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Frequently Asked Questions

Here you will find answers to the most commonly asked questions. If you have any other questions, please feel free to contact us and ask.

Q: How much does it cost?
A: It all depends on your particular inheritance. For more information, contact us.

Q: What are the criteria that determine the cost of an advance?
A: The size of the advance, complexity of the probate estate, and the estimated time to distribution are the major factors affecting pricing. 

Q: Who is eligible to receive a cash advance?
A: An heir who will be inheriting at least $17,000 from a probate estate which is already open or is in the process of being opened.

Q: What does Jerome Enterprises, Inc. receive in return for the cash advance?
A: In return for a cash advance, the heir sells to (technically, "assigns to") us the right to receive a fixed amount of money out of the heir's share of the probate estate.

Q: When does Jerome Enterprises, Inc. get paid? 
A: We are paid directly from the estate upon distribution. The rest of the inheritance is distributed directly to the heir. An heir never directly makes nor is responsible for any payments to us.

Q: Are there any application fees?
A: No. There is no cost or obligation to apply for an advance.

Q: Will credit problems prevent an heir from getting an advance?
A: We obtain a credit report in preparing a case for funding, primarily to determine that there are no judgments, child support or bankruptcy proceedings that might interfere with payment of the assignment. A poor credit record alone, including delinquencies, discharges in bankruptcy, foreclosures, etc., will not prevent an heir from receiving an advance.

Q: Are monthly payments required to repay the advance?
A: No. We are paid directly and in full from the probate estate at the time distribution is authorized.

Q: What if there are insufficient funds in the probate estate to pay?
A: This is one of the risks we assume when we accept an assignment from an heir. The heir who gives true information on the application and honors the assignment agreement has no personal liability for payment of the advance.

Q: What happens if a previously unknown creditor makes a claim on the probate estate?
A: This is a risk that we take. If there are not sufficient assets at the end of the probate to cover the amount of the assignment, then we take the loss. The heir is not liable to pay back the assignment unless, of course, the heir was aware of the claim(s) and failed to tell us about it in the application process.

Q: What happens if the distribution of the probate estate is delayed?
A: We must wait until the probate estate is ready to distribute. There is no recourse to the funded heir for any delays in the distribution. The assignment does not accrue interest or go up in value, no matter how long the distribution is delayed.

Q: Are there any geographic limitations on funding?
A: Yes. We can only work with assets that are being probated in the United States.

Q: What if the probate estate is in a different state?
A: It is common for the heirs of a probate estate to reside in a state different from the deceased's state. This rarely causes a difficulty.

Q: Are there minimums and maximums for cash advanced to an heir?
A: Advances normally range from $5,000 to $100,000. As a rough rule of thumb, assume the advance cannot exceed 30% of an heir's expected distribution from a probate estate.