Tag Archives: probate funding
Probate Funding: A Useful Option for So Many
The following is a contributed article by Steven D. Schroeder, Esq., General Counsel/Sr. Vice President at Inheritance Funding Company, Inc. since 2004.
There have been a few recent articles written on the topic of Probate Advances.[i] Probate Advances are available because a handful of companies are willing to assume a risk and provide funding in return for a partial assignment of a beneficiary’s interest in an Estate, and to a lesser extent Trust Proceedings. One critic has conflated Assignments to Loans without a fair analysis of the many differences between the two legal maxims.[ii] This 4-part series expands upon those differences and provides a legal and practical perspective as to why Probate Advances are a useful option for so many.
Probate Funding: A Useful Option for So Many (Part 3 of 4)
The following is Part 3 of our 4-Part series on Probate Funding by Steven D. Schroeder, Esq., General Counsel/Sr. Vice President at Inheritance Funding Company, Inc. since 2004. You can find Parts 1 & 2 here and here.
Probate Assignments are Adequately Regulated in California
In California, it is the exclusive jurisdiction of the Probate Court to determine entitlement for distribution, Cal. Probate Code §§11700-11705. Probate Courts may also apply equitable principles in fashioning remedies and granting relief in proceedings otherwise within its jurisdiction. Estate of Kraus (2010) 184 Cal. App 4th 103, 114, 108 Cal. Rptr. 3d 760, 768. Thus, even without a specific statute addressing assignments, Probate Courts in California, as well as other jurisdictions, have conducted oversight over the propriety of Assignments in Probate. See In Re: Michels’s Estate 63 P. 2d 333, 334 (Cal. Dist. Ct. App. 1936).
Probate Funding: A Useful Option for So Many (Part 1 of 4)
The following is a contributed article by Steven D. Schroeder, Esq., General Counsel/Sr. Vice President at Inheritance Funding Company, Inc. since 2004.
There have been a few recent articles written on the topic of Probate Advances.[i] Probate Advances are available because a handful of companies are willing to assume a risk and provide funding in return for a partial assignment of a beneficiary’s interest in an Estate, and to a lesser extent Trust Proceedings. One critic has conflated Assignments to Loans without a fair analysis of the many differences between the two legal maxims.[ii] This 4-part series expands upon those differences and provides a legal and practical perspective as to why Probate Advances are a useful option for so many.
