What’s An Inheritance Advance – And When Should You Consider One?

  • Estate Planning
what's an inheritance advance and should you consider one | estate and probate legal group

We all know that anything involving the courts will take time to complete, including the closing of an estate and inheritance. What happens if you are named in the will and are set to receive an inheritance, but you need the money now? Should you think about using money from the estate now? What is an inheritance advance, and should you consider one?

What’s An Inheritance Advance?

Some companies offer an advance on money you will receive from an inheritance. An inheritance advance allows you to receive a lump sum of cash now, which will be repaid when the inheritance pays out.

An estate going through probate can take several months to several years before the inheritance payout is complete. The process can be longer if someone contests the will, tax problems arise, or the estate is large and complicated. For this reason, some people find that an advance on their money is necessary.

With this type of advance, you receive the money now, and once probate is complete, the estate directly repays the advance company (plus their fees), and you receive the remaining assets.

What Is Needed To Receive An Advance On Your Inheritance?

There is not much needed to begin the application process for an advance on your inheritance. Some things the company may require are:

  • Death certificate
  • Copy of the will
  • Name of the executor
  • Probate petition
  • Current form of identification

Should You Consider An Advance?

As with any loan, you must consider the advantages and disadvantages of using an inheritance advance. The lump sum money sounds good now, but balancing that against the downside is important.

Here are some Pros and Cons for an inheritance advance:


  • probate can take a long time, and you may need the money now
  • no monthly payments – the company receives a lump sum payment at the end of probate
  • not necessary to put up any collateral since the funds will be repaid from the inheritance
  • your credit score is not an issue


  • the fees from the advance company can be high, and you may want to look into a loan instead
  • sacrifice part of your inheritance and will not receive all the money promised to you
  • you may need the money from the inheritance next year, and you won’t have access to it

Before accepting an inheritance advance, you should always speak with a financial consultant and an estate planning attorney. An experienced attorney can help you determine if this action is best for you.

A DuPage County Estate Planning Attorney

Are you considering an inheritance advance? Consulting an experienced probate, trust and estates attorney can give you peace of mind. Contact the Estate & Probate Legal Group at 630-864-5835. 

AREAS WE SERVE: Cook, Dupage, Kane, Lake and Will counties