A critical tool in
estate planning is a will. Problems inevitably occur when a
will is not made. In Mississippi, if you do not have a will,
the state laws say how your property transfers. This may or
may not be what you want. If a person dies without a will, the
property is distributed in one of these ways:
- Married person
with no children dies -- all property passes to the
surviving spouse.
- Married person
with children dies -- property is equally divided among
surviving children and the spouse. The surviving spouse get
a child's part. For example, if a spouse and three children
are the survivors, each gets 25 percent. Descendants of a
deceased child receive the parent's share.
- Widow/widower with
children dies: Property is divided equally among the
children, with descendants of deceased children taking the
parent's share.
- Married person
dies, the spouse dies later, no children: All property goes
to the family of the last spouse to die.
- Unmarried person
or widow/widower with no children but with surviving
brothers and sisters: Property is equally divided among
brothers and sisters, with descendants of the deceased
brothers and sisters sharing in the parents' shares.
Remember, these
rules apply only if you have not written your will. If you
have a will, your property is distributed according to your
wishes.
You need to make as
many estate decisions as possible now because of the range of
problems your descendants will face. Decisions made after
death usually are painful and uncertain. You may want to leave
family members who have contributed to your estate more than
those who haven't. If you own farm land and it is divided
equally among heirs, the small units that result could be so
economically inefficient they cannot be farmed. Transfers can
be delayed, and tax payments are usually higher on estates
where owners have made no estate
plans.
