Create a Living Trust in Mississippi

When you die, your estate may have to go through probate court, which can be expensive and could take a long time. Living trusts can help you avoid the probate process. Find out more about how living trusts can help your Mississippi estate plan.

Find out more about Living Trusts

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create a living trust in mississippi

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Updated on: February 6, 2024
Read time: 4 min

A living trust in Mississippi can be a valuable part of your estate planning. A revocable living trust (also called an inter vivos trust) can be used to manage your assets during life and distribute them after death while providing many other benefits.

Living trusts in Mississippi

A Mississippi living trust is established by the person placing the assets into the trust, known as the grantor. The assets are managed by a trustee, appointed by the grantor. The trustee can be anyone you choose, and most people select themselves to provide optimum control. The goal is often to place as many assets as possible into the trust, but some assets are not eligible, such as retirement accounts. During your life the trust is managed for your benefit. After your death a successor trustee (whom you name) will take over trust management and also distribute the assets to your beneficiaries according to the terms you set in the trust. A revocable living trust can be altered by you while you are alive. An irrevocable living trust is permanent.

Living trust in Mississippi assets will pass to your beneficiaries through your trust and this can happen as soon as your death (you may also distribute assets during your life). A trust does not need to be probated as a will does. A will must be approved by a probate court through a procedure that take months and requires the expense of an executor, attorney, and court fees. Additionally, assets passed by a will cannot be distributed until probate has finished, so heirs must wait months. Mississippi has not codified the Uniform Probate Code, so its procedures are considered complex. A simplified probate proceeding is available for estates worth less than $50,000 which is faster and inexpensive. If you have a small amount of assets this may be more cost effective than a trust.

Do I need a living trust in Mississippi?

Revocable living trusts allow you to have privacy because your trust is never made public or taken through a court procedure. The assets in the trust, beneficiaries, and terms of the trust remain secret. Trusts are also much more difficult to contest than wills, giving you peace of mind that your wishes will be carried out.

When you create a living trust in Mississippi, you also have the benefit of control over your assets during life as well as after death. While you are alive, you use your assets as you normally would, living in your house, spending your money, and giving gifts as you wish. Although the assets are owned by the trust, you have complete control over them. After you die, the successor trustee will continue to manage your assets and protect your investments. He or she distributes your assets to your beneficiaries according to the terms you set in the trust. You can choose to have assets distributed immediately, or set distribution for specific future dates, such as specific birthdates. This is in contrast to assets passed by will where the assets are distributed all at once, as soon as probate is concluded.

A revocable living trust protects you should you become mentally incapacitated. All of your assets are already controlled, owned, and managed by the trust and a conservatorship proceeding is likely unnecessary for you to have your financial life managed for your benefit.

Living trusts and estate taxes in Mississippi

Living trusts are not a shelter from estate taxes, except in some very specific situations. Mississippi does not have an estate tax, but the federal government applies an estate tax to estates worth over $5 million. Specially constructed trusts, such as a QTIP, AB, or marital trusts pass assets from a spouse to surviving spouse while avoiding estate tax. Your trust does not shield your assets from Medicaid law, and it also does not shield them from creditors.

How to create a living trust in Mississippi

Creating a living trust in Mississippi occurs when you sign the written Declaration of Trust before a notary and then fund the trust. Funding the trust occurs when you transfer assets into the name of the trust. This must be done correctly and carefully to be valid. A living trust offers a variety of benefits that make it an important consideration in estate planning. Evaluate the options and decide if one is right for you.

Create a living trust online with LegalZoom. LegalZoom living trusts include a pour-over will, transfer deeds, a document organizer, and more.

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This article is for informational purposes. This content is not legal advice, it is the expression of the author and has not been evaluated by LegalZoom for accuracy or changes in the law.

53 days ago
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Grateful to Patti Green

Patti Green helped me so much to finish my order. She was very patient and pleasant with me and guided me so well with my living trust. She made it clear and explained things that I could understand to finish this. She is an asset to your company and I would recommend her with excellence

CU
55 days ago
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I had no Idea what to do to update my…

I had no Idea what to do to update my Living Trust. They answered all my questions and they also helped me get info I did not know I needed.

