My question involves estate proceedings in the state of: Alabama, Mississippi.
Hi, and thanks in advance for the help.
My mother passed away last month. She lived with me in Alabama, and I am a joint owner of all her bank accounts. Her only assets that would require probate are a trailer and land in Mississippi. Most of her money is to be held for grandchildren's college education.
Her will designated a niece as executrix. An estate lawyer in Mississippi told the niece that the will is not valid, because it is not signed by two non-family witnesses. The lawyer said that he can start a process similar to probate, or we can wait three years and then we can do what we want with the property.
My sister and I (the only descendants) are fine with waiting and avoiding the legal expense, but I want to learn more about the process and any possible drawbacks to this approach. Can you point me to an article or website that discusses this?
Here are some of my questions:
* Would it be appropriate to disperse her cash now as per her will or should I wait? I have managed her finances, and I don't know of any creditors.
* Do I need to open an estate to hold the Mississippi property, and if so, is it something that I can do myself, or should I get a lawyer?
* If my sister and I trust each other, is it okay to hold the money for the grandchildren in a joint account in our names?
Thanks!
Hi, and thanks in advance for the help.
My mother passed away last month. She lived with me in Alabama, and I am a joint owner of all her bank accounts. Her only assets that would require probate are a trailer and land in Mississippi. Most of her money is to be held for grandchildren's college education.
Her will designated a niece as executrix. An estate lawyer in Mississippi told the niece that the will is not valid, because it is not signed by two non-family witnesses. The lawyer said that he can start a process similar to probate, or we can wait three years and then we can do what we want with the property.
My sister and I (the only descendants) are fine with waiting and avoiding the legal expense, but I want to learn more about the process and any possible drawbacks to this approach. Can you point me to an article or website that discusses this?
Here are some of my questions:
* Would it be appropriate to disperse her cash now as per her will or should I wait? I have managed her finances, and I don't know of any creditors.
* Do I need to open an estate to hold the Mississippi property, and if so, is it something that I can do myself, or should I get a lawyer?
* If my sister and I trust each other, is it okay to hold the money for the grandchildren in a joint account in our names?
Thanks!
Opening an Estate: Will Not Valid. Now What?
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