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Mississippi Personal Representative Bond
Probate is the legal process of distributing a person’s property after they pass away, ensuring their assets are distributed to the rightful heirs and any outstanding debts are paid. The person that handles this process is called a personal representative, specifically an executor or administrator. Mississippi Code 91-7-41 and 91-7-67 require most personal representatives of an estate to swear an oath and post a surety bond with the chancery court judge. The Mississippi legislature enacted the surety bond requirement as a financial security for the estate's beneficiaries.
Have any questions? Give us a call at (855) 470-0877 and speak to a live Mississippi probate bond expert.
Terms to Know when it Comes to Mississippi Personal Representative Bonds
- Administrator: A person responsible for administering the estate of a deceased individual when there is no will.
- Administrator with Will Annexed: A person appointed by a court to fill the role of an executor of a will when an executor is unspecified or unavailable
- Decedent: The individual that has passed away and left the estate.
- Executor: A person nominated in the deceased individual’s will to administer their estate
- Fiduciary: A person in control of or influence over another’s property. In this case, it refers to both executors and administrators.
- Intestate: If the decedent dies without a will, the estate is considered Intestate, and the administrator will petition the court for appointment.
- Personal Representative: This is a catch-all term in Mississippi for the person in charge of settling the estate. The definition includes all executors and administrators of an estate.
- Probate: The legal process through which the representative of a deceased person’s estate distributes all assets and pays all debts under the supervision of the court
- Settlement: This is the act of distributing the assets and settling the debts of the estate
- Surety Bond: A type of insurance required for Mississippi executors and administrators that guarantees they will faithfully fulfill their duties to settle the estate.
- Testate: If the decedent dies with a will, the estate is considered Testate, and the executor should be named.
What is the Required Bond Amount?
The chancery court overseeing the case will set the specific bond amount for each case in accordance with Mississippi Code 91-7-41 and 91-7-67. The bond amount must equal the full value of the estate, including all real and personal property owned by the decedent.
How Much Does a Mississippi Personal Representative Bond Cost?
The Mississippi Personal Representative Bond costs a minimum of $150. The rates are based on the size of the bond as shown in the table below. As per Mississippi Code 91-7-319, personal representatives can be reimbursed for the bond cost from estate funds.
To determine how much the bond will cost, personal representatives can follow the steps listed below:
- Determine the Required Bond Amount
The chancery court judge determines the bond amount based on the total amount of the estate’s assets, whether or not the estate has a will, and other specific details in the case.
- Calculate the Total Cost
Personal Representative Bonds up to $20,000 cost just $150 per year. For each additional $1,000 increase in the bond amount, the bond premium will increase by the corresponding amount outlined in the table below.
| Bond Amount | Additional Premium (per $1,000) | Bond Cost (1 year) |
|---|---|---|
| $0 - $20,000 | $150 flat rate | $150 |
| $20,001 - $60,000 | $6.00 | $150 - $390 |
| $60,001 - $200,000 | $5.00 | $390 - $1,090 |
| $200,001 - $500,000 | $3.75 | $1,090 - $2,215 |
| $500,001 - $1,500,000 | $2.50 | $2,215 - $4,715 |
| $1,500,000+ | $1.00 | $4,715+ |
Jet also provides reduced rates for bonds purchased for multi-year periods. To get your price, give one of our probate bond experts a call at (855) 470-0877 or simply apply online in minutes.
What Is the Process of Becoming a Personal Representative in Mississippi?
Step 1 – Meet the Qualifications
Mississippi Code 91-7-65 requires that the personal representative must be at least 18 years old, be of sound mind, and have never been convicted of a felony. The court will appoint the person who will serve in the best interests of the estate’s heirs.
Step 2 – Determine Priority
Mississippi grants priority for appointment as a personal representative in the following order:
- Persons nominated in the will
- The surviving spouse
- Any other relative, with priority to persons entitled to some or all of the estate’s assets
- Trust companies or national banks
- If the deceased individual has been dead for at least 30 days, any creditor or qualified person
Step 3 – Hire an Attorney
Although not explicitly required, we recommend that personal representatives hire an attorney to assist with the probate process.
Step 4 – Contact the Court
Personal representatives must contact the county’s chancery court with jurisdiction over the deceased individual’s estate. The chancery court with jurisdiction will be either the court where the testator lives or where the testator owns land.
