Few things in life are more difficult than losing a loved one. Going through the Mississippi probate process right after a loved one dies can make the situation that much harder. Let Rockpoint Probate Funding help you work through this process without financial issues.
The Mississippi Probate Process
Title 91 of the Mississippi Code lays out the rules and regulations regarding the probate process in the Magnolia State. Before you and your family can collect inheritances from a loved one, you must navigate the Mississippi probate process. It’ll ensure that your family fulfills your loved one’s tax obligations and pays off any outstanding debts they had.
The probate process in Mississippi won’t play out overnight, as it typically takes months for families to reach the end of it. Discover more about how this process works so you know what to anticipate.
Does Mississippi Require Probate?
Did your loved one die and leave assets worth less than $50,000 to their heirs? If so, you might not need to go through the Mississippi probate process. You can fill out a small estate affidavit instead.
If, however, your loved one left behind assets worth over $50,000 or left real estate behind in their will, the probate process will be required in Mississippi. This process will allow your family to distribute a loved one’s assets without worrying about fraud or theft.
Are There Any Ways To Avoid Probate in Mississippi?
Your family might skip the probate process in Mississippi if your loved one’s estate is valued at less than $50,000. But this isn’t the only way to work around having to go through the probate process. You can also do it if your loved one took the time to create a living trust during estate planning.
With a living trust, assets are automatically transferred to the designated beneficiaries. People can use living trusts to transfer ownership of:
- Bank accounts
- Life insurance policies
- Retirement plans
- Vehicle titles
You may want to advise older family members to explore creating living trusts to make the probate process easier.
How Long Does My Family Have To File Probate in Mississippi After a Loved One’s Death?
Mississippi doesn’t have an official deadline for families when it comes to how soon they must file probate after a loved one’s death. The probate court in your loved one’s county might send you a notice asking your family to present your loved one’s will. If this occurs, you’ll have roughly 40 days to respond.
No matter what, though, your family must file probate in Mississippi under the current laws, even if your loved one didn’t create a will. You can’t distribute your deceased family member’s assets without going through this process or at least filling out a small estate affidavit.
What Is Included in the Mississippi Probate Process?
The Mississippi probate process will begin with your family presenting your loved one’s will to the probate court in their MS county. But that will be just the first step of many your family must take to validate the will. Here are other steps included in the process:
- Creating an official estate for your loved one’s assets
- Generating a list of your loved one’s assets and having them appraised
- Creating a list of your loved one’s debts and arranging to pay them off
- Taking care of any outstanding taxes your loved one owes, if necessary
- Distributing a loved one’s assets to heirs
- Closing your loved one’s estate
An executor will ensure your family stays on the right track throughout the probate process. If there is one, they’ll also work out the details for their executor compensation.
How Long Does the Probate Process Take in Mississippi?
In Mississippi, the probate process takes at least three months since inheritance laws give creditors 90 days to make claims against a person’s estate. But it isn’t uncommon for this process to take anywhere from six to 18 months, if not longer, because of all the potential complications associated with executing a person’s will.
If, for instance, your family members are involved in disputes over the inheritances your loved one left behind, it can slow down the probate process. You might also hit roadblocks during this process if your family doesn’t provide a probate court with the proper paperwork.
What If My Loved One Dies Without a Will in Mississippi?
If your loved one dies without a will, you might think you won’t have to go through the Mississippi probate process, but this isn’t true. You’ll still need to file probate and allow a probate court to decide how to distribute assets based on the state’s intestate succession laws.
The court will usually award most of a loved one’s assets to their spouse and children, if they had any. The court might also consider distributing assets to other family members, including parents, grandparents, grandchildren, etc.
Is There an Estate or Inheritance Tax in Mississippi?
There isn’t an estate or inheritance tax in Mississippi. However, you may face a federal estate tax if a loved one’s estate is worth more than $13,610,000.
Can I Access an Inheritance From a Loved One Before the Mississippi Probate Process Ends?
You can access an inheritance from a loved one before the conclusion of the Mississippi probate process by working with Rockpoint Probate Funding. We can provide you with the probate cash advance you need. Here’s how our process works:
- You contact us to schedule a free consultation and learn about our probate cash advances.
- You set us up with a copy of your loved one’s will and your probate paperwork for review.
- You find out if you’re approved for a probate cash advance and, in most cases, receive it within 24 hours.
Reach Out to Rockpoint Probate Funding for Help
Could a cash advance make your loved one’s Mississippi probate process less stressful? Rockpoint Probate Funding can supply you with one. Call us at (888) 263-8588 to learn more about our service and whether it might benefit you.
