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Mississippi Probate Laws, Important Timelines and Early Distribution Resources

Losing your loved ones is a serious loss. While you are recovering from the sorrow, let us remind you that there are some legal duties to be followed. If they have an estate, it must go for probate so that it will be successfully handed over to the heirs.

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Mississippi Probate Laws

Basics of Probate in Mississippi

Probate is the legal process of transferring an estate to the heirs. People who don’t know anything about the probate process must have known that the deceased person’s will should be followed by any means. It includes all the debts, estate, or any other legal obligations which the person desired to be done before he/she died. It does not matter if you don’t know how this procedure works, we will tell you all the basic knowledge you need to know about the Mississippi probate laws.

What if someone doesn’t want to go for probate in Mississippi?

Getting away from the probate in Mississippi is not a big problem, all it requires is planning things before anyone could die. To completely avoid the probate, an estate can be placed in a revocable trust with a beneficiary name. Trust is entirely different from the person who is actually the owner of the estate. The trust beneficiary will only get the estate when the real owner dies. On the other hand, bank accounts, investment accounts, life insurance policies, and pension funds are considered an exception and will only be transferred to the beneficiary when the death certificate is presented to these institutions. While the assets that are jointly owned will automatically be transferred to the surviving owner which includes all the estates and other assets as well.

How much time does probate take in Mississippi?

The probate process depends on various factors and may require different sets of time according to the size and location of the estate. The executor must give short notice to the heirs and they should be ready with all their documents whenever called for any legal process. Normally the probate process takes 6-12 months to completely transfer all the assets to the successor if the estate is legal and not involved in any dispute.

Is probate required for all estates in Mississippi?

While there are complications regarding the probate process but not all estates have to go through probate in Mississippi. The heir can present a simple affidavit to the institution holding the assets in which it should say that he is the only owner of the deceased, this only works if the estates have a total value of less than $50,000. To avail this option, the successor must provide the institution a legal death certificate copy. All the other estates that exceed this value of $50,000 will go through the proper and full-fledged probate process in Mississippi.

Is it necessary to go for probate in Mississippi?

Yes, it is necessary to go for probate in Mississippi. The estate requires probate in Mississippi if all the assets are legally documented. It is the legal way to distribute the assets to the heirs successfully.

How many probate courts are there in Mississippi?

Chancery courts deal with probate-related cases all over Mississippi. Different districts have different chancery courts. You need to check the official Mississippi Judiciary website to confirm which court is responsible for your probate-related queries.  

>States with an estate tax:

  • Connecticut
  • Illinois
  • Maine
  • Massachusetts
  • Minnesota
  • New York
  • Oregon
  • Rhode Island
  • Vermont
  • Washington (state

States with an inheritance tax:

  • Iowa
  • Kentucky
  • Nebraska
  • New Jersey
  • Pennsylvania

Estate and Inheritance Tax

  • Maryland

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What do we know about the charges of the executor of an estate in Mississippi?

Executors do get a fair amount for their time spent while working on the estate. Also, they get a full refund of the expense that occurred as a part of their duty. Their compensation depends on various factors:
  • Time spent
  • Expense occurred
  • Total working hours
  • Extra work

How much executor of an estate charge in Mississippi?

In Mississippi, the fees charged by an executor of an estate are also governed by state law. The compensation for an executor is determined based on a statutory fee schedule outlined in the Mississippi Code. According to Mississippi law, the fees for an executor are as follows:
  • 5% of the first $1,000 of the estate’s value
  • 4% of the next $9,000
  • 3% of the next $90,000
  • 2% of the next $400,000
  • 1% of the next $500,000
  • 0.5% of any amount above $1,000,000
These percentages are based on the gross value of the estate before any deductions or expenses. It’s important to note that the statutory fee schedule provides a maximum guideline, and the executor may choose to take a lower fee or waive it altogether.

What is the importance of filing a will for probate in Mississippi?

You must file a will in the court whether the probate requires it or not. A court should have a copy of the will to get away from any dispute or illegal activities.

How much time do you have to file the documents for probate?

According to the Mississippi probate code, if the executor is allocated to the deceased then he should file the documents for the probate within 30 days person’s death. In the meantime, he should send notifications to the creditors as part of the legal procedure.

General steps of settling an estate in Mississippi (If the case is not complex and not involved in any dispute)

The actual process may vary depending on the complexity of the estate, the presence of a will, and other specific circumstances. Here are the general steps involved in settling an estate in Mississippi. File the will: If there is a valid will, it should be filed with the appropriate Mississippi probate court. Petition for probate: The executor named in the will, or an interested party if there is no will, should file a petition for probate with the probate court in the county where the deceased resided. Notify interested parties: The executor should notify beneficiaries, heirs, and creditors of the estate about the probate proceedings. Inventory assets: The executor must create an inventory of the deceased’s assets, including property, bank accounts, investments, and personal belongings. Appraise assets: It may be necessary to obtain professional appraisals for certain assets, such as real estate or valuable personal property, to determine their fair market value. Pay debts and taxes: The executor should identify and notify creditors, pay off outstanding debts, and file any necessary tax returns on behalf of the estate. Distribute assets: Once debts and taxes are settled, the executor can distribute the remaining assets to the beneficiaries according to the terms of the will or state laws of intestacy if there is no will. Final accounting and closing: The executor should prepare a final accounting of all transactions related to the estate and seek court approval. Once approved, the executor can request the court to close the estate. Please note: It’s advisable to consult with an attorney or a professional experienced in probate law in Mississippi for personalized guidance throughout the estate settlement process.

Probate Code And Mississippi Law Resources:

You can find the government probate resources here: http://statutes.islaws.com/mississippi/title-91/7 http://statutes.islaws.com/mississippi/title-91 https://courts.ms.gov/trialcourts/chancerycourt/chancerycourt.php Do You Regularly Help Mississippi Residents? Yes, we’ve helped people from the following counties in Mississippi with Inheritance Advanced.
  • Hinds County
  • Harrison County
  • DeSoto County
  • Rankin County
  • Jackson County
  • Madison County

Is probate required in Mississippi?

Probate laws are required in Mississippi, just like in other states. However, not every estate has to go through probate. Estates with less than $50,000 don’t need to go through probate. You can avoid all the court hearings that come with the probate process by submitting an informal; probate affidavit.  Estates that have to do with real estate must go through the probate process unless it is a “Muniment of title,” where the deceased clearly defines the heir that should have the property after the testator dies. 

Spouses in Mississippi inheritance laws

After the deceased passes, their spouse is generally considered the next in line by most states in the US, including Mississippi. It is deemed that all the estates should automatically be transferred to the spouse unless they have kids, in which case, the estates will be shared equally among the spouse and children.

How are estates settled in Mississippi?

Estates in Mississippi are settled with similar procedures as every other state. The only differences will be the timeframes, restrictions, and further small details. The process is as follows:
  • The Mississippi probate laws require an executor for every estate in probate, so you must hire one.
  • The court can either approve the executor or appoint somebody else to do the job if the decedent didn’t select one.
  • The executor must file a petition with the court to open probate and submit a copy of the death certificate. 
  • The executor must publish the probate notice in a local newspaper for three weeks.
  • While the three weeks are in view, the executor must take inventory of all valuable assets after all creditors have been paid. If the available liquid cash is insufficient to pay off the creditors, it behooves the executor to sell off some assets.
  • The executor must then file for tax returns, pay taxes, and clear all debts before distributing the available estate among the beneficiaries.
  • Once all beneficiaries have received their due share of the estate, the estate gets closed.

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Losing your loved ones is a serious loss. While you are recovering from the sorrow, let us remind you that there are some legal duties to be followed. If they have an estate, it must go for probate so that it will be successfully handed over to the heirs.

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