How to Distinguish a Deceased Person’s Estate Assets from Those Held by a Corporation in Mississippi
Detailed Answer
When someone dies, assets held in the individual’s name typically become part of the probate estate. Assets owned by a corporation remain with the company. To separate these assets, examine titles, registrations, account names and corporate records.
1. Review Titles and Registrations
Check deeds, vehicle titles, stock certificates and account statements. If they list the decedent’s name alone or as a co-owner, they likely belong to the estate. If they list a corporate entity, the asset remains corporate property.
2. Examine Probate Filings
Under Mississippi Code Section 91-7-5, the personal representative must file an inventory of estate property within 90 days of appointment. That inventory identifies assets subject to probate administration. See Miss. Code Ann. § 91-7-5.
3. Inspect Corporate Records
Review the corporation’s articles of incorporation, bylaws and meeting minutes. The Mississippi Business Corporation Act defines corporate property as that acquired in the company’s name. See Miss. Code Ann. § 79-3-101.
4. Compare Bank and Financial Accounts
Look at account titles. Estate accounts often read “Estate of [Decedent]” or “Personal Representative.” Corporate accounts show the corporate name and Employer Identification Number. This distinction clarifies ownership.
5. Trace Funding Sources
Determine who funded each asset. If the decedent’s personal funds purchased it, it may belong to the estate even if titled differently. For corporate acquisitions, review corporate bank records, purchase resolutions and shareholder approvals.
Helpful Hints
- Obtain certified copies of the death certificate before probate filings.
- Secure Letters Testamentary or Letters of Administration from the county probate court.
- Review the corporate minute book for asset purchase authorizations.
- Request a formal inventory under Miss. Code Ann. § 91-7-5 to list estate property.
- Contact the county clerk’s office for estate and corporate filing requirements.
- Keep organized records of all title searches, bank statements and corporate documents.