What Happens if You Die Without a Last Will and Testament in Mississippi?
You worked harder than your peers, invested more than you spent, and you have an empire with your name on it. The only problem - you were not wise enough to craft a will, and everything you owned is spent recklessly. Doesn't it sound unimaginable? Alternatively, the state decides who gets your estate and unfortunately, the state's directives do not reflect your wishes. Another inconceivable thought that is, right?
Well, that is the grim reality that many times affects your loved ones upon your death and there isn't much you can do about it. So, to prevent any of the above circumstances from materializing, create a last will and testament. Don't forget that you will require the will even if you don't have millions to your name.
A last will and testament refers to the legally binding document created to outline a testator's wishes regarding the distribution of property, as well as the care of children. The person who creates a last will is a testator while the person granted guardianship for minor kids or dependents with special needs is the guardian. The other party recognized in the will is the executor. An executor, oftentimes an heir, family member, or an attorney is the person whose main role is to execute the directives of the will.
Using a will, you will be able to provide for your loved ones while controlling some aspects of your life (kids or businesses) even after death. All you need to do is to outline your wishes regarding areas of your life requiring extra control, and you are almost 100 percent certain they will be respected.
You shouldn't, however, leave out some important beneficiaries or allocate your estate unfairly (especially among kids) to protect the will from future legal challenges. The best bit is that you only need to download your free Mississippi last will and testament form to get started. You don't really have an excuse for not creating a will, do you?
The best way to be inclusive, especially after recent births or deaths is to amend the will using a codicil.
Doesn't a last will and testament look a lot like a living will? Well, yes and no. Yes, because both wills have the directives of the creator which should be respected. And, no because a living will is prepared and remains enforceable for as long as the creator (principal) is alive. But, the last will is only enforceable after the death of the individual. Note that a living will springs to life only after the principal is incapacitated or when they are unable to act because of unavailability.
So, what happens if you die without a last will and testament in Mississippi
Note: a will lets you create testamentary trusts, something that will not happen without a will.
Execution of intestacy laws
Without a last will, the state initiates the strict intestacy laws necessary for the division of the estate left behind. The persons awarded the estate by the state are the intestate heirs.
A look at what happens to minor kids
Without a last will and upon the initiation of the intestacy laws, the probate court goes ahead and decides who among your family gets custody of your kids. The person who gets custody of the kids will also manage the inheritance kids get.
Unfortunately, granting the state power to decide who has custody of your kids could be the worst thing you do: what if you wanted someone else to take of those kids? What if you don't trust them? As these thoughts rummage your mind now, keep in mind that that will be the fate of your kids if you don't take this free last will and testament in Mississippi seriously
Here is what will be of your estate:
Your surviving spouse will inherit everything in your name if you don't have kids.
If you have kids, the share of the spouse will vary depending on the number of kids you have.
And, in the absence of a spouse, kids, or parents, your siblings and grandparents will be next in line for the awarding of your estate.
Are there properties that cannot be distributed?
Yes. Among others, you have:
Property owned under a joint tenancy and with survivorship rights
Proceeds from your retirement accounts, as well as life insurance policies
Any elective shares excluded from your will
Shares of a child born after the execution of your will.
What makes the last will valid?
It requires the testator's name. And according to the provisions of code section 91-5-1, et seq., the testator should be of sound and disposing of mental status
It should be dated with signatures of the testator (or someone signing the will on behalf of the testator, in their presence) and two or more disinterested witnesses. The witnesses should sign the will in the presence of the testator.
It should be in writing although the state will, under specific circumstances, recognize a (nuncupative wills).
Note that you have to list your preferred beneficiaries. These could include friends, charitable organizations.
How to change a will
Use a codicil: a legally acceptable amendment process for wills.
How to revoke a will
Create and execute a subsequent will; the latest version is the one considered in court.
• Destruction of the will through cancellation, obliteration, or burning.
Finally made up your mind on this last will thing? Well, how about getting our free last will and testament forms in Mississippi to expedite the process?