Transfer of Bank Accounts to Successors in a Nutshell
Testate or Intestate? The statute doesn’t restrict application to either testate or intestate estates.
Assets Covered: Any form of deposit or account, such as a savings account, checking account, time deposit, demand deposit or certificate of deposit, whether negotiable, nonnegotiable or otherwise.
Dollar Limitations: The total sum payable to the decedent cannot exceed $12,500.00.
Who Can Benefit? The funds may be distributed to the decedent’s spouse, children, parents, or siblings, in the following order:
- If the decedent is survived by a spouse, the funds may be delivered to the spouse.
- If there is no surviving spouse, the funds may be delivered to an adult that the decedent’s minor children live with.
- If there is no spouse or minor children, the funds may be delivered to “any adult child” of the decedent.
- If there is no spouse or children of the decedent, then the funds may be delivered to “either parent” of the decedent.
- If there are no surviving spouse, children, or parents, then the funds may be delivered to “any adult sibling” of the decedent.
Who Must Sign/File? Unclear and most likely will depend on the bank’s requirements.
Special Note: Similar, but not identical, provisions apply to savings and loan associations and savings banks.
Explanation of Transfers of Bank Accounts to Successors
Mississippi law allows deposit accounts in banks, savings and loan associations, and savings banks to be transferred to successors without the need for Mississippi probate, as long as the value of the accounts does not exceed $12,500. The language of the relevant statutes provides that the banks “may” transfer the funds of a deceased depositor to the successors, but does not clearly require them to do so.
As is the case with the Small Estate Affidavit, “successor” is defined by the statute to mean the decedent’s spouse; or, if there is no surviving spouse of the decedent, then the adult with whom any minor children of the decedent are residing; or, if there is no surviving spouse or minor children of the decedent, then any adult child of the decedent; or, if there is no surviving spouse or children of the decedent, then either parent of the decedent; or, if there is no surviving spouse, children or parent of the decedent, then any adult sibling of the decedent.
Wages Due to a Deceased Employee
Testate or Intestate? Either.
Assets Covered: Wages, salary, or other compensation.
Dollar Limitations: None.
Who Can Benefit? The unpaid compensation may be paid to the surviving spouse, children, mother, father, or siblings, in that order. If any person to whom the compensation is payable is a minor, the employer can pay the wages to the chancery clerk of the county where the employee resided or died.