What assets do and do not go through probate in Mississippi?

When it comes to estate planning and probate in Mississippi, understanding which assets go through probate and which do not is crucial. Proper knowledge of this distinction can help individuals plan their estates effectively and ensure a smooth transfer of assets to their heirs. In this article, we will delve into the specifics of what assets are subject to probate and which ones are exempt in the state of Mississippi, as well as how different types of property are managed during the estate settlement process.

Assets Subject to Probate

Assets that are subject to probate in Mississippi are those that are solely owned by the deceased individual and do not have a designated beneficiary. These assets must go through the probate process to transfer ownership to the heirs. Common examples of assets that typically go through probate include:

• Real estate owned solely by the deceased

• Bank accounts in the deceased’s name only

• Investment accounts without designated beneficiaries

• Personal belongings and household items

Legal Code Reference: Mississippi Code Annotated § 91-7-3

Assets Exempt from Probate

Not all assets are required to go through probate in Mississippi. Assets that have designated beneficiaries or are jointly owned with rights of survivorship can bypass the probate process and pass directly to the designated individuals. Some common examples of assets exempt from probate include:

• Life insurance policies with named beneficiaries

• Retirement accounts with designated beneficiaries

• Jointly owned property with rights of survivorship

• Trust assets

Legal Code Reference: Mississippi Code Annotated § 91-7-322

Handling Different Types of Property

When it comes to handling different types of property during the estate settlement process in Mississippi, it is essential to understand the specific rules and regulations that apply. For example:

• Real estate: Real property owned solely by the deceased must go through probate, while jointly owned property may pass directly to the surviving owner.

• Bank accounts: Individual bank accounts without designated beneficiaries are subject to probate, while joint accounts may pass to the co-owner.

• Personal belongings: Personal items and household belongings are typically included in the probate estate unless specified otherwise in a will or trust.

Legal Code Reference: Mississippi Code Annotated § 91-7-5

Final Thoughts on Asset Distribution in Mississippi

Understanding which assets go through probate and which do not is essential for effective estate planning in Mississippi. By being aware of the rules governing asset distribution, individuals can ensure that their assets are transferred according to their wishes and minimize delays in the settlement process. Whether it’s real estate, bank accounts, or personal belongings, knowing how each type of property is handled can streamline the estate administration process and provide peace of mind to both the decedent and their heirs.

Buried in Work’s Additional Resources

Buried in Work provides Mississippi state-specific service provider directories and information related to estate preparation, end-of-life tasks, and estate transition information. Click here to learn more.