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Written by Dianne Rosell, LawServer Attorney-Editor
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Last Updated December 15, 2008 |
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In general, when someone dies, the estate must go through probate which can be a complicated and lengthy process. But many states provide less complicated options for smaller estates. Mississippi law provides for simplified probate when the value of the estate less does not exceed $500. The court may follow a simplified notice procedure.
Another option in Mississippi for heirs or beneficiaries to inherit money in a deposit account is the use of a bond. This option may be used when any savings bank account balance does not exceed $12,500. Each of the decedent's successors must file a bond gauranteeing that they will pay any debts of the decedent up to the amount in the account.
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