Q: Who is eligible to receive a cash advance from Worldmine Financial?
A: An heir who will be inheriting at least $17,000 from a probate which is already open or is in the process of being opened.
Q. What does Worldmine Financial receive in return for the cash advance?
A: In return for a present cash payment from our investors, the heir sells to (technically, "assigns to") our investors the right to receive a fixed amount of money out of the heir's share of the probate estate.
Q: Are there minimums and maximums for cash advanced by Worldmine Financial to an heir?
A: Our investors’ advances normally range from $5,000 to $1,000,000. As a rough rule of thumb, assume the advance cannot exceed 30% of an heir's expected distribution from an estate.
Q: How does an heir apply for an advance on an inheritance?
A: Fill out a short form called an Heir's Information Summary. Then send the completed form to Worldmine Financial, together with copies of personal identification and relevant probate documents, to the extent you have them available.
Q: When do the investors get paid?
A: Our investors 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.
Q: Are there any application fees?
A: No. There is no cost or obligation to apply for the advance.
Q: Will credit problems prevent an heir from getting an advance?
A: Worldmine Financial obtains 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 generally not prevent an heir from receiving an advance.
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Q: Are monthly payments required to repay the advance?
A: No. Our investors are paid directly and in full from the estate at the time distribution is
Q: Who should I call if I have any questions about Worldmine Financial or want to make a referral?
A: For questions, call any Worldmine Officer at (305) 903-8922 or... Referrals of heirs or beneficiaries may be directed to any Worldmine Officer at the above telephone number or contacting us at firstname.lastname@example.org
Q: What happens if the distribution of the probate estate is delayed?
A: investors must wait until the 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.
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Q: Are there any geographic limitations on funding?
A: Worldmine Financial can only work with assets that are being probated in the United States and Canada.
Q: What if there are insufficient funds in the probate estate to pay investors?
A: This is one of the risks our investors assume when they 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 estate?
A: This is a risk that investors take. If there are not sufficient assets at the end of the probate to cover the amount of the assignment, then investors 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 Worldmine Financial about it in the application process.
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: What are the criteria that determine the cost of an advance from Worldmine Financial?
A: The size of the advance, complexity of the probate estate, and the estimated time to distribution are the major factors affecting pricing.