This form is a Petition to Close Estate and Discharge Executor filed with the Probate Court by the Executor of an estate requesting that the court close the estate and discharge the executor.
Percentage Of Estate For Executor
Category:
State:
Mississippi
Control #:
MS-0664-WG
Format:
Word;
Rich Text
Instant download
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How to fill out Mississippi Petition To Close Estate And Discharge Executor?
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FAQ
If you have a trust and funded it with most of your assets during your lifetime, your successor Trustee will have comparatively more power than your Executor. ?Attorney-in-Fact,? ?Executor? and ?Trustee? are designations for distinct roles in the estate planning process, each with specific powers and limitations.
People usually designate one person to serve as the executor of their will, but it is also possible to designate two or more co-executors. Most lawyers advise that one executor is best, as it avoids potential disputes, but there are situations where it may make sense to appoint co-executors.
In most states, the executor fee is set by statute. For example, in New Jersey, it is 5% of the first $200,000 of assets taken in by the executor, 3.5% of the next $800,000 of assets, and 2% on anything in excess of $1 million. Likewise, California has a sliding scale based on the amount of the estate.