Estate planning rules in Mississippi

Power of attorney authority

Mississippi's power of attorney bill makes certain actions involving the principal or the principal's property conditional on an express grant of authority in the document. Mississippi's bill limits an agent who is not the principal's ancestor, spouse or descendant from creating an interest in the agent or someone the agent has a legal obligation to support.

Mississippi's power of attorney bill provides that general authority over an entity or business includes authority to operate, buy, sell, enlarge, reduce or terminate an ownership interest. Mississippi's bill also permits an agent to transfer the principal's real property, stocks and bonds, accounts, insurance, annuities and other property to the trustee of a revocable trust the principal created as settlor.

Mississippi's power of attorney act text limits general gifting authority to the gifts specified in the section unless the document provides otherwise.

Trust terms and administration

Mississippi's committee substitute calls for a trustee to notify qualified beneficiaries of a proposed transfer of the trust's principal place of administration at least sixty days before starting the transfer.

Mississippi's committee substitute conditions the validity of a nonjudicial settlement agreement on consistency with a material purpose of the trust and terms a court could properly approve. Mississippi's committee substitute permits representation of an unborn, minor or incapacitated person by someone with a substantially identical interest where no material conflict of interest exists.

Trustee powers and assigned responsibilities

Mississippi's Uniform Trust Code committee substitute defines an excluded fiduciary as a trustee, advisor or protector excluded from a power or relieved of a duty assigned or reserved to another person.

Mississippi's trust code bill provides that, unless the trust terms say otherwise, an excluded fiduciary following a direction has no duty to review, evaluate or monitor the directing trustee, advisor or protector's conduct.

Mississippi's trust code bill gives a trustee authority to pay taxes, assessments, compensation and administration expenses. Mississippi's bill also permits a trustee to furnish a certification of trust in place of a copy of the trust instrument to establish the trust's existence and validity.

Medicaid trust and burial fund provisions

Mississippi's Medicaid special needs trust exception calls for the Division of Medicaid to receive funds remaining at the individual's death or trust termination, up to the medical assistance paid.

Mississippi Medicaid's liberalized resource policy excludes up to $6,000 in burial funds for the individual and up to a further $6,000 for an eligible or ineligible spouse.

Thresholds and rates change. Check the state's own current figures.

Common questions