Why Probate?
Probate is the process of transferring title from a deceased person to their heirs. The primary purpose of Probate is to give the deceased person’s creditors the opportunity to be paid and to ensure that legal title to the assets is clearly established. If the deceased did not set up a trust, then there is a very high chance that probate will be necessary. Probate is also important because it ensures that all heirs have a full and fair opportunity to know about the assets of the estate, and to ensure everyone is treated fairly.
During the probate process, the deceased’s property needs to be accounted for, a responsibility that usually falls to a person appointed by the court, which is called an “Executor” or “Administrator”, depending on if there is a Will or not. This is where a probate attorney will help the family member or other appointed individual by directing him or her in how to do this accounting.
Here are some general guidelines to follow when it comes to Probate:
- Real estate, personal possessions, and some bank accounts need to be accounted for and go through the probate process.
- Life insurance generally does NOT go through probate, as there is a named beneficiary.
- Many retirement accounts do NOT go through probate, either, for the same reason.
- Some bank accounts do NOT go through probate, if the deceased set them up as “Pay-on-death” or “in trust for”.
- Living trusts do NOT go through probate, which is one of the main reasons for creating them in the first place.
Most people believe that “I have a Last Will and Testament, so I don’t have to go through Probate”, this is most definitely not true. Keep in mind that simply having a will does not necessarily ease the probate process along either. While this document is helpful in determining how your estate is to be distributed, the courts will still have to determine its validity and pay any outstanding debts from the estate. What is left can then be distributed according to the wishes outlined in the will.
There are some complaints with the process that lawyers hear regularly. For one thing, it can be costly. It also takes a considerable amount of time for the estate to go through probate. Finally, the process is public, which means that pretty much anyone can have access to information regarding the value of the estate and how it is distributed. In many cases, these are simply unavoidable annoyances. If these are major concerns for you, then give our office a call so we can plan in advance so you can determine how best to protect your assets in a way that avoids probate altogether.
Probate in Mississippi requires the services of an attorney. At the Morton Law Firm, we assist many families each year through the often frustrating and tedious probate process. For more information click here.
Tags: avoiding probate, Clinton Probate Lawyer, estates and probate attorney in Jackson, Hinds County Probate, Probate
3 People have left comments on this post
Hello I have a comment and question. Recently my grandmother passed a year ago she left a will, the will states that my mother the only child was the executrix and she was to split everything evenly amongst us which were the siblings. but she passed, leaving my oldest brother the executor; now my grandmother was part of a class action lawsuit, she won. but she passed before she received any compensation,My older brother which is the executor is over her settlement; Does he have to according to the will split the money evenly? and if one of the heirs are cut out of the will doesn’t the executor have to have a legitimate reason of why for his action.’ and as for the heir left out what can that person do,or do this heir have any rights at all. I hope to hear from you soon, my comment; thanks for this website
Your grandmother’s estate will have to be administered pursuant to her wishes expressed in her will, assuming it was admitted by the court as valid. This will even apply to assets of hers that are acquired by her estate after her death. However, if the proceeds from the lawsuit or settlement were treated as “wrongful death” proceeds then Mississippi’s Wrongful Death statute would provide who would receive the proceeds rather than the will.
My mom wants to know how to process her title to me. I like that you explain probate is the process of transferring title from a deceased person to their heirs. Thank you for explaining real estate, personal possessions, and some bank accounts need to be accounted to go through the probate process.