A representative of the court will walk the personal representative through the appointment process, provide them with all required forms, and answer any questions they may have.
Step 5 – Purchase a Surety Bond
Executors and administrators must purchase and maintain a surety bond. See the section below for exceptions.
What are the Responsibilities of a Personal Representative in Mississippi?
Personal representatives in Mississippi have several key responsibilities in managing the probate process and settling the deceased person's estate. The primary duties include:
- Gather and Inventory Assets: The personal representative is responsible for finding and gathering all assets of the deceased individual's estate, including real estate, bank accounts, investments, personal belongings, and any other valuable items. It is their duty to create an inventory of these assets, detailing their descriptions and appraised values
- Notify Creditors and Pay Debts: Personal representatives must identify and notify all creditors of the deceased person's passing. They must provide proper notice and a designated period for creditors to assert their claims against the estate. Subsequently, the personal representative examines and validates these claims, settling legitimate debts using the estate's assets.
- File Tax Returns: The executor or administrator must file all required tax documents on behalf of the deceased individual and the estate, including the final income tax return of the deceased, any estate tax returns, and other tax filings as determined by the situation. They are responsible for accurate reporting and prompt payment of tax.
- Distribute Assets to Beneficiaries or Heirs: After settling all debts, taxes, and expenses, the personal representative will oversee the distribution of the remaining assets to the beneficiaries or heirs following the will's provisions or the laws for intestate estates in Mississippi under Title 91.
- Provide Accounting: The personal representative must thoroughly document all financial transactions associated with the estate. They are responsible for preparing an accounting report that comprehensively summarizes the estate's income, expenses, distributions, and other financial activities. This accounting report may be required to be presented in court and furnished to interested parties, such as beneficiaries or heirs, upon request.
What is the Purpose of a Mississippi Personal Representative Bond?
Due to the responsibilities listed in the prior section, Mississippi requires personal representatives to purchase a surety bond as a prerequisite to being appointed as a fiduciary over an estate’s assets. The bond ensures that the estate’s beneficiaries and creditors will receive compensation for financial harm if the personal representative fails to abide by the regulations outlined in Chapter 7 of the Mississippi Code. Specifically, the bond protects beneficiaries and creditors if the personal representative engages in fraud or mismanages the estate’s assets by violating their fiduciary duties.
Do All Estates in Mississippi Require a Bond?
According to Mississippi Code 91-7-45, personal representatives must purchase a bond. However, there are a few exceptions as follows:
- If the will explicitly waives the bond requirement
- If all estate heirs and beneficiaries agree to waive the bond requirement
- If the personal representative is the only heir to the estate
At any point during the probate process, the chancery court or a creditor of the estate can require a previously exempt personal representative to furnish a surety bond.
How Does the Application Process Work with Jet?
Jet’s application process is simple and fast - our goal is to get the personal representative bonded as quickly as possible so they can focus on their fiduciary obligations. All we need is the bond amount and basic information about the estate. Applicants for bond limits over $50,000 will likely need to submit documentation from the court for review.
Here are some of the factors Jet considers when underwriting a personal representative bond:
- Applicant’s credit history for bond limits over $25,000 if they have not retained an attorney, or $50,000 if they have retained an attorney
- If the applicant has ever committed a felony
- If there are disputes among the estate’s beneficiaries
- Whether or not there is any ongoing business in the estate
- Whether or not the applicant owes any money to the estate
How Do You File a Personal Representative Bond with the Court?
After you purchase the bond, Jet will fill in the required information on the bond form, sign and affix a raised seal, and mail the original bond to your desired address. We will also send an electronic copy for your records. When the original bond is received, the personal representative should sign as the principal and file the bond with the chancery court overseeing the case.
Once the personal representative files their bond with the clerk and signs an oath stating they will faithfully perform their duties, the clerk will issue the letters of administration. Jet has provided a chart at the bottom of the page with a list of all chancery court locations in the State of Mississippi and any available contact information for their offices.
How Do You Renew the Mississippi Personal Representative Bond?
If your appointment as an administrator or executor continues past your purchased bond term, you will need to renew the Personal Representative Bond. Jet will notify you well before the renewal date to ensure timely renewal payment.
