This form is a Petition for Approval of Final Accounting and Discharge of Administrators filed with the Probate Court by the administrators of an estate requesting that the court approve their final accounting of the estate, close the estate, and discharge the administrators.
Mississippi Petition for Approval of Final Accounting and Discharge of Administrators
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FAQ
An executor acts until the estate administration is completed or if they resign, die or are removed for cause.
The simple answer is that once you have a grant of probate or letter of administration in hand, it usually takes between six and twelve months to transfer all the funds, assets and property in an estate.Some assets are held abroad. The executor is unable to contact all of the beneficiaries of the will.
Net value of probate estate is $50,000 or less, or. Probate asset is bank account or accounts totaling no more than $12,500, or. Probate estate is $500 or less.
In the best of circumstances, the Mississippi probate process usually takes 4 to 6 months. This would only be possible if the estate was fairly simple, all interested parties are agreeable, and documents are signed and returned to the probate attorney in a timely manner.
Letters of Administration are granted by a Surrogate Court or probate registry to appoint appropriate people to deal with a deceased person's estate where property will pass under Intestacy Rules or where there are no executors living (and willing and able to act) having been validly appointed under the deceased's will
Letters of Administration are granted by a Surrogate Court or probate registry to appoint appropriate people to deal with a deceased person's estate where property will pass under Intestacy Rules or where there are no executors living (and willing and able to act) having been validly appointed under the deceased's will
What is probate?If no executors are named, or none of the executors is prepared to act, a beneficiary of the will can apply to the probate registry for a 'grant of letters of administration (with will annexed)'. If there is no will, a relative can apply for a 'grant of letters of administration'.
The executor will need to wait until the 2 month time limit is up, before distributing the estate. Six month limit to bring a claim in other cases, it can be sensible for the executors not to pay any beneficiaries until at least 6 months after receiving the grant of probate.
A simple estate with just a few, easy-to-find assets may be all wrapped up in six to eight months. A more complicated affair may take three years or more to fully settle.