The Mississippi Probate Process
Mississippi probate laws will determine how an individual’s estate is distributed upon their death. It also provides procedures and guidelines for creditors to be paid. An administrator will handle the bulk of the work when an estate goes into probate. They will carefully investigate what property and assets the deceased owns, as well as determining the inheritance rights of any beneficiaries. They will use this information to determine which creditors will be paid and then divide up the estate amongst the decedent’s heirs. This is a very labor intensive role.
The administrator is named in the will. If no will has been written, then the Mississippi intestate statutes will be used to choose an administrator. This person will have the same duties as the administrator of a written will.
After an inventory has been taken of the deceased’s possessions, a Notice of Creditors must be placed in the newspaper. This gives creditors an opportunity to see if they are owed anything by the deceased. If they are, then they must make a claim against the estate. They will have a limited amount of time to do so. The exact time period will be based on the Mississippi’s statutes a govern creditors' claims.
Next, the Notice of Administration must be sent out to everyone else who is involved in the estate. Typically, this includes the deceased’s heirs. After payments are made and everything is split up, the probate is usually discharged and then closed. The process can take several months or even a few years. Some states do have limits to the length their probate. The amount of time that it will take for a probate case to finally be closed out, will depend on how fast the administrator inventories the estate, sends out the notice of creditors and administration and then how fast the beneficiaries and creditors respond. If there is any contesting if the will or questions about it’s validity, this can also prolong the process.
Because so much is at stake and because the process can be very intensive, it is a smart idea to hire an attorney who is familiar with the probate laws in Mississippi. Having someone who is experienced and well versed in the law will make the process much easier and will also decrease the chances of unnecessary delays.
Mississippi Probate Loans
Beneficiaries who find themselves frustrated with the process or who need their inheritance very quickly and are unable to receive it because of the case being in probate, they may consider cash advance probate loans. This will allow them to borrow against their inheritance and receive money right away. This will give them the money they need a lot faster than having to wait months and years for a probate case, which can be delayed.
The Mississippi Probate Process
Below we will provide a brief summary of the Mississippi probate process:
Once an individual has died, a family member must locate the will as well as the individuals who acted as witnesses. A witness may even be asked to give an affidavit.
An individual or the attorney will then ask the court to begin the probate process. They must file the necessary paperwork and the judge will be asked to admit the will to probate and appoint an administrator or executor.
The executor will have to sign an oath and a bond may need to be filed. This gives the administrator or executor to right to handle the distribution of the estate. In Mississippi the administrator must carefully review the estate and determine who the decedent’s creditors may be. They then need to write a letter to every potential creditor. This letter will be written on a preprinted form and this communication notifies the creditors of their right to make a claim. The administrator must also place a Notice to Creditors in a local newspaper. All creditors have 90 days starting on the first date that the notice to creditors was placed in the newspaper. If they do not to make a claim within that time, they can no longer do so.
After the administrator has sent out the correspondence, then they must file an affidavit either stating that the letters were mailed out or that no creditors have been discovered. The notice of creditors runs for three straight weeks. All claims will then be looked over and considered. The administrator will either pay the creditors or contest their claim.
Estate probate taxes will also be a concern for the administrator. This is generally only an issue with bigger estates. They will have nine months from the day that the individual died, to pay the estate tax. They may file for an extension if necessary. The administrator will also pay any taxes on income that had not already been paid. The beneficiaries will then receive their portion of the estate, the case can be discharged and finally closed. Heirs may join in the petition with the administrator to discharge and close the case.
Probate Resources- Mississippi
Inheritance Taxes- Mississippi
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