Mississippi Inheritance Loans and Probate Advance Law
Probate in Mississippi is designed to ensure the wishes of the deceased person are followed based on their last will and testament for the heirs. Each state creates its own laws and statutes for how probate must be handled. These statutes detail what property must go through probate, what signatures are required and even the deadlines for when probate may be filed.
What are Mississippi Probate Laws?
Mississippi probate laws are simpler and more straightforward than in many states. All probate cases must be handled by a Mississippi attorney and are conducted in Chancery Court. In addition to formal probate, a simple affidavit process may allow an estate to be settled without the need for probate. If you are an executor or administrator of an estate in Mississippi, you will need to hire an attorney to oversee the process. They will direct you on what documentation is needed and when it must be filed. They will work to protect the interests of the heirs while following the current statutes on probate law. Even though an attorney will oversee the process, you should understand the basic laws about probate. It is helpful to know the deadline to open probate and what to expect afterward.
What is the Probate Process in Mississippi?
Even though probate in Mississippi is similar to what happens in other states, there are details that are peculiar to the state. The basic steps for probate are as follows:
- The attorney files a Petition for Appointment of Administrator or Executor. They also request letters of administration or letters testamentary for estates with or without a will, giving authority to the person named an executor or chosen as administrator.
- A hearing is set where the attorney will attend to receive the order which has been signed by the judge to grant the petition and letters.
- The executor or administrator signs an oath, which is filed with the court. This oath states that the person will uphold their duties to the estate. They will receive the letters which give them the authority to act on behalf of the estate.
- Notices are sent to any known creditors and published in the newspaper for unknown creditors. These creditors have 90 days to submit a claim.
- The executor must pay all claims or contest them.
- Assets must be inventoried and assigned a value. They or the proceeds from the sale must be distributed to the heirs of the will.
- The executor must keep records of all transactions and file them with the court.
- The attorney files a petition to close the estate.
The executor or administrator of the estate is responsible for the management of the estate, but they do not own it. The court controls the estate until it has been distributed and closed. Once the estate has been closed, the executor has been relieved from their duties.
What Property Will Go Through Probate in Mississippi?
The only property that needs to go through probate in Mississippi is any that is in the name of the deceased only. If there is a joint owner, the property automatically transfers to them in whole. Any accounts that are payable upon death will go to the beneficiary named. It is possible to bypass probate even if you do not meet the regular requirements. If the estate has a bank account with a balance of less than $12,500, an affidavit must be presented along with the death certificate. The heir must pay any debts before taking the account.
How Can You Avoid Probate in Mississippi?
You may be able to avoid probate in Mississippi if you plan ahead. The costs associated with probate can be quite expensive. In addition, the process is often time-consuming. It takes an average of four months to a year for probate to be completed, but it can be even longer if someone contests the will. It may even be years before the heirs can receive their inheritance. A living trust will eliminate many of these issues because it automatically transfers the estate to the beneficiary.
How Can You Gain Access to Mississippi Inheritance Funds Right Away?
Even though it can take a long time for probate to be completed, there are ways to receive your Mississippi inheritance funds immediately. In fact, some beneficiaries could receive their money in just a few days with a probate cash advance. The process for receiving this kind of advance is simple, and all information provided is kept secure. You may spend the money any way you like. ProbateAdvance allows you to receive your inheritance funds now instead of waiting a long time for probate to be completed. When you use ProbateAdvance, you don’t have to worry about hidden fees, interest or monthly payments. You don’t need to have a good credit history. Instead of waiting for a long time, you may qualify to receive your money in as little as two days.
Do You Qualify for an Inheritance Cash Advance?
It is not complicated to find out if you qualify for an inheritance cash advance. You just need to provide documentation that you are an heir to an estate in probate. You can get the funds now to buy a new car, make home repairs, pay for a wedding or do anything else you want. You can get your money in as little as 48 hours. There is no need to wait.
What Do You Need for a Probate Advance in Mississippi?
You will need to provide basic information to receive a probate advance in Mississippi. You will also need to decide how much of your inheritance funds you want to get now. In just a few days, the money can be put in your bank account.
What Areas of Mississippi Qualify for an Inheritance Loan?
We provide inheritance loans for residents of Mississippi throughout the state, including the following major cities:
To learn more about the laws on Mississippi probate and inheritances, read the following resources.
Mississippi Probate Resources
Mississippi Inheritance Tax Laws