If you’re the heir to an estate or have been named a trust beneficiary, you probably already know that it can take a while for you to get your money under California law.
In this issue, the Los Angeles hard money lenders at PB Financial Group will share insight into how, through probate and estate loans, you can access the funds that are rightfully yours more quickly, even if your case is still in probate.
How Does the Probate Process Work in California?
Losing a loved one is rarely easy. When it happens, however, the loved one’s estate and assets are legally required to be valued, used to pay any outstanding bills and taxes, and distributed in the manner he or she has expressed in their last will and testament.
The process, which must be initiated within thirty (30) days of the passing, will be led by someone designated by the loved one as the executor; therefore responsible for beginning the probate process. If no one was designated as the executor, the court will appoint one.
Once the executor is in place and recognized by the court, the probate process will begin in earnest. This includes applying for a taxpayer identification number for the estate itself and opening an account from which any outstanding bills will be processed. Further, whilst the process is taking its course, the executor will also inventory all aspects of the loved one’s estate and assign a valuation of its worth.
While there’s obviously a lot that must be handled by the executor, the good news is that not all of this has to be done at once, and the court can provide guidance to make sure that required timelines are met.
How Long Does Probate take in California?
Assuming there are no unexpected glitches during the process, most probate matters in California can be completed within eight (8) months to a year-and-a-half. Keep in mind that creditors have four (4) months to file claims against the estate.
What if I Need the Funds from the Estate Sooner?
Probate is a process and can be long and drawn-out. The difficult reality for many is that, for any number of reasons, they simply cannot afford to wait for the process to run its lengthy course.
Among the more common reasons why some survivors need faster access to their rightfully inherited funds are providing for basic necessities and securing the funds to fulfill financial planning.
In instances like these, the Los Angeles hard money experts at PB Financial Group can provide an invaluable service so that you can access your funds – which are rightfully and legally yours – when you need them.
We’ll provide you with the immediate financing you need as a loan, which will eventually be paid back through the estate when the probate process is concluded. Even better, you get to keep any funds that are left over from the estate once the loan and the other financial obligations of the estate are settled.
If you are in a probate process and need funds sooner than the expected end date contact the highly reputable and experienced hard money lenders in Los Angeles (and all surrounding areas) at PB Financial Group to schedule an appointment today at 877.700.3707 to discuss your options or visit www.CalHardMoney.com for further information.
PB Financial NMLS #357614/CalBre #01522495