Yes, trusts can avoid probate in Mississippi. By creating a trust and transferring your assets into it, the assets can bypass the probate process when you pass away. This can save your beneficiaries time and money, as probate can be a lengthy and expensive process.
The cost of setting up a trust in Mississippi varies depending on the complexity of the trust and the attorney's fees. A basic Revocable Living Trust generally ranges from $1,000 to $3,000. More complex trusts can cost several thousand dollars more. Online services like Snug can provide a more affordable alternative to traditional legal services, offering estate planning services, including trusts, at a lower cost.
A Revocable Living Trust is the most common type of trust people set up, offering flexibility and control over your assets during your lifetime and helping to avoid probate. Other types of trusts, such as Charitable Trusts, Special Needs Trusts, and Irrevocable Trusts, may be appropriate depending on your specific circumstances and goals.
Funding a trust in Mississippi involves transferring ownership of your assets to the trust. For real estate, a new deed must be prepared with the trust as the owner. Bank accounts should be retitled in the name of the trust, and other assets like vehicles, personal property, stocks, and bonds must also be formally transferred to the trust.
In Mississippi, any individual who is at least 18 years old and mentally competent can serve as a trustee. Additionally, Mississippi law allows for corporations, such as banks or trust companies, to serve as a trustee if they are authorized to exercise trust powers in the state. Trustees must be able to handle and take care of property, and they can't have been found guilty of serious crimes, including felonies or crimes that involve dishonest or immoral behavior.
In Mississippi, to alter your living trust, you must create an amendment to your original trust document. This amendment should clearly indicate the changes you wish to make, such as adding or removing beneficiaries, changing trustees, or altering distribution instructions. It's important to include the date, your name, the name of the trust, and the date the trust was established. Your amendment needs to be signed in the presence of a notary public, just like the initial trust document. If there are numerous changes you'd like to make to your living trust, you may find it more practical to draft a restatement of the trust. A restatement allows you to rewrite the entire trust agreement, while maintaining the original title and date of trust, which can be useful in avoiding the need to retitle assets. In the restatement, you would include all the changes you want to make, effectively replacing the old provisions with the new ones.
