How To Find Cash Now
There are times in our lives when we need cash immediately – we can’t wait. Dealing with an estate might create one of those cash crises. Sure, you can get reimbursed when the estate is finally settled, but what do you do in the meantime? Would paying for professional services out of your own funds feel uncomfortable or even create a personal emergency for you? Would getting at least SOME money to beneficiaries of the estate NOW persuade them to let you do what you need to do? Does someone need to pay for a new place to live so that the house they’re living in can be readied for sale?
Life Insurance and Retirement Accounts
Life Insurance can provide needed funds quickly. The amount can range from just enough to cover funeral costs to hundreds of thousands of dollars or more. Sometimes, companies automatically provide life insurance to employees and professional organizations offer life insurance to members. Please don’t forget to check all possibilities. Not sure whether life insurance policies even exist or how to find them? Don’t worry – there’s a way to find them!
The owner of a retirement account can name beneficiaries of the account who would receive some percentage of the account balance if the owner passes away. If this designation has been made, the retirement account can also quickly provide funds.
Would you like any recommendations for insurance options? Feel free to give me a ring!
Government Assistance – COVID
COVID has rocked our world. Never before in my life have I personally known so many families who have lost loved ones due to one illness, and maybe that has been your experience, too. FEMA recognizes the pandemic as a disaster and is prepared to offer financial relief to families who have dealt with funeral expenses due to COVID. Please consult their website.
Estate Loans and Estate Advances
Estate advances and estate loans are options available to personal representatives. If there is an expectation that money will be left over once the estate is settled and all creditors are paid off, there are firms that will give you some portion of that money ahead of time to do with as you see fit.
With an estate loan, the longer the loan goes before getting re-paid, the more the estate will pay in interest. If the probate process drags on longer than expected, the interest will add up. Regular payments are required. An estate advance differs from an estate loan because the fee is set from the beginning and does not change if the probate process takes a long time. The lender is re-paid once the loan is settled — essentially, the lender gets a piece of the estate for enabling you to enjoy the benefits of the estate early.
Companies that issue estate loans and estate advances know from the outset that they might be taking on a substantial risk: the value of the estate might not turn out to be what they expected, and so there might not be enough money at the end for them to recover their investment. The higher the risk they feel they are taking, the higher their charges. You should carefully consider whether this fee is worth the benefit of getting the money now.
Estate Sales
The beneficiaries of the estate might not want to take physical possession of all belongings and personal effects in the estate. There are companies that specialize in staging and conducting estate sales on your behalf.
I can recommend companies right here in Dallas / Fort Worth to help.
Selling Real Estate
A home or other real estate is often among the most valuable assets of an estate and might be able to provide a lot of cash. In Texas, the sale of the house does not always need to be postponed to the end of a long probate process, so selling the property might provide cash to allow you to continue with other needed activities. Please consult your attorney for guidance on when you can sell. If selling real estate is something you choose to do at this time, there are many ways that I can serve you.
This is where I can really shine for you! We should talk to find out what best suits your needs!