If the bond renewal is not paid for, we will also reach out to the attorney (if applicable) and the court. If an attorney is involved, they may decide to pay the renewal bond premium, but the fiduciary must reimburse them. Upon being notified of the failure to maintain the bond, the court will set a hearing.
How Long Do You Need the Bond?
The court will release the bond once the personal representative has paid all debts, distributed all assets, and provided a final accounting approved by the court. The personal representative must submit an annual accounting to the court if the estate settlement extends beyond a year. After obtaining the release, the personal representative simply needs to email a copy to [email protected] so that we can cancel the bond and issue any applicable refund due back to the personal representative.
What Actions of a Personal Representative Can Lead to Surety Bond Claims?
Personal representatives have a critical role in the settlement of an estate and are relied on by the heirs, creditors, and the chancery court to fulfill these obligations. Anyone appointed as a personal representative must adhere to all court orders and ensure they fulfill all responsibilities outlined in Chapter 7 of the Mississippi Code.
Some examples of potential actions that could cause a claim:
- Lack of proper accounting and detailed records
- Improper disbursement of assets
- Nonpayment of taxes/debts
- Embezzlement
An heir or creditor to the estate with proven damages caused by the actions of the personal representative may file a claim against their bond. While most personal representatives act with good intentions, occasional mismanagement or errors in accounting can lead to significant challenges for well-intentioned fiduciaries. To avoid these issues, we highly recommend that personal representatives retain the services of an attorney to assist in managing the case.
What Happens if a Claim Is Filed on the Mississippi Personal Representative Bond?
Upon receiving court notice of a claim on the bond, Jet has 30 days to pay the claim or ask for additional time to review it. Jet works tirelessly to protect our clients against faulty claims, so even if the court has requested a bond payout, we assess all documentation provided by the court and the fiduciary before paying out the claim. However, if a claim is valid and Jet pays the claimant, the personal representative must reimburse Jet.
Chancery Court Locations in Mississippi
Below is a list of all the county courts located in the State of Mississippi, as well as their addresses and contact information.
| County Court | Phone Number | Address |
|---|---|---|
| Adams County | (601) 446-6684 | 115 S. Wall Street Natchez, MS 39120 |
| Alcorn County | (662) 286-7700 | P.O. Box 69 Corinth, MS 38835 |
| Amite County | (601) 657-8022 | P.O. Box 680 Liberty, MS 39645 |
| Attala County | (662) 289-2921 | 230 West Washington Street Kosciusko, MS 39090 |
| Benton County | (662) 224-6300 | P.O. Box 218 Ashland, MS 38603 |
| Bolivar County | (662) 412-3117 | P.O. Box 238 Rosedale, MS 38769 |
| Calhoun County | (606) 337-2942 | P.O. Box 8 Pittsboro, MS 38951 |
| Carroll County | (662) 237-9274 | P.O. Box 60 Carrollton, MS 38917 |
| Chickasaw County | (662) 456-2513 | 1 Pinson Square Rd. Houston, MS 38851 |
| Choctaw County | (662) 285-6329 | P.O. Box 250 Ackerman, MS 39735 |
| Claiborne County | (601) 437-4992 | P.O. Box 449 Port Gibson, MS 39150 |
| Clarke County | (601) 776-2126 | P.O. Box 689 Quitman, MS 39355 |
| Clay County | (662) 494-3124 | P.O. Box 815 West Point, MS 39773 |
