California Inheritance Advances & Probate What you should know!

How long does the probate process take in California?

The probate process in California typically takes at least one year or longer. Due to significant backlogs in the courts, it often takes months to receive a court date at each step in the process. For any but the most simple of estates, you should expect to wait at least a year or two to receive your inheritance money.

Probate in California

The probate court system in California includes 58 individual probate courts—one for each county. The probate court in California becomes involved after a person passes away to oversee the division of property among those who are legally entitled to it.

An inheritance advance is an alternative to waiting for estate distribution in California

If you are an heir to a California estate and you are waiting for the probate to close so you can receive your money, you may have discovered that the wait can take many months or even years. An inheritance advance is a quick way to access some of your inheritance money right away.

While an inheritance advance is sometimes called an inheritance loan, there are some important advantages differences between an advance and a loan. When you take out a typical loan, you are the one responsible for paying it back. You have to make regular payments on that loan, and the balance continues to grow because you are paying interest on that loan.

An advance is very different. Think of your expected inheritance as something that you own. Because you own it, you have a legal right to sell all or some of it to someone else. With an inheritance advance, you sell a fixed dollar amount of your expected inheritance to another party, such as Heir Cash Now. The inheritance advance company is the buyer, and you are the seller. The price that the buyer pays is the amount of the inheritance advance that you receive now.

You are selling a portion of your expected inheritance and immediately receiving the money you need in just a few days.

The amount of your future inheritance that you are selling goes to the inheritance advance company when the estate is finally ready to distribute the money at the end of the probate process. Generally, inheritance funding companies will purchase only a modest portion of your expected inheritance, not the whole amount.

You don’t have to worry about paying the company, the estate does that directly. Either the attorney managing the estate, a family representative known as an administrator or executor, or a professional estate manager (called a fiduciary) is the one who actually makes the payment.

The process by which you sell a portion of the inheritance is called an "assignment." Kind of like a teacher assigns a student some homework, you are "assigning" the heir advance company some of your money.

The nice thing about an assignment is that you are not personally responsible if something goes wrong. Let’s say you take out a loan and borrow money to buy a nice watch. You then lose the watch. Well guess what, you still have to pay back the loan.

An inheritance advance is different. Let’s say Uncle Bubba dies without a will, and he had no kids. His $9 million dollar fortune gets split amongst his niece and two nephews, and you are one of them. Nicely done, you are happy because you are expecting to get a cool $3 million dollars.

Now you decide that instead of waiting many months, you want to go start that business you’ve always dreamed about and pay some bills, so you get an inheritance advance for $20,000. The inheritance funding company gives you the 20K, and you assign some of your future inheritance to them.

Now guess what, you’re not as lucky as you think you are. Turns out, Uncle Bubba has a few skeletons in his closet and during that summer in Costa Rica back in the ‘70s he had a summer fling and had a son with a cutie he met at a bar on the beach.

Under the California laws of succession, you are out of luck. Since Uncle Bubba has a son, his niece and nephews get nothing. Poof, your $3 million bucks are gone. His son gets everything. But that $20,000 you got from the inheritance advance company? You get to keep it, and you are not responsible for paying it back. You sold the first $20,000 of your inheritance, but your inheritance is zero. At least you don’t have to worry about paying it back!

While such a scenario is rare, many strange things can happen with inheritances. From long-lost children to unexpected creditor claims, an inheritance may not always be what it seems. Unlike a loan, with an inheritance advance you are free from personal liability. That’s what we mean when we say there’s no risk to you at all.

At Heir Cash Now, our inheritance advance experts have dealt with hundreds of heirs and advanced millions of dollars to beneficiaries who used the money to pay for household and medical bills, take care of loved ones, and start new businesses. The money is yours to use however you want.

Contact the Inheritance Advance Expert – Get a Free Consultation

To receive a portion of your inheritance now, call us, or fill out the 5 step inheritance advance application and we will call you back. Remember!

  • No Credit Check
  • No Payment
  • No Fees
  • No Risk To You
  • Your initial consultation is free! (Free Inheritance Advance Expert Consulting)

What are the steps to administer an Estate in California?

Step 1: The person requesting appointment as personal representative (executor or administrator) hires an experienced probate lawyer to prepare and file a Petition for Probate.

Step 2: The probate lawyer, or the petitioner in cases without a lawyer, arranges to mail a notice to everyone named in the decedent’s will (when there is a will), or if there is no will, all of his or her legal heirs about the death and the impending probate hearing.

Step 3: The hearing typically takes place several weeks after the case is filed. The reason for the hearing is to determine whether the will is valid and to appoint the personal representative. The personal representative is typically a friend or relative of the deceased who works with the probate attorney to manage the estate.

Step 4. The Court grants "Letters Testamentary" to the executor/Personal Representative, giving the executor legal authority to act on behalf of the estate.

Step 5. An inventory of the estate's assets must be filed with the court. This is a report detailing everything the decedent owned including real estate, cash, bank accounts, jewelry, home furnishings, vehicles, etc.

Step 6: After paying the debts and taxes, the personal representative files a report with the court. This provides an accounting of all income received and payments made on behalf of the estate. The judge then allows the personal representative to divide and distribute the remaining property among the people or organizations (a charity, for example) named in the will.

Step 7: The inheritances are transferred to the heirs of the estate.

Each California county has its own probate court.

Probate Court of Alameda

Probate Court of Alpine

Probate Court of Amador

Probate Court of Butte

Probate Court of Calaveras

Probate Court of Colusa

Probate Court of Contra Costa

Probate Court of Del Norte

Probate Court of El Dorado

Probate Court of Fresno

Probate Court of Glenn

Probate Court of Humboldt

Probate Court of Imperial

Probate Court of Inyo

Probate Court of Kern

Probate Court of Kings

Probate Court of Lake

Probate Court of Lassen

Probate Court of Los Angeles

Probate Court of Madera

Probate Court of Marin

Probate Court of Mariposa

Probate Court of Mendocino

Probate Court of Merced

Probate Court of Modoc

Probate Court of Mono

Probate Court of Monterey

Probate Court of Napa

Probate Court of Nevada

Probate Court of Orange

Probate Court of Placer

Probate Court of Plumas

Probate Court of Riverside

Probate Court of Sacramento

Probate Court of San Benito

Probate Court of San Bernardino

Probate Court of San Diego

Probate Court of San Francisco

Probate Court of San Joaquin

Probate Court of San Luis Obispo

Probate Court of San Mateo

Probate Court of Santa Barbara

Probate Court of Santa Clara

Probate Court of Santa Cruz

Probate Court of Shasta

Probate Court of Sierra

Probate Court of Siskiyou

Probate Court of Solano

Probate Court of Sonoma

Probate Court of Stanislaus

Probate Court of Sutter

Probate Court of Tehama

Probate Court of Trinity

Probate Court of Tulare

Probate Court of Tuolumne

Probate Court of Ventura

Probate Court of Yolo

Probate Court of Yuba

Posted in State on Jan 30, 2019