According to a recent survey from Caring.com, only a third of the adults living in the United States have created a will or done any other sort of estate planning. This means a lot of us are going to be scrambling to figure out what to do with our loved ones’ property after they die.
Unfortunately, our preferences, and those of our deceased loved ones, will carry little weight when decisions about what goes to who are made. When there is no will to provide direction, Mississippi’s intestate laws kick in. These laws dictate exactly who inherits when someone dies without a will.
Who Inherits What When There’s No Will
When someone dies without a will in Mississippi, their estate is distributed according to the state’s intestate succession laws. These laws dictate who inherits the deceased’s property based on their familial relationships.
- Spouse — A surviving spouse may inherit the entire estate, unless the person who died had any children. Only spouses may inherit in this way; long-term romantic partners may not.
- Children — If the person who died had any children, those children (or their heirs) will receive a portion of the estate. As long as a child was conceived, adopted, or born during the marriage of the person who died, they are considered an heir.
- Other Relatives — If the person who died is unmarried and childless, his or her parents and siblings inherit. If the deceased person’s siblings are also dead, the children of siblings (nieces and nephews) may inherit.
- The State of Mississippi — When there are no known relatives, the estate may escheat, or revert, to the state of Mississippi.
This may seem fairly straightforward, but things can get complicated quickly when you have:
- Real estate or other illiquid assets that are difficult to divide without selling off
- Blended families or children born to multiple partners
- Children who died before their parent
- Heirs under the age of 18
- Heirs who are bad with money, or have a gambling problem or substance abuse issues
In order to minimize conflict and ensure everyone gets their fair share, most families in this situation choose to hire an attorney to probate the estate. The Palmer & Slay team fills this role for many families in the Brandon, Mississippi area.
Every Legal Rule Has An Exception
While most property will be inherited according to the rules outlined above, there are some exceptions.
- Jointly Owned Property — If the deceased owned property jointly with someone else, such as a spouse, this property typically passes directly to the surviving owner.
- Named Beneficiaries — Some assets are passed along automatically at the time of their owner’s death. This includes things like life insurance and bank accounts that have a POD (payable on death) or beneficiary listed.
- Small Estates — Mississippi has a simplified process for estates valued at $75,000 or less.
Preserving your wealth. Protecting your loved ones.
If your loved one has recently passed away without a will, and you are struggling to figure out what to do with their property, Palmer & Slay PLLC can help. Our experienced team of attorneys regularly assists families in the Brandon, Mississippi area and beyond with this challenging task. Please contact us today to schedule a meeting.