Inheritance Funding for Heirs in Kansas: Inheritance Advances vs. Probate Advances
How do I know whether I’ll be approved for an advance on inheritance from an Inheritance Funding Company?(Also called an Inheritance Lender)
As an heir of a Kansas estate in probate, you really shouldn’t run into any serious obstacles in getting an advance on inheritance, so long as you do the following:
- Pick a reliable Inheritance Funding Company (also known as an Inheritance Advance Company)
- Sign and notarize paperwork quickly
- Submit court documents to your chosen Inheritance/Probate Lender
Once you’ve delivered all required documents and produced a valid photo ID to your lender of choice, you can expect to receive an inheritance advance of any size (assuming you’re inheriting enough in cash and other assets). Paperwork typically includes:
- Probate court documents
- Proof that you are the/a valid heir of the estate in question (inheriting at least $15,000)
- Other documents as required
Remember, all documents must be signed and notarized. Don’t lose precious time by skipping this step!
Once complete, you’ll submit paperwork back to your Inheritance Loan Company (often called an Inheritance or Probate Lender). That’s it!
If you manage to keep up with these tasks, and with the help of a reputable estate attorney, you should be well on your way to approval! Remember, the status of real estate may affect your likelihood of being approved, as well as liquid assets, cash and investment accounts, etc.
Is Inheritance Funding (an Inheritance Advance from an Inheritance Funding Company) allowed all across Kansas? (Heirs may call this process Inheritance Loans from Inheritance Lenders)
Receiving money from an Inheritance Advance is allowed in the State of Kansas in all 105 counties.
Research: Inheritance Funding & Inheritance Advance Companies
If you are an heir to an estate in Kansas researching the Inheritance Advance process, and want to find out more about Inheritance Funding in general, and how a typical Inheritance Advance Company functions, or need to know how Inheritance Lenders figure out and set Probate Advance Rates (what heirs call Inheritance Loan Fees for Inheritance Loans, or Probate Loans from an Inheritance Loan Company), or you want to find out about Inheritance Cash Advance Companies and how they determine risk versus price, simply conduct a Google search for the following terms to identify websites/companies that cover Inheritance Financing issues, or Trust and Probate Advance Companies that provide Inheritance Advances (also known as Inheritance Cash Outs, Inheritance Loan Advances, Inheritance Loans, or Probate Loans from Inheritance Loan Companies). Despite the fact that this type of Inheritance Lending or Probate Lending is not based on interest-bearing loans, but is in fact a non-interest Inheritance Cash Advance assignment, “loan” related terms are included because most heirs and Inheritance Advance Companies frequently use “loan” language for these services, basically out of habit and convenience.
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Inheritance Law in the State of Kansas
Kansas Probate Law requires an official petition to be filed within six months of a person’s death, in order to begin the Probate Process. Unless the Court determines that a will is invalid, Assets and Property will be distributed according to the deceased’s wishes; or, in cases where there is no will, in accordance with Kansas State Intestacy Laws.
How to Settle an Estate in Kansas When There is a Will
If the value of a person’s estate is above a certain limit (called a small estates limit), then their estate must go through a probate proceeding before assets can be distributed to the people who inherit the assets. This is true whether or not there is a will.
The purpose of probate and probate court is to make sure that a decedent’s final wishes are followed to the tee, and that property is distributed to heirs exactly as stated in the will. The person named in the will as executor, or personal representative, is appointed by the court. After that, the executor is in charge of protecting the estate’s assets, identifying and valuing them, paying the debts and expenses of the deceased person, and lastly – distributing property and assets to heirs as stated by the will.
If a person left a will, but dies with a small estate, as determined by each state, the estate does not need to go through a formal probate proceeding. Instead, the executor or personal representative can file paperwork to pay final bills and expenses, identify the property, and distribute it to the beneficiaries. Each state’s process is a different. However, when a person passes without a will, or if the will has been misplaced and can’t be located, then the estate will be distributed to heirs according to intestacy statutes. For example, if a person dies and leaves behind no spouse but two living children, the children would likely inherit the estate in equal shares.
The Probate Process in the State of Kansas
Once a probate case is opened in Kansas, the executor is responsible for numerous duties, including management of the decedent’s property and notifying heirs and creditors of the death. The executor is also responsible for identifying the decedent’s heirs and paying the final debts of the deceased. The process includes attending court hearings and filing necessary documents with the probate court. If there is a will, the executor is responsible for distributing valuables, personal property, real property, cash accounts, and other assets to intended beneficiaries. If no will exists, the executor distributes assets and property in line with Kansas laws of intestacy.
Surviving Spouse Rights in the State of Kansas
Kansas State Probate Law includes Estate protection for surviving spouses. As permitted by statute, both a spouse and minors/children are entitled to an allowance of $35,000, as well as a homestead exemption, regardless of value, of a) one acre of a city residence, or b) 160 acres of a residence outside of a city. Also, a surviving spouse is entitled to inherit a portion of the deceased’s real property, no matter whether (s)he was left out of a will.
Known as elective share, a surviving spouse has the option to take either a) whatever was left to him/her in the deceased’s will, or b) the assets/property entitled by State Law. The portion of an Estate to which a surviving spouse is entitled is dependent on State Law, and increases the longer the couple was married. Typically, portions range from 3% (for marriages lasting one year) to 50% (for marriages lasting 15+ years). Known as an Augmented Estate, this portion reflects the total value of 1) probate assets and 2) non-probate transferred assets, excepting (a) funeral expenses, (b) creditors’ debts, (c) homestead rights, and (d) standard family expenses, to the surviving spouse and other family members.
Intestate Succession in Kansas When There Is No Will
When (a) there is no will, or (b) a Probate Court determines that a will is invalid, assets and property will be distributed according to Kansas State Laws of Intestate Succession. Specifically, (1) A surviving spouse is entitled to inherit everything, so long as the deceased had no descendants, or (2) If the deceased left surviving children, but no surviving spouse, the children inherit everything, or (3) If the deceased left both a surviving spouse and surviving descendants (children, grandchildren, great-grandchildren, etc), then the surviving spouse will inherit 50% of the estate, while the descendants (as a whole) will inherit the other 50%.
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