Iowa Inheritance Funding: Inheritance Advances vs. Estate Advance Funding
Inheritance Advances (Estate Advances)
“How Do I Know If I Can Get Approved to Get an Advance on My Inheritance?”
Once you decide to apply for Inheritance Advance Funds in Iowa to borrow against inheritance (frequently called Probate Loans, Inheritance Loans or Estate Advances) with a national, online Inheritance Advance Company like My Inheritance Cash (there is no local Inheritance Funding Company in Iowa – frequently referred to as an Inheritance Loan Company), you will most likely be approved for an Inheritance Advance or Probate Advance for as much Iowa Inheritance Advance Funds as your inheritance assets will allow, as long as you quickly execute the Inheritance Advance Agreement and cash advance assignment paperwork that your Inheritance Funding Company has provided. Also, you’ll need to quickly provide all the estate documents that are requested. If you do everything properly and in a timely fashion, you should be on your way to being approved for your Iowa Inheritance Advance Funds! You will also need to produce an Iowa photo ID to your Inheritance Funding Company to prove that you are over the age of 18; and also submit estate documents that prove you are a valid heir of an Iowa estate and can furnish the inventory documentation that establishes the amount of estate assets and real estate evaluation held by the estate; plus documentation that verifies your share of those assets – valued at $15,000 or more. Once you’ve done all this, it’s likely you will be approved and receive your Iowa Inheritance Advance Funds within 2 or 3 days.
Do All Counties in Iowa Permit Inheritance Advances or Estate Advances?
Receiving what many heirs call Inheritance Loans or Estate Advances (which are not actually loans, but rather, non-interest cash advance assignments) from an Inheritance Funding Company are permitted without exception in all 99 counties in the state of Iowa.
Researching: Inheritance Loans or Estates Advances from Inheritance Advance Companies
If you are researching the Probate Advance or Inheritance Advance process (often called Inheritance Loans or Estate Advances) and wish to educate yourself about the Inheritance Funding process or about how a standard Inheritance Funding Company functions with regards to Iowa Inheritance Advance Fund, or you would like to discover how Inheritance Lenders compute Probate Advance Rates (what many heirs call Inheritance Loan Fees for Inheritance Loans or Estate Advances from an Inheritance Loan Company), or learn all about the standard formulas that Inheritance Cash Advance Companies use to set pricing models, etc., then you can easily search on Google with the following accurate search terms to identify websites and companies that address Inheritance Financing issues, along with Inheritance Advance Companies or Probate Advance Companies that provide Inheritance Advances (Inheritance Loans, Estate Advances, or Inheritance Loan Advances from Inheritance Loan Companies).
Iowa Wills & Probate
What happens to my property upon my death?
When you pass away in the state of Iowa, your assets & property can be transferred by trust, joint ownership, or by naming a beneficiary for property like an IRA, insurance policy, or bank account. Property can also be transferred at your death under Iowa’s probate laws.
What exactly is a will?
A will is a legal document that allows anyone of sound mind, at least 18 years old (16 if married) to dispose of all assets, cash accounts, personal property, real property, and investment accounts, when they die, which is not distributed by other means.
What happens when a person doesn’t have a will?
For those who do not have a will, any assets and/or property not transferred by other means (e.g., joint ownership, a trust, or a designated beneficiary) will be distributed according to Iowa State Probate Law, as follows:
- Spouse and Children: Your current spouse is entitled to receive your assets and property if 1) you have no surviving children, or 2) your children are your spouse’s children. If your children are from a prior marriage, your current spouse is entitled to receive a portion of your assets and property, while the rest will be divided equally among your children from the prior marriage. For persons without a spouse, assets and property will go to your surviving children. If your child(ren) have passed away, your assets and property will got to their children (your grandchildren).
- Parents: For persons with neither a spouse nor descendants, your assets and property will go to your mother and father.
- Siblings: For persons without a living spouse, children, or parents, your Estate will go to your siblings, then your siblings’ children (your nieces and nephews).
- Other Family Members: For persons who no surviving relatives as above, your Estate will go to your grandparents. If you do not have living grandparents, your Estate will go to the descendants of your deceased spouse.
Iowa State Probate: For persons with no living relatives or/as above, your assets and property (Estate) will go to the state of Iowa.
Are there any advantages to having a will? Yes. Having a will allows you to:
- Maintain control over your assets and property until your death.
- Allocate assets, property, gifts, etc.
- Name a Legal Guardian for your children.
- Establish a trust for your children.
- Name an Executor (Personal Representative) of your Estate.
- Avoid a bond.
- Lower taxes.
Can a will be revoked? Yes. You can revoke/negate a will by 1) writing another will, or 2) cancelling your current will, with the intention of replacing the current (prior) will.
The Probate Process in Iowa
Probate is the formal court process of distributing an estate at/after death. This process is often necessary to transfer a title to the estate’s assets, to settle claims of creditors, and to resolve disputes between heirs or other people, such as creditors, associated with the estate.
What is involved during the probate process?
Naming an Executor: The will typically names an executor to manage the estate assets. If there is no will, the court will appoint an administrator.
Duties of the Executor: The executor, or administrator, normally under the guidance and direction of a lawyer, is responsible for the tactical management of the estate.
The executor or administrator will typically be expected to:
- Contact heirs and creditors to update them on probate steps and proceedings.
- Take possession of inventory and preserve the probate assets of the deceased.
- Collect all income (such as rents, interest, and dividends), as well as demand and collect all debts (including claims and notes due).
- Manage the decedent’s personal business.
- Determine the names, ages, residences, and degrees of relationship of all heirs and closest relatives of the deceased.
- Resolve pending lawsuits associated with the decedent (i.e., the estate).
- Pay state and federal inheritance, estate, and income taxes.
- Pay valid creditor claims.
- Manage the sale of real property.
- Transfer the decedent’s title to titled property for heirs.
- Distribute assets to valid heirs.
Does a will have to be probated?
No. Probate can be avoided if:
- No one disputes your will, and/or how your assets and property are to be distributed,
- Your Estate does not have any real estate, or has real estate held in joint tenancy with Right of Survivorship,
- Surviving beneficiaries are named for insurance policies,
- Surviving beneficiaries are named for investment and bank accounts, or these accounts are held jointly,
and, - All debts, bills, creditors, etc are settled or paid.
For additional information on wills, probate, and other issues of importance to seniors in Iowa, call the Legal Hotline at 1-800-992-8161.
Click Here for Iowa Inheritance Advance Info and an Inheritance Advance Account Manager.