Detailed Answer
When a person dies without a will in Mississippi, or dies intestate, the probate court follows Mississippi Code Ann. §91-1-15 to distribute assets. A minor child inherits the same share as an adult child. The court appoints a personal representative under Miss. Code Ann. §91-7-209 to collect debts, pay expenses, and protect the estate.
Intestate Succession
Under Miss. Code Ann. §91-1-15, a minor’s share passes directly to them, but custody is required for management until they reach age 21. The court ensures that assets set aside for minors remain secure.
Uniform Transfers to Minors Act (UTMA)
Instead of court-supervised guardianship, a personal representative or relative can transfer a minor’s inheritance to a custodian under the Uniform Transfers to Minors Act (Title 89, Chapter 1). A custodian manages and invests the funds until the minor’s 21st birthday, avoiding ongoing court intervention. See Miss. Code Ann. Title 89, Ch. 1.
Guardianship of the Estate
If no UTMA custodian is appointed, the chancery court names a guardian of the estate under Miss. Code Ann. Title 93, Ch. 17. The guardian must post a bond, file an inventory, and submit annual accountings until the minor reaches age 18 or as the court orders.
Court Supervision and Bond Requirements
All personal representatives and guardians must post a bond and file periodic accountings with the court. This oversight prevents mismanagement or loss of a minor’s inheritance. Failure to comply can lead to court sanctions.
Disclaimer: This article is for general informational purposes only and does not constitute legal advice. Consult a qualified attorney for guidance on your specific circumstances.
Helpful Hints
- Begin probate promptly to reduce delays in distributing a minor’s share.
- If possible, name a UTMA custodian to streamline asset management and reduce court costs.
- Keep thorough records of all transactions, disbursements, and accountings.
- Verify that any appointed guardian or custodian posts the required bond.
- Seek advice from a Mississippi probate attorney to ensure compliance with state law.