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.