Bryan Q
61 days ago
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Living Trust Premium

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sremeikis
69 days ago
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I spoke to the representative today about a Trust...

I spoke to the representative today regarding a question about an existing Living Trust. She was very helpful - told me exactly what I needed to know and how to accomplish it. As a representative in the Financial field I guide clients all the time on where to get documents done right - and its always LegalZoom - easy and effecient!

Gareth
71 days ago
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LegalZoom

I was impressed by the user-friendly interface and the outstanding support I received while creating a Revocable Living Trust. The ability to connect with support representatives in real time to address my questions was incredibly valuable. For those looking to establish a straightforward trust, I can highly recommend LegalZoom.

TDM
77 days ago
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Rida has been very helpful with respect…

Rida has been very helpful with respect o guiding me through the process of properly revising the Living trust for my elderly parents. His patience has been exemplary.

Frantz Michel
85 days ago
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Elizabeth Tisdale

Elizabeth Tisdale, knowledgeable,been having problems with the forms in my living trust,for the past two weeks and had to pay every time, Elizabeth was patient with me and explained every detail until it was corrected,she get my 5 stars

MARIA CORONA
85 days ago
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Taking the Initiative

Taking the initiative to do the info. research on our living Trust...set up back in 2016..Made the call an efficient, as well as a pleasant experience. Very thorough and friendly. Set up our atty consultation Thanks for great service!

Vicki Switzer
92 days ago
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Carmen was so patient with me

Carmen was so patient with me! Thank you for all your direction and guidance with my living Trust! Great job!

Tina Garcia
95 days ago
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Tammy was wonderful and very…

Tammy was wonderful and very knowledgeable. It's because of her that I am going to open a living trust with legal zoom. She was great. Thank You

Erin
103 days ago
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Pleasant Experience

Patience and weel given explanation about the process of how a "Living Trust" & "Deed" works after transitioning and guidance on how to contact an attorney whenever I need legal advice.

Sharron Martin
103 days ago
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Excellent LegalZoom Attorney

The LegalZoom attorney was extremely helpful in the "walk thru" assistance as I prepared the Living Trust document. The service was excellent.

customer
112 days ago
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Happy with my initial contact with Legal Zoom

Rebecca fully answered my questions about creating a living trust. She is friendly and professional, and with my mind at ease, I am looking forward to starting this process with Legal Zoom. I am confident that this will be the best route for me to take to make things a lot easier for my family when I'm gone. (And, easy for me!) I plan to be in touch in the next several weeks. Thanks, Rebecca!

Carol
130 days ago
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Michelle very professionally guided me…

Michelle very professionally guided me with her knowledge and amazing patience through the entire process of setting up my Living Trust. I am so relieved and grateful for her help. I have used LegalZoom before and you are my go to for legal advice. Thank you again Michelle.

Paula Bateman
138 days ago
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Quality Staff

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Ady Filipescu
147 days ago
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Really great job in guiding me to…

Really great job in guiding me to finish my living trust .

Ronnie Ball
153 days ago
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5 Stars

5 Stars – Outstanding Customer Service from Tammy at LegalZoom I had the pleasure of working with Tammy from LegalZoom regarding my living trust documents, and I couldn't be more impressed. She was professional, patient, and incredibly knowledgeable. Tammy took the time to walk me through every step, answered all my questions clearly, and made a complex process feel simple and stress-free. Her attention to detail and genuine care made all the difference. LegalZoom is lucky to have someone like her on their team. Thank you, Tammy!

Cn
153 days ago
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Ease and help of making changes to my…

Ease and help of making changes to my living trust. LegalZoom rep walked me through the process without any difficulties. Really like working with LegalZoom.

Gregory Bechtol
160 days ago
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Enjoyed working with Kevin to finalize…

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JOHN in CALIFORNIA
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