HB 1375 – Wills; revise the procedures that regulate administration of
Representative Roberson introduced House Bill 1375. If passed, HB 1375 would (1) expand the current small estate statute by allowing the transfer of personal property outside of the probate process when the estate is under $100,000 and (2) remove the inventory requirement if an inventory of the decedent’s assets is waived in the will, unless the chancellor determines an inventory is necessary.
HB 1375 would also amend Section 91-5-35 to allow a will to be admitted to probate as a muniment of title by filing signed and sworn statements if the value of the decedent’s probate estate exclusive of any interest in real property and exempt property does not exceed $100,000 AND all known debts of the decedent and his estate have been paid, including estate and income taxes, if any.
Finally, HB 1375 would also amend several other sections to flesh out issues, including, but not limited to:
- when an inventory is required and how it is not required if waived in the will;
- how to ascertain fair market value; and
- when the filing annual accounts and final accounts is required and how it is not required if waived in the will.
For more information, read the bill here.