A loan to trust situation is never fun to be in, especially when it involves a will. With probate problems and other issues that surround a missing or nonexistent will, there needs to be an easy way to solve things. This can usually be done a few ways.
Before any heir can obtain probate money they must provide the funding source with specific information regarding their anticipated inheritance. This is in order to prevent people from filing false claims for an inheritance that is not theirs.
A probate also officially appoints the executor or personal representative, generally named in the will, as having legal power to dispose of the assets of the testator in the manner specified in the will. Since sometimes there is no will, the deceased owner may not have their final wishes carried out easily.
Receipt of probate involves resolving all claims and distributing the deceased property under their will. Additionally a loan to trust receipt involves having everything in order means having everything in order for the trust lender or loan provider.
Probate or inheritance lenders commonly require an original copy of the decedent’s last will and testament, death certificate, and contact information for the probate estate executor.
With a probate loan, the lender is repaid directly by the probate estate or trust once the process has concluded.
Having a will allows for things to be a bit more clean cut. Unfortunately this is not always possible, so having ways to solve these kinds of issues can always be nice.