When an estate owner dies in Mississippi, it’s common for the court proceeding known as probate to be required to settle the estate. Probate allows for a Personal Representative to be appointed who can oversee the administration of the estate. He or she will have the authority to pay off debts, settle taxes owed and then distribute assets to heirs.
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Filing an application to appoint the Personal Representative is the first step. And keep in mind, the average cost of probate in Mississippi can widely vary depending on the following factors:
The size of the estate and how complicated it is
Whether or not anyone is contesting the Will
What Estate Plans are valid
Whether or not a probate attorney is retained
Common Probate Fees in Mississippi
The range in cost for probate fees in Mississippi can be the result of things like:
Various filing fees
Attorney fees (if you use a probate attorney)
Miscellaneous professional fees like: Appraisal, Land Survey and Accounting fees
Executor fees/compensation - Mississippi is a reasonable compensation state
Executor/Administrator/Probate Bonds (generally required)
Common Questions About Probate in Mississippi
How Long Does Probate Take in Mississippi?
For simple and easy probates in Mississippi, the process can take four to six months. Any sort of complication will likely draw out the timeframe.
How Much Does a Probate Lawyer Cost in Mississippi?
Probate attorney fees in Mississippi will be based on complexity of the estate and the experience of the lawyer you go with.
How Can You Avoid Probate in Mississippi?
You may be able to avoid probate entirely in Mississippi. These methods are generally effective:
Make a Living Trust
Title property and assets with Joint Ownership
Ensure your beneficiaries are up to date and accurate
Small estates that don’t meet a certain threshold can also avoid probate.
What is Considered a Small Estate in Mississippi?
You can use an Affidavit in Mississippi, rather than go through a full probate, only if an estate is worth less than $12,500 and there is no bank account or Will. Mississippi also allows for a summary probate procedure for estates worth less than $500.
Who Pays Probate Fees in Mississippi?
Many people wonder about how the costs associated with probate are paid. The good news is that all the fees and costs, including even probate lawyer fees in Mississippi, can be covered using funds from the estate.