Mississippi affords various probate shortcuts for “small estates.” These methods make it simpler for surviving family members to transfer a deceased person’s property. By filing an affidavit, you might be able to transfer a significant amount of property using streamlined probate procedures or without needing any probate court hearings. Thus, time, money, and hassle are all saved. Ridgeland probate estate administration lawyer can help you navigate through any issues properly.
Here are several methods for avoiding or expediting probate.
Using a Simple (Small Estate) Affidavit to Claim Property
When the total value of all the assets left behind falls below a particular threshold, Mississippi offers a method that enables inheritors to avoid probate completely. The only thing an inheritor needs to do is draft a brief document outlining their claim to a specific asset. An affidavit is the name of this document that was signed under oath.
If the estate’s total value is $50,000 or less, Mississippi allows for the use of an out-of-court affidavit process. In the affidavit, it is written:
- A personal representative has not been named and
- The inheritor is entitled to the asset because the entire estate’s value is less than this sum (and why).
- This technique requires a 30-day waiting time before use.
If there is no will, there is another procedure for bank accounts up to $12,500. The person requesting the funds must put their signature on a bond promising to settle the deceased person’s legal debts up to the withdrawal amount.
Less Complex Probate Processes
For small estates, Mississippi offers a streamlined probate procedure. An executor can use it by submitting a formal request to the nearby probate court seeking to employ the streamlined process. Without going through the formalities of traditional probate, the court may give the executor permission to distribute the assets. If the estate’s value is $500 or less, you can employ Mississippi’s streamlined small estate procedure.
In addition, an heir may ask for the transfer of real estate without going through formal probate if the decedent:
- had a will,
- had less than $10,000 in personal goods,
- owned real estate, and
- specified in the will who should inherit the real estate.
The procedure is known as “munition of title.” A petition confirming that all known obligations of the decedent have been settled and the estate is below the amount specified above must be signed under oath by the petitioning inheritor, the surviving spouse, and the other inheritors named in the will.