Mississippi

To the best of our knowledge, the information provided below is current and accurate. Always be sure to consult with a jurisdictional authority before using this information to educate or counsel your clients.

State Estate or Inheritance Taxes

Mississippi has no state estate or inheritance tax.

Small Estate Probate

Every state offers a fast track or shortcut for the probate of "small estates." Some assert that probate court is the proper forum for passing a small estate to the heirs, the idea being that if an estate is not valued over a certain minimum threshold, it is too small for serious estate planning.

To be sure, when a state's small estate probate threshold is extremely low, using this shortcut to settle an estate that qualifies may be the obvious choice. However, the small estate probate threshold in some states is substantial, in which case serious issues should be considered before you allow a client to go to the default system of the state court. When small estate probate is appropriate and what the client desires, refer to the following information.

You can use the simplified small estate process in Mississippi if the value of the estate is $500 or less. To use the small estate probate process in Mississippi, an executor files a written request with the local probate court asking to use the simplified procedure. The court may then authorize the executor to simply distribute the assets without having to go through probate court proceedings.

Mississippi also has a procedure that allows inheritors to skip probate altogether when the value of all the assets left behind is less than a certain amount. All an inheritor has to do is prepare an affidavit stating that he or she is entitled to a certain asset and present it along with a copy of the death certificate to the person or institution holding the asset for release. Again, If the affidavit procedure is used, there's no need to use the small estate probate process.

The out-of-court affidavit procedure is available in Mississippi if there is no will. It's available only for bank accounts, up to $12,500. The person claiming the money must sign a bond guaranteeing to pay any lawful debts of the deceased person to the extent of the withdrawal.