Bill Text: MS SB2422 | 2015 | Regular Session | Introduced

Mississippi Senate Bill 2422 (Prior Session Legislation)

Introduced

Bill Title: Wills and estates; fast-track administration available for certain small estates.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2015-02-03 - Died In Committee [SB2422 Detail]

Download: Mississippi-2015-SB2422-Introduced.html

MISSISSIPPI LEGISLATURE

2015 Regular Session

To: Judiciary, Division A

By: Senator(s) Tindell

Senate Bill 2422

AN ACT TO CREATE NEW SECTION 91-7-33, MISSISSIPPI CODE OF 1972, TO PROVIDE SUMMARY ADMINISTRATION FOR CERTAIN SMALL ESTATES WHETHER THE DECEDENT DIED TESTATE OR INTESTATE; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. The following shall be codified as Section 91-7-33, Mississippi Code of 1972:

91-7-33. (1) Summary administration. Summary administration may be had in the administration of either a resident or nonresident decedent's estate, whether testate or intestate, when it appears that the value of the entire estate subject to administration in this state does not exceed Seventy-five Thousand Dollars ($75,000.00), or that the decedent has been dead for more than two (2) years.

(2) May be administered in the same manner as other estates. The estate may be administered in the same manner as the administration of any other estate, or the will probated as is provided for wills, or it may be administered as provided in this section.

(3) Petition for summary administration. (a) A petition for summary administration may be filed by any beneficiary or person nominated as executor in the decedent's will offered for probate. The petition must be signed and verified by the surviving spouse, if any, and any heirs or legatees.

(b) If a person named in paragraph (a) of this subsection has died, is incapacitated, or is a minor, or has conveyed or transferred all interest in the property of the estate, then, as to that person, the petition must be signed and verified by:

(i) The personal representative, if any, of a deceased person or, if none, the surviving spouse, if any, and the heirs or legatees;

(ii) The guardian of an incapacitated person or a minor; or

(iii) The grantee or transferee of any of them shall be authorized to sign and verify the petition instead of the heirs, legatees or surviving spouse.

(c) If each trustee of a trust that is a beneficiary of the estate of the deceased person is also a petitioner, formal notice of the petition for summary administration shall be served on each beneficiary of the trust unless joinder in, or consent to, the petition is obtained from each beneficiary of the trust.

(4) Filing of petition. The petition for summary administration may be filed at any stage of the administration of an estate if it appears that at the time of filing the estate would qualify.

(5) Summary administration distribution. (a) Upon the filing of the petition for summary administration, the will, if any, shall be proved in accordance with Title 91, Chapter 5, Mississippi Code of 1972, and be admitted to probate.

(b) Before entry of the order of summary administration, the petitioner shall make a diligent search and reasonable inquiry for any known or reasonably ascertainable creditors, serve a copy of the petition on those creditors, and make provision for payment for those creditors to the extent that assets are available.

(c) The court may enter an order of summary administration allowing immediate distribution of the assets to the persons entitled to them.

(d) The order of summary administration and distribution so entered shall have the following effect:

(i) Those to whom specified parts of the decedent's estate, including exempt property, are assigned by the order shall be entitled to receive and collect the parts and to have the parts transferred to them. They may maintain actions to enforce the right.

(ii) Debtors of the decedent, those holding property of the decedent, and those with whom securities or other property of the decedent are registered are authorized and empowered to comply with the order by paying, delivering, or transferring to those specified in the order the parts of the decedent's estate assigned to them by the order, and the persons so paying, delivering, or transferring shall not be accountable to anyone else for the property.

(iii) After the entry of the order, bona fide purchasers for value from those to whom property of the decedent may be assigned by the order shall take the property free of all claims of creditors of the decedent and all rights of the surviving spouse and all other beneficiaries.

(iv) Property of the decedent that is not exempt from claims of creditors and that remains in the hands of those to whom it may be assigned by the order shall continue to be liable for claims against the decedent until three (3) years following the death of the decedent. Any known or reasonably ascertainable creditor who did not receive notice and for whom provision for payment was not made may enforce the claim and, if the creditor prevails, shall be awarded reasonable attorney's fees as an element of costs against those who joined in the petition.

(e) The recipients of the decedent's property under the order of summary administration shall be personally liable for a pro rata share of all lawful claims against the estate of the decedent, but only to the extent of the value of the estate of the decedent actually received by each recipient.

(f) After three (3) years from the death of the decedent, neither the decedent's estate nor those to whom it may be assigned shall be liable for any claim against the decedent, unless proceedings have been taken for the enforcement of the claim.

(g) Any heir or devisee of the decedent who was lawfully entitled to share in the estate but who was not included in the order of summary administration and distribution may enforce all rights in appropriate proceedings against those who procured the order and, if successful, shall be awarded reasonable attorney's fees as an element of costs.

(6) Notice to creditors. (a) Any person who has obtained an order of summary administration may publish notice to creditors according to the relevant requirements of Section 91-7-145, notifying all persons having claims or demands against the estate of the decedent that an order of summary administration has been entered by the court. The notice shall specify the total value of the estate and the names and addresses of those to whom it has been assigned by the order.

(b) If proof of publication of the notice is filed with the court, all claims and demands of creditors against the estate of the decedent who are not known or are not reasonably ascertainable shall be forever barred unless the claims and demands are filed with the court within three (3) months after the first publication of the notice.

SECTION 2. This act shall take effect and be in force from and after July 1, 2015.