Detailed Answer
Understanding Mississippi’s Small Estate Affidavit
Mississippi law allows the use of a Small Estate Affidavit to transfer certain personal assets of a decedent without formal probate, provided the total value of qualifying assets does not exceed $75,000 (excluding homestead and exempt property). See Miss. Code § 91-7-211 for details: § 91-7-211.
Step 1: Confirm Eligibility
- The decedent died more than 30 days ago.
- Total value of personal property subject to transfer is $75,000 or less.
- No real property or assets requiring formal administration (e.g., mortgages, mineral interests).
Step 2: Identify Heirs and Intestate Shares
If the decedent left no valid will, Mississippi’s intestacy laws determine heirs and shares. Under Miss. Code § 91-1-15: § 91-1-15, the estate passes:
- All to surviving spouse if no descendants.
- Half to spouse and half divided equally among descendants if both spouse and children survive.
- All to descendants if no spouse survives.
Step 3: Prepare the Small Estate Affidavit
The affidavit must include:
- Decedent’s full name, date of death, and county of residence.
- Itemized list of personal property with estimated values.
- Statement that total value does not exceed statutory limit.
- Names, addresses, and relationships of heirs or beneficiaries.
- Affiant’s declaration under oath, notarized.
Step 4: Present Affidavit to Custodians
Deliver the signed, notarized affidavit to banks, brokerage firms, or other institutions holding the decedent’s assets. Each custodian may have its own procedures; follow their form if provided.
Step 5: Distribute Assets to Heirs
Once custodians release funds or property, distribute according to the affidavit and intestacy statutes. Keep detailed receipts and records of distribution for each heir.
Key Statutory References
- Small Estate Affidavit: Miss. Code § 91-7-211
- Intestate Succession: Miss. Code § 91-1-15
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a licensed attorney in Mississippi for guidance tailored to your situation.
Helpful Hints
- Gather death certificate(s) before drafting the affidavit.
- Obtain a certified copy of any valid will, if one exists.
- Use the latest statutory forms available from county chancery clerk’s office.
- Keep original documents in a secure place; share only certified copies.
- Record each transfer of assets in writing, obtain recipient signatures.