| Coahoma County | (662) 624-3000 | P.O. Box 98 Clarksdale, MS 38614 |
| Copiah County | (601) 894-4101 | P.O. Box 507 Hazelhurst, MS 39083 |
| Covington County | (601) 765-4242 | P.O. Drawer 1679 Collins, MS 39428 |
| DeSoto County | (270) 365-6884 | P.O. Box 949 Hernando, MS 38632 |
| Forrest County | (601) 545-6014 | P.O. Box 951 Hattiesburg, MS 39401 |
| Franklin County | (601) 384-2330 | P.O. Box 297 Meadville, MS 39653 |
| George County | (601) 947-4801 | 355 Cox Street, Suite A Lucedale, MS 39452 |
| Greene County | (601) 394-2377 | P.O. Box 610 Leakesville, MS 39451 |
| Grenada County | (662) 226-1821 | P.O. Box 1208 Grenada, MS 38902 |
| Hancock County | (228) 467-5406 | 152 Main Street, Suite A Bay St. Louis, MS 39520 |
| Harrison County | (228) 865-4036 | P.O. Drawer CC Gulfport, MS 39502 |
| Hinds County | (601) 968-6537 | P.O. Box 686 Jackson, MS 39205 |
| Holmes County | (662) 834-2508 | P.O. Box 239 Lexington, MS 39095 |
| Humphreys County | (662) 247-1740 | P.O. Box 547 Belzoni, MS 39038 |
| Issaquena County | (662) 873-2761 | P.O. Box 27 Mayersville, MS 39113 |
| Itawamba County | (662) 862-3421 | P.O. Box 776 Fulton, MS 38843 |
| Jackson County | (228) 769-3124 | P.O. Box 998 Pascagoula, MS 39568 |
| Jasper County | (601) 727-4971 | P.O. Box 38 Paulding, MS 39348 |
| Jefferson County | (601) 786-3021 | P.O. Box 145 Fayette, MS 39069 |
| Jefferson Davis County | (601) 792-4204 | P.O. Box 1137 Prentiss, MS 39474 |
| Jones County | (601) 477-3307 | P.O. Box 248 Ellisville, MS 39437 |
| Kemper County | (601) 743-2460 | P.O. Box 188 Dekalb, MS 39328 |
| Lafayette County | (662) 234-7563 | P.O. Box 1240 Oxford, MS 38655 |
| Lamar County | (601) 794-8504 | P.O. Box 247 Purvis, MS 39475 |
| Lauderdale County | (601) 482-9701 | P.O. Box 1587 Meridian, MS 39302 |
| Lawrence County | (601) 587-7162 | P.O. Box 821 Monticello, MS 39654 |
| Leake County | (859) 792-2961 | P.O. Box 72 Carthage, MS 39051 |
| Lee County | (662) 432-2100 | P.O. Box 7127 Tupelo, MS 38802 |
| LeFlore County | (662) 453-6203 | P.O. Box 250 Greenwood, MS 38935 |
| Lincoln County | (601) 835-3411 | P.O. Box 555 Brookhaven, MS 39602 |
| Lowndes County | (662) 329-5800 | P.O. Box 684 Columbus, MS 39703 |
| Madison County | (601) 859-1177 | P.O. Box 404 Canton, MS 39046 |
| Marion County | (601) 736-2691 | 250 Broad St, Ste 2 Columbia, MS 39429 |
| Marshall County | (662) 252-4431 | P.O. Box 219 Holly Springs, MS 38635 |
| Monroe County | (662) 369-8143 | P.O. Box 578 Aberdeen, MS 39730 |
| Montgomery County | (662) 283-2333 | P.O. Box 71 Winona, MS 38967 |
| Neshoba County | (601) 656-3581 | 401 Beacon St, Ste 107 Philadelphia, MS 39350 |
| Newton County | (601) 635-2367 | P.O. Box 68 Decatur, MS 39327 |
| Noxubee County | (662) 726-4243 | 505 South Jefferson Street Macon, MS 39341 |
| Oktibbeha County | (662) 323-5834 | 101 East Main St. Starkville, MS 39759 |
| Panola County | (662) 487-2070 | 215 Pochontas St. Sardis, MS 38666 |
| Pearl River County | (601) 403-2300 | P.O. Box 431 Poplarville, MS 39470 |
| Perry County | (601) 964-8398 | P.O. Box 198 New Augusta, MS 39462 |
| Pike County | (601) 783-3362 | P.O. Box 309 Magnolia, MS 39652 |
| Pontotoc County | (662) 489-3900 | P.O. Box 209 Pontotoc, MS 38863 |
| Prentiss County | (662) 728-8151 | P.O. Box 477 Booneville, MS 38829 |
| Quitman County | (662) 326-2661 | 220 Chestnut St., Ste 2 Marks, MS 38646 |
| Rankin County | (601) 825-1469 | P.O. Box 700 Brandon, MS 39042 |
| Scott County | (601) 469-1922 | P.O. Box 630 Forest, MS 39074 |
| Sharkey County | (662) 873-2755 | P.O. Box 218 Rolling Fork, MS 39159 