Probate is the legal process used to manage a deceased person’s estate, pay any outstanding taxes or bills, and distribute whatever remains to the rightful heirs. While every state has its own procedures, the purpose is the same everywhere: to ensure property is transferred fairly and all debts are properly settled before the estate is closed. If you’re an heir waiting for your inheritance, the following explains what typically happens.
Understanding Probate
When someone passes away, their “estate” includes everything they owned—such as bank accounts, real estate, investments, and personal items. If probate is required, the court examines the will (if one exists) to confirm it’s valid. If there is no will, the court applies intestate succession laws to determine who should inherit. During this process, creditors are also given a chance to file legitimate claims. Once all obligations are handled, the court identifies and approves the beneficiaries who will receive the remaining assets.
When One Advance Isn’t Enough
The probate process can be long, unpredictable, and emotionally draining. For many heirs, receiving an inheritance advance offers immediate relief — covering living expenses, debts, or unexpected costs while waiting for the estate to settle. But what happens if the process drags on longer than expected, or new financial needs arise after receiving the first advance? The question naturally follows: Can I get another inheritance advance?
Understanding the Financial Dilemma After Losing a Loved One
When an estate enters probate, it can take several months-even years-before heirs actually get their inheritance. While waiting for the settlement, beneficiaries usually require cash to cover immediate needs like funeral costs, mortgage payments, medical bills, or day-to-day living expenses. This presents a dilemma: is it better to wait out probate, refinance property belonging to the estate, or obtain a probate advance?
Both estate refinancing and probate funding seek to convert future inheritance into immediate cash. The way they work, though—and the long-term obligations they incur—are decidedly different. Understanding the differences can help families select the option that will preserve more of the estate’s value and bring greater peace of mind.
When a person dies, the probate court’s job is to authenticate the deceased person’s will, if one exists; appoint a personal representative, known as an executor; and oversee orderly asset distribution to heirs or beneficiaries. If there isn’t a will, intestate succession laws in Michigan say who gets what.
When a business owner passes away, the company they built often becomes part of their estate. Whether it’s a small family enterprise or a larger corporation, business assets require careful management during probate. Ownership may need to be transferred, debts settled, and operations maintained—all while the estate moves through the legal process.
Probate, by its very nature, is a time-consuming process. Courts must verify wills, settle debts, resolve taxes, and ensure that every distribution is legally sound. While this oversight protects all parties, it can also create long waiting periods—often lasting many months, and sometimes years. During that time, heirs are unable to access the inheritance they’re legally entitled to.
The Rise of Digital Assets in Modern Estates
Cryptocurrency has transformed personal wealth management—and now, it’s reshaping estate planning and probate. As more individuals include Bitcoin, Ethereum, and other digital assets in their portfolios, executors and heirs are increasingly tasked with managing these complex holdings after a death. But digital assets present unique challenges: volatility, security risks, and difficulties in valuation.
Do bank accounts with beneficiaries have to go through probate? Not always. Some bank accounts can bypass this process. Learn more about probate rules.
