Glossary
Probate / Inheritance Advance
A purchase of part of an heir's future inheritance for cash now — not a loan. Usually non-recourse, but the flat fee can hide a very high effective cost.
Probate advances are sold as convenience: get cash now without waiting for the estate to close. The cost, expressed as a flat fee rather than an interest rate, can be enormous when annualized — research has found effective rates exceeding 200% APR when probate is close to closing. The closer probate is to finishing, the worse the trade. Ask your probate attorney how long the estate will take before considering one.
Read more in the Field Guide:
- Protecting an Inherited Property from Fraud — Inherited House
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