Connecticut Inheritance Advances & Probate What you should know!

How long does the probate process take in Connecticut?

The probate process in Connecticut takes at least six months and often takes much longer. Many heirs wait years to receive a dime. Listening to our customers we realized that many people have never heard about receiving an inheritance advance and the steps involved. So what is an inheritance advance and how does it work?

Connecticut Probate

The probate court system in Connecticut is made up of 54 individual probate courts, each responsible for its own district. A probate court in Connecticut gets involved after someone dies, leaving their possessions and assets behind. The probate court oversees the division of property among those persons legally entitled to it, called Heir or Beneficiaries.

An Inheritance advance is better than lengthy estate to distribute

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

Connecticut Probate Loan

Inheritance Advance is different than Inheritance Loan

While an inheritance advance is sometimes called an inheritance loan, there are important advantages of an advance on your inheritance over an actual loan on inheritance. Do you know that an inheritance advance is not a loan and is risk-free?

When you take out a typical loan, you are the one responsible for paying the loan 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 on inheritance 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 portion of your expected inheritance to another party, i.e. inheritance advance company 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. Hold on! Read about uncle Bubba story to understand why there is no risk to you at all!

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 (unless you are the personal representative) because 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 a piece of your inheritance 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 with no risk to you at all!

No Inheritance Tax in Connecticut

An inheritance tax is a tax that an heir or beneficiary pays after receiving an inheritance. The inheritance tax is paid after heir gets the inheritance. In Connecticut, there is no inheritance tax.

Connecticut Estate Tax

An estate tax is a tax that the estate pays on the value of the estate based on the size of the estate at the time of death. This tax is taken out of the estate and goes to the state or federal government. In Connecticut, estate tax rates range from 7.20% to 12.00%, but only for estates that are worth more than $3.6 million.

Connecticut Inheritance scams

In Connecticut, like other states, residents are sometimes victims of inheritance scams that usually start with an email. The email says that the person is due to receive an inheritance from a relative, often a distant relative. The email initiates a conversation in which the scammers say that the person must pay taxes or other fees to release the inheritance. Sometimes the scammers say that a trunk full of valuables is waiting in a warehouse to be released. Police in Connecticut have warned residents about these inheritance scams and asked them to not send personal information or bank information.

Are you expecting a big inheritance from uncle Bubba?

Let’s say Uncle "Bubba" dies without a will, and he had no kids. His nine-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 three million dollars.

Now you decide that instead of waiting many months or years, you want to go start that business you’ve always dreamed about and pay some bills, so you get an advance on the inheritance for $20,000. One of the Inheritance Advance companies gives you that $20,000, and you assign some of your future inheritance to them.

Oops! 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.

Why An Inheritance Advance is zero risks to you?

Under the Connecticut laws of succession, you are out of luck. Since Uncle Bubba has a son, his niece and nephews get nothing. Oops, your $3 million bucks are gone, finito, goodbye. His son gets everything, and there is nothing you can do about it.

Guess what! But what about that $20,000 you got from the inheritance advance company? Believe it or not, you get to keep it, and you are absolutely NOT responsible for paying it back. You sold the first $20,000 of your inheritance, but your inheritance is zero so you don’t have to worry. If that were a traditional loan, you would still have to pay it back! Do you see the difference between the meaning of an inheritance cash advance versus a loan?

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. Check out some of our testimonials.

Contact the Inheritance Advance Expert – Get a Free Consultation

To receive a portion of your inheritance now, ideally you call us during standard office hours eastern time, or you could fill out the 5 step inheritance advance application and we will call you back usually the same day. Remember!

  • No risk
  • Your initial consultation is free! (Free Inheritance Advance Expert Consulting)
  • No credit check

What are the steps to administer an estate in Connecticut?

Step 1: File the will and the required form to open the estate within 30 days of the decedent’s death. If there is no will, a family member files an application with the Probate Court for the administration of the decedent’s estate.

Step 2: Take possession of the decedent’s property.

Step 3: If the decedent owned real estate, file another form within two months of appointment as fiduciary.

Step 4: File Inventory (a record of everything the decedent owned) within two months of appointment as fiduciary. The fiduciary must file an inventory of the estate with the Probate Court within two months of appointment as fiduciary. In general, the inventory should list any property the decedent owned.

Step 5: Obtain cash for estate administration as needed.

Step 6: Follow legal procedures for the payment of claims against the estate (like a credit card, funeral, or medical bills), and file Return of Claims and List of Notified Creditors.

Step 7: File tax returns and pay any taxes due.

Step 8: File final financial report or account, usually within 12 months of the decedent’s death.

Step 9: Distribute assets to beneficiaries.

Step 10: File Affidavit of Closing of Estate. The affidavit of closing is used to report receipts and disbursements that occur after the filing of the final financial report or account, as well as the disposition of any reserve funds shown on the financial report or account.

Map of CT Probate Districts:

connecticut-probate-map.JPG

Connecticut Probate Map PDF

List of Regional Probate Courts in Connecticut

Connecticut Probate REGION 1

18 Cheshire-Southington

41 Derby – Ansonia, Derby, Seymour, Woodbridge

24 Litchfield Hills – Canaan, Cornwall, Kent, Harwinton, Litchfield, Morris, Norfolk, North Canaan, Salisbury, Sharon, Thomaston, Warren

21 Naugatuck – Beacon Falls, Middlebury, Naugatuck, Prospect

19 Region #19 – Bristol, Plymouth

22 Region #22 – Bethlehem, Oxford, Roxbury, Southbury, Washington, Watertown, Woodbury

23 Torrington Area – Barkhamsted, Colebrook, Goshen, Hartland, New Hartford, Torrington, Winchester

20 Waterbury – Waterbury, Wolcott

Connecticut Probate REGION 2

5 East Hartford

12 Ellington – Ellington, Vernon

10 Farmington Regional – Farmington, Burlington, Plainville

6 Glastonbury – Hebron

13 Greater Manchester – Andover, Bolton, Columbia, Manchester

4 Greater Windsor – East Windsor, South Windsor, Windsor

1 Hartford

7 Newington – Newington, Rocky Hill, Wethersfield

11 North Central Connecticut – Enfield, Somers, Stafford

9 Simsbury Regional – Avon, Canton, Granby, Simsbury

3 Tobacco Valley – Bloomfield, East Granby, Suffield, Windsor Locks

2 West Hartford

Connecticut Probate REGION 3

26 Northeast –Ashford, Brooklyn, Eastford, Pomfret, Putnam, Union, Thompson, Woodstock

27 Plainfield-Killingly Regional – Canterbury, Killingly, Plainfield, Sterling

25 Tolland-Mansfield – Coventry, Mansfield, Tolland, Willington

28 Windham-Colchester – Chaplin, Colchester, Hampton, Lebanon, Scotland, Windham

Connecticut Probate REGION 4

48 Bridgeport

43 Danbury

52 Darien-New Canaan

49 Fairfield

54 Greenwich

44 Housatonic – Bridgewater, Brookfield, New Fairfield, New Milford, Sherman

45 Northern Fairfield County – Bethel, Newtown, Redding, Ridgefield

51 Norwalk-Wilton

42 Shelton

53 Stamford

47 Stratford

46 Trumbull – Easton, Monroe, Trumbull

50 Westport – Weston, Westport

Connecticut Probate REGION 5

35 Branford-No. Branford

41 Madison-Guilford

36 East Haven-North Haven

37 Hamden-Bethany

40 Milford-Orange

38 New Haven

39 West Haven

Connecticut Probate REGION 6

8 Berlin – Berlin, New Britain

16 Meriden

15 Middletown – Cromwell, Durham, Middlefield, Middletown

14 Region #14 – East Haddam, East Hampton, Marlborough, Portland

33 Saybrook – Chester, Clinton, Deep River, Essex, Haddam, Killingworth, Lyme, Old Saybrook, Westbrook

17 Wallingford

Connecticut Probate REGION 7

31 New London – New London, Waterford

32 Niantic Regional – East & Old Lyme, Montville, Salem

29 Norwich – Bozrah, Franklin, Griswold, Lisbon, Norwich, Preston, Sprague, Voluntown

30 Southeastern Corner Regional – Groton, Ledyard, North Stonington, Stonington

Posted in State on Mar 01, 2019