Options for Selling or Transferring Real Property for a Minor Heir in Mississippi
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a qualified attorney for guidance on your specific situation.
Detailed Answer
Under Mississippi law, a minor cannot legally consent to the sale or transfer of real property. To protect a minor heir’s interest, the chancery court or probate court must oversee any transaction. Below are the primary methods to sell or transfer a minor’s real estate interest in Mississippi.
1. Guardianship Sale of a Minor’s Property
First, a guardian must be appointed for the minor under Miss. Code Ann. 93-13-3. Once appointed, the guardian controls and manages the minor’s assets on their behalf. To sell real estate, the guardian petitions the chancery court for authorization. Under Miss. Code Ann. 93-13-19, the court will hold a hearing and may order a public or private sale if it serves the minor’s best interest, such as funding education, medical care, or living expenses. Miss. Code Ann. 93-13-19
2. Probate Sale by Executor or Administrator
If the property passes through a decedent’s estate to a minor heir, the executor or administrator can petition the probate court to sell the property. The court evaluates whether the sale is necessary to satisfy debts, taxes, or distribute assets equitably. Once approved, sale proceeds for the minor share are held in a protected fund until the minor reaches the age of majority.
3. Partition Action
When multiple co-owners inherit real property and cannot agree on its use or sale, any co-owner can file a partition suit under Miss. Code Ann. 93-7-1. The court may physically divide the land (partition in kind) or, if that is impractical, order a sale with proceeds allocated to each owner’s share. A guardian ad litem represents the minor’s interest throughout the proceedings. Miss. Code Ann. 93-7-1 and Miss. Code Ann. 93-7-49
4. Buy-Out Agreement
Co-owners may agree privately to buy out the minor’s share. The guardian negotiates and enters into an agreement on the minor’s behalf. The court will review and approve the transaction to ensure fair market value is paid and the minor’s interests are protected.
5. Custodial or Trust Account under UTMA
Mississippi’s Uniform Transfers to Minors Act (UTMA) (Miss. Code Ann. 93-13-51 to 93-13-61) allows property to be held by a custodian until the minor turns 21. While UTMA commonly governs financial assets, real estate may be held or sold under court supervision, with proceeds placed in a custodial account for the minor’s benefit.
Helpful Hints
- Always seek court approval before selling or transferring a minor’s real property interest.
- Appoint a qualified guardian or guardian ad litem to represent the minor’s rights.
- Obtain a professional appraisal to ensure fair market value in any sale or buy-out.
- Consider alternatives like partition or buy-out before petitioning for sale.
- Maintain detailed records and comply with court orders to protect the minor’s share.