granted, the estate can begin to be administered.
Legal snags such as contested wills, missing wills and tax complications can lengthen the process.
Life doesn’t pause for probate
Unfortunately, the financial responsibilities for beneficiaries don’t stop while the probate process is ongoing. Costs such as those associated with funeral arrangements and legal fees still need to be taken care of, as well as the cost of day-to-day living.
Having these to worry about as well as dealing with grief can often lead to high stress levels as well as depression and anxiety. This is further exacerbated if the probate process is taking a long time.
Exploring advance options responsibly
If the pressure is getting to be overwhelming, there are options to explore which involve getting an advance on your inheritance. Inheritance advance loans are a great option to access a portion of your inheritance, especially if funds are needed urgently.
Most lenders have online calculators to help you work out how much you can receive without committing to anything legal.
What to consider before moving forward
Before taking out a loan, you must be sure it is the right financial move for you. As with all loans and financial borrowing, there are pros and cons.
Being able to prove you are a named beneficiary allows the loan company to secure your borrowing against the future inheritance, meaning there are no repayments needed until the inheritance is released. Most lenders will be able to transfer the funds to your account within hours of the loan being approved, making it perfect for urgent situations and reducing your stress levels.
However, taking a portion of your inheritance early does mean you will receive less later down the line when probate is completed. It is worth considering how this will impact your future finances and plans.
