Tribeca Lawsuit Loans is a top-ranked provider of inheritance loans in California. We specialize in offering swift probate cash advances to heirs awaiting their inheritance. This article delves into our services and discusses the mechanics of inheritance cash advances.
In life, losing a loved one is inevitable. However, despite knowing that harsh reality, no one can really prepare for the impact of the loss and its aftermath.
Dealing with it can be a challenging experience, especially when issues of inheritance are involved. Most of the time, people think that when a loved one dies, the estate or properties left by the person automatically go to the family.
The process can be much more complicated than that, and here at Tribeca Lawsuit Loans, we prioritize making the process as easy as possible.
We ensure a fast and simple procedure that will help you access your funds without dealing with the difficulties of probate court.
Before we delve into the purpose of inheritance loans, we’ll first discuss California’s estate procedures so you can make an informed decision.
How Can You Perform An Estate Transfer in California?
Experiencing grief is hard enough, and having to deal with the hassle of transferring or inheriting property can make it even more complicated, especially when you have no idea how the process works in California.
When a person dies, the property they leave behind is called the “decedent’s estate.” The term “decedent” refers to the person who died, while “estate” pertains to the property in their name when they died.
Now, here comes the tricky part. When it comes to transferring property, most people think that all they have to do is go to court, and all will be solved. However, it’s not as easy as you may think, regardless if there is a will or not. And what most people don’t know is that sometimes, transferring property need not be taken into court.
Here are some alternative ways on how to transfer or inherit property without having to go to probate court:
- If there is a named beneficiary for a particular asset;
- If there is an existing transfer-on-death deed (also known as beneficiary deed);
- Property in living trusts;
- If a property is owned by two or more people, the other surviving owners automatically inherit the entire property.
What Is The “Probate” Process In California?
Probate means that there is an existing court case that deals with the following:
- Determining the validity of a will;
- Determining the worth of the decedent’s property;
- Handling the financial responsibilities of the decedent;
- Determining the heirs and beneficiaries of the deceased person;
- Transferring the property to the beneficiaries of the decedent.
In a probate case, if there is a will, the court will appoint an executor, but if there is no existing will, the court will appoint an administrator as a personal representative.
The role of an administrator is to oversee the process and take the necessary actions such as collecting the assets, paying off debts and expenses if there are any, as well as distribute the decedent’s estate to the beneficiaries.
Realistically, this process can take up to nine months to one and a half years, and sometimes even longer if necessary.
Navigating the Initial Stages of Estate Administration in California
Here’s a step-by-step guide to navigating estate administration in California:
Step 1: Determine the Estate Representative
Determining the estate representative is the first thing you have to do when dealing with a case like this. If the decedent left a will, the executor named in the will serves as the representative.
But, if no will exists, it depends on whether the case goes to probate court or not.
There are cases when the decedent’s estate need not go through a formal probate court case. For example, the decedent’s estate is small, and the transfer of property can go through a simple process.
In this case, the person who will inherit most of the decedent’s property can act as the informal estate representative.
Let’s say it needs to go through a formal probate court case. If that’s the case, an administrator will be appointed by the court to be the estate representative.
Now, there are cases that an existing will does not name an executor, making it hard to determine who the estate representative should be. If you are ever caught in a situation like this, seeking legal counsel from a lawyer is advised.
Step 2: The Estate Representative Needs To Gather Necessary Information And Fulfill The Duties Of The Role
Being an estate representative comes with several responsibilities, including:
- To ensure that certified copies of the death certificate are obtained;
- To figure out if there is an existing will or not;
- To determine the heirs and beneficiaries of the decedent’s property;
- To safeguard the property until everything is settled and any existing debts and expenses are paid;
- To verify the decedent’s final income tax returns;
- To cancel credit cards and other subscriptions;
- To keep all necessary documents and valuables in a secure place;
- To check any safety deposit boxes for important documents and valuables;
- To inform the Franchise Tax Board;
- To collect any assets and death benefits;
- To inform the Social Security Administration if the decedent was receiving social security benefits monthly;
- To manage the decedent’s digital assets, such as online accounts and any other necessary documents stored online.
Step 3: Identify The Heirs And Beneficiaries
The term “heirs” refers to the people who are legally entitled to the decedent’s estate when there is no will. “Beneficiaries,” on the other hand, pertain to the people who have the right to inherit the property according to a will.
There are different ways on identifying the heirs and beneficiaries such as:
- Terms stated in the will;
- Beneficiary designations;
- Joint tenancy arrangements;
- State law, if there is an issue with the will or if there is no will.
There are instances where identifying the heirs and beneficiaries is far more complicated. For example, the decedent’s will was not updated, or the heirs and beneficiaries of the estate have already died. In cases like these, seeking counsel from a legal professional is essential to better understand and figure out the key parties.
