How to get Early Access to your Inheritance?
Key Takeaways:
- What is Early Inheritance?: Early inheritance lets a beneficiary receive part of an estate early to help with immediate financial needs.
- How long does it take to get an inheritance in Australia?: Probate is usually lengthy, making early inheritance better for immediate support.
- Why do Australians choose early inheritance today?: Rising housing costs and longer life expectancies mean a growing need for early support.
- What is an Inheritance Advance?: An inheritance advance gives beneficiaries early access to their expected inheritance, without the traditional monthly loan repayments, and repayment only occurs once probate is finalised
- The steps of Early Inheritance: Everything you need to do to apply for Early Inheritance with us.
- Tax implications: Large amounts can have tax consequences, like Capital Gains Tax.
Between the rising cost of living and soaring property prices, many Australians find themselves “asset rich but cash poor.” When an inheritance is on the horizon, waiting months—or even years—for probate to clear can be a significant financial strain. Fortunately, new funding options like beneficiary loans and inheritance advances are bridging that gap. However, not all early-access solutions are created equal. Understanding the nuances, costs, and benefits of each is essential to ensuring your future financial health isn’t compromised for a short-term fix.
What is early inheritance?
Early Inheritance is the act of beneficiaries getting part of an inheritance early, before the formal distribution of a deceased’s estate through the will and probate process.
You might use an early inheritance to make a cash contribution toward a home deposit or to transfer ownership of a property. You could also use it to help with school or business costs.
Early inheritance impacts how an estate is divided. So, whether it’s structured as a loan, early inheritance must be properly documented to avoid complications.
If you need more capital to pay these estate costs before probate is completed, see how our estate loans can help.
How long does it take to get an inheritance in Australia?
The typical way to inherit in Australia is through probate. Probate often takes many months to complete, leading to lengthy delays in inheritance coming through. For some beneficiaries, early support or an inheritance advance can be better options than waiting for probate to complete.
Why do Australians choose early inheritance today?
There are several factors behind the growing popularity of early inheritance in Australia. One factor is housing affordability. Markets like Brisbane, Melbourne and Sydney are steep, so many first-time buyers need family support in the form of an early inheritance to afford a deposit.
Another factor is difficulty paying estate expenses. Often, a loved one’s estate doesn’t fully cover the costs of bills, mortgages, even funeral expenses and admin costs. Even when it does, the lengthy probate process means Australians don’t have the money on hand they need to pay these expenses.
Apply now for a loan to help you pay estate costs, or to help you with bills or a mortgage.
What is an inheritance loan?
The main financial solution that gives early access to inheritance is an inheritance loan, also known as an inheritance advance or a probate advance. This solution lets beneficiaries access part of their expected inheritance before probate is finalised. It isn’t a loan in the traditional sense because there are no monthly repayments for the beneficiary to pay – you only repay in one lump sum after probate is finalised.
Early access to an inheritance can be a helpful, generous, supportive thing. But without proper documentation and legal advice, obtaining early access to your inheritance may lead to complications in probate, so it’s always best to consult with a trusted estate lawyer.
The steps to apply for early inheritance
Let’s look at the steps you need to take to apply for an inheritance advance with JustFund.
Apply for an early inheritance loan
First of all, you apply online at Justfund.com.au for an inheritance loan. As part of the application, you will be asked to share basic details about your inheritance and the estate plan. There is no cost to apply, and unlike a traditional bank loan, your credit score and income status do not impact the assessment or your eligibility. If this feels daunting or you prefer to speak to someone in person, then you can also ask for assistance on 1300 644 980.
Verifying your eligibility
The next step is for us to verify your eligibility. We’ll confirm your status as a beneficiary and assess the value of the deceased’s estate and match this against the amount you wish to borrow.
Making an offer
We’ll then make an offer based on the information you’ve given us, with the funding amount being dependent on the size of the estate settlement.
Releasing the funds
If you accept the offer we’ve made, you’ll receive the funds within a few business days.
Repayment after the estate settles
When the estate settles and probate is fully complete, you can repay us from your share of the actual inheritance when it’s released.
Though this process is straightforward, it can feel overwhelming, especially when you’re already grieving or if you’re dealing with family tensions and other financial matters complicating things.
That’s why we try to make your estate experience as supportive and clear as possible. Real people will guide you through the process with clear, supportive, open communication and full flexibility. We understand that accessing inheritance early isn’t just a financial decision, but often, an emotional one too.
You can contact our Customer Service Team during Business hours, Monday to Friday for more information at 1300 644 980 or email us at enquiries@justfund.com.au
Tax implications
Though Australia doesn’t impose inheritance tax, large transfers still carry consequences in some situations.
- Capital Gains Tax (CGT) can apply to the sale of shares or real estate transfers.
Conclusion
Visit us at JustFund.com.au for more information and to find out what you are eligible for. Contact us today to learn how we can help you and find out more about our estate services.
