Mississippi Probate | Inheritance Advances in Mississippi
Probate is a state-by-state legal process that transfers a person’s assets to their rightful heirs. Probate aims to create an organized system for distributing inheritances, but it can be a frustrating waiting game for many. We’ve broken down the process in our Mississippi probate guide.
Probate Process In Mississippi
When a Mississippi resident dies, their assets, belongings and money are considered their estate. After paying any taxes and debts, whatever is left in their estate goes to their heirs. According to Mississippi probate law, heirs must submit the death certificate, hire an attorney and file probate to receive their inheritance. For some, this process may involve a formal court proceeding to transfer the estate legally.
As you work your way through probate, it’s important to understand your options.
Is Probate Required in Mississippi?
Probate requirements depend entirely on the value of your loved one’s assets. Most estates require some form of probate to transfer an inheritance in Mississippi. However, if the estate is worth less than $50,000, you can submit an informal probate affidavit instead of attending a court hearing.
If the estate includes real estate, probate is typically required. The one exception applies to real estate property with a named heir in the will and less than $10,000 in personal assets. This process is called the muniment of title and avoids some aspects of a formal probate.
Though there is no deadline for filing probate in Mississippi, the court is legally allowed to compel surviving family members to present their loved one’s will. In that case, you would be required to file probate within 40 days of their death. You must file probate, even if there’s no will. The spouse or adult child of the deceased would work with the court to determine the proper transfer of assets.
Does Mississippi Have an Inheritance or Estate Tax?
Mississippi is one of 38 states that do not require a state-level inheritance or estate tax. However, federal estate taxes still apply. Though the federal tax changes yearly, the most recent exemption amount was $12.06 million in 2022.
Spouses in Mississippi Inheritance Law
Mississippi probate laws have determined a standard order of inheritance in the event your spouse left no will. Spouses are given priority if there are no children. If the deceased has children, they will share equal assets with the spouse.
How Long Does Probate Take in Mississippi?
The main frustration with probate is its length. Processing times can create long waiting periods for the deceased’s family, ultimately prolonging the grieving and logistical process. While probate is in process, heirs cannot access the money their loved one wanted them to have.
In Mississippi, creditors have 90 days to submit claims against the estate, so probate takes a minimum of three months. To make matters worse, the average estate in the US takes a full year and a half to finally distribute the inheritance money to the heirs. Depending on the size of your loved one’s estate, the probate process could take longer — that’s why we provide inheritance advances for any estate in Mississippi!
How to Avoid Probate in Mississippi
Unless your loved one put their assets in a non-probate trust or assigned a beneficiary to their accounts, the best way to avoid probate is to get an advance. At Inheritance Funding, we allow beneficiaries to access their rightful inheritance when they need it instead of waiting for the courts to process it.
With inheritance probate advances from IFC, you can access the money your loved one meant for you to have right away. The process is fast and easy, and you decide how much of your inheritance you’d like to receive immediately. The money is yours to use however you’d like – whether you want to use the money to pay bills, fund a vacation, make car payments, etc.
Access Your Inheritance In Mississippi Immediately
With over $200 million advanced to thousands of heirs across the country since 1992, we have the expertise and size to help you immediately. Let our friendly staff give you a free, no-obligation consultation. We’re more than happy to walk you through the Mississippi probate process and answer all of your questions regarding probate advances. There are no hidden fees, no monthly payments, and credit and income are never an issue. There’s no need to wait years for what’s yours; call us today and access your money right away.