Step 4: Carefully Identify And Make A List Of The Decedent’s Property
In determining inheritance, identifying all of the decedent’s property and making a list of it is very crucial. It is imperative that you know all of the properties and keep a record of it.
Identifying assets can be complicated. Listed below are some information that may be of help:
- Real property refers to property such as lands and houses as well as a real estate lease;
- Personal property refers to all property that is not real and it can be either tangible (such as jewelry, boats, cars, etc.) or intangible (such as stocks and bonds);
- Determine if the decedent’s property is his/hers alone, if there is a joint tenancy agreement, or if it’s a community property.
Once all the properties are identified, and you have all the necessary documents, make a list of the assets and debts. The list should include all of the property owned by the decedent when they died.
Here are the things you need to include in the list:
- A brief description of each asset;
- The updated worth or value of the asset as of the date of death;
- What percentage or portion of the asset is owned by the decedent;
- The possibility of anyone filing a claim against the asset for the repayment of debt;
- The decedent’s ownership of the asset (if owned separately, or a community property or a joint tenancy, etc.)
Step 5: Determine The Best Transfer Process For The Assets
Once all of the properties of the decedent as well as the heirs and beneficiaries, are identified, determining the process for transferring is imperative.
In the state, the transfer of properties can be done through a simple process or if necessary, be done formally in probate court.
If you are unsure whether or not your case needs to be taken to the probate court, seeking professional help would be the best way to figure out which one is more suitable or necessary.
How Can You Avoid Probate in California?
Having to go through probate court can be a tedious process. There are several factors you will need to consider, such as the type of property, the worth of money involved as well as the claimants.
However, not all cases like this need to go through a formal probate court procedure. Sometimes, the transferring of the decedent’s property can go through more simplified procedures. Now how do you know if a simplified procedure is applicable to your situation?
The Type of Asset
One way of determining whether you need to take the case through a formal probate court is by checking if the assets have heirs or beneficiaries.
If this is the case, this means that the decedent’s property will automatically be designated to the listed beneficiaries. Some of the examples include:
- Properties held in a living trust;
- Proceeds from life insurance;
- Bank accounts;
- Retirement accounts.
Benefits as a dependent of a deceased veteran can also be collected without having to go through formal probate court.
The Type of Ownership
Another important factor you need to consider is the type of ownership.
If you are trying to figure out whether simplified procedures are applicable to your case or not, you can also try determining if the property was owned separately or under a joint tenancy agreement or community property with the right of survivorship.
If the ownership of the property is held under community property or joint tenancy agreement, then the entire assets will automatically be transferred or inherited by the surviving partner or owner.
Moreover, it’s important to ensure that the agreement is up to date and the property was not changed to become separate property through other means.
How Can You Access Inheritance Money in California Quickly?
Accessing inheritance money can take some time, but there are certain ways you can try to access inheritance money quickly.
One example is an “inheritance loan,” which is technically a probate cash advance. There are no monthly fees required or interest involved. Unlike an ordinary loan, having to pay fees will not be a problem.
Upon receiving the money, you can use it in any way you want. With a probate cash advance, you can easily access your inheritance and deal with any financial struggles you may have.
The Benefits of Choosing Inheritance Cash Advances
You may encounter challenges and issues when you decide to transfer or access your inheritance. With inheritance cash advances, you can easily access money without any hassle.
All you have to do is use your phone or computer, and you can receive your funds or money in less than just 24 hours.
Choosing inheritance funding has its advantages and one of them is the freedom it offers. Once you receive the money, you get to decide how and where to use it.
Spend The Money However You Want
You can use the money you receive from us to invest, pay the bills or other expenses, or you can even use it for a much-needed vacation. No one gets to decide how you spend your money but you.
No Obligation To Repay
Also, with inheritance funding, you have no obligation for repayment. Unlike most traditional loans, the repayment is based only on the assets in the estate, freeing you of future financial worries.
Not Tied To Your Financial Capacity
Another advantage of inheritance funding is that it is not based on your financial capacity. This means the amount of your income, your credit scores and your employment history have no significance in the matter. The decision is based on the estate’s value and not your financial circumstances.
In conclusion, there are several benefits to choosing inheritance funding. From the simplified procedures and convenience it offers in accessing funds to the freedom it offers in using the money, this option provides a well organized solution.
Why Tribeca Lawsuit Loans Is The Right Choice
At Tribeca, we will handle everything on your behalf at the same time, guide you throughout the process. All you have to do is provide us with the necessary information regarding the inheritance, and within 24 hours, you will have the money in your hands.
When you receive the money, you no longer need to worry about paying our fees because once the estate or property is settled and ready for distribution, the necessary costs for our services are automatically deducted.