Ms Creditors

A creditor is an entity (person or institution) that extends credit by giving another entity permission to borrow money intended to be repaid in the future.People who loan money to friends or family are personal creditors.

Even in the most routine probates, the law requires a minimum four-month wait after the Notice to Creditors has been issued before any action can be taken to distribute or close the estate.

The Mississippi small estate affidavit may be used by an heir or successor when the decedent's estate (the person who died) left $75,000 or less in probate-able personal property.

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.

A notice to creditors is a public statement noting the death of an individual in order to alert potential creditors to the situation. Still published in local newspapers, the notice is filed by the estate's executor and meant to facilitate the probate proceedings.

How to Notify Creditors of Death. Once your debts have been established, your surviving family members or the executor of your estate will need to notify your creditors of your death. They can do this by sending a copy of your death certificate to each creditor.

In Mississippi, you can make a living trust to avoid probate for virtually any asset you ownreal estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).

A notice to creditors refers to a public notice that is addressed to potential creditors and debtors of an estate of a deceased individual. The notice is published by the estate executor in local and national newspapers with a national circulation for several weeks, depending on the estate laws of the state.

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.