By definition, probate is the official proving of a will. To dive a little deeper, though, probate is the legal process that occurs after an individual passes. The point of probate law is to make sure the deceased’s wishes are carried through and that their property and possessions are given to the right people. In addition, any taxes or debt that is still owed by the deceased are paid in full during probate.
While probate is definitely beneficial, you don’t always need it to deal with an estate. In fact, if the estate falls below a certain threshold and is considered to be a “small estate”, then court supervision is not required for it to be settled. If you’re curious about what Mississippi’s threshold is, contact the team at Mestayer Law Firm. Continue reading as we discuss more things you should know about probate law in Mississippi.
Probate Law in Mississippi:
Probate law in Mississippi is pretty complex. If you have any questions, the best thing you can do is reach out to Mestayer Law Firm rather than try to figure it out on your own. It’s easy to get confused about items concerning probate, and the experienced attorneys at Mestayer will be able to answer any difficult questions that arise. In the meantime, here are four things you should know about probate law in the state of Mississippi:
- Beneficiary Designations:Items like retirement accounts and life insurance policies usually have beneficiaries named already. Therefore, for items where there are beneficiary designations, probate is not needed. When the account holder dies, the assets will go to the designated beneficiary or beneficiaries.
- Joint Tenancy:Joint tenancy is when a joint tenant passes away and the surviving tenant becomes the owner of the property. For example, if you and your spouse both own your house and you pass away, your spouse will become the sole owner of the home. This is known as “right of survivorship”. Joint tenancy instances also do not require probate.
- Informal Probate:A majority of probate hearings in Mississippi are informal. Informal probate can be used when beneficiaries and heirs to the estate get along and there are no creditor problems. The executor will send out formal notices, take care of the property and then distribute it once the estate closes.
- Supervised Formal Probate:Supervised formal probate is when the court steps in. During a supervised formal probate, the court must approve how each piece of property is distributed.
Mestayer Law Firm provides civil litigation for clients throughout the Gulf Coast area including Pascagoula, Biloxi, and Gulfport. If you are making future plans for your estate, then contact us today and let us help take care of every detail of your finances. Call us today at 228-762-1193 or visit www.pascagoulalaw.com. We are your legal experts! You can also visit our office located at 2128 Ingalls Ave. in Pascagoula, Mississippi. We look forward to talking with you!
No representation is made that the quality of legal services performed is greater than the quality of legal services performed by other lawyers.
This article does not create an attorney-client relationship. I am licensed to practice law in Mississippi and have based the information presented on US laws. This article is legal information and is for entertainment and informational purposes only and should not be seen as legal advice. You should consult with an attorney before you rely on this information. Any information provided in this blog is accurate and true to the best of my knowledge, but that there may be omissions, errors or mistakes.