Here’s a step-by-step breakdown of how inheritance advance payments typically work:
- Inheritance Profile
The process begins with the heir creating an Inheritance Profile, and uploading documentation to support the inheritance claim. This will require details about the deceased’s estate, including the value of the inheritance and the expected timeline for estate settlement. This information is not yet public.
- Risk Assessment
Panoptic will undertake assessment and validation of the Inheritance Profile details and rate the Inheritance Profile against our Risk Matrix, which will provide guidance to buyers interested in the purchase. This information is now public, and can be bid on by buyers.
- Bids
The Inheritance Profile can now receive bids from interested buyers. The bid amount will be less than the total inheritance to account for risk and fees that will now be held by the buyer. The heir will receive notification and details of any bids. The heir can then accept or reject a bid.
- Binding the Bid
If the bid is accepted by the heir, Panoptic will send through contract details between the heir and the buyer as the legally binding agreement. Once this is signed by both parties, Panoptic will:
- Request financial deposit details from the heir, and securely provide to the buyer.
- Submit the contract with the registered probate attorney and/or probate court, as required.
- Payment
Upon the signing of the contract and receipt of financial deposit details, the buyer will make payment direct to the heir. Panoptic will facilitate the financial exchange via the Panoptic Finance – The Inheritance Exchange website, for record.
The buyer will make a lump sum payment to the heir. There are no repayments. An inheritance advance payment is not a loan and does not have any loan repayments attached to it. The buyer will receive the agreed inheritance payment direct from the estate on settlement, as per the contract assignment.
The Panoptic Inheritance Exchange is Launching Soon!
Submit your indication of interest at our home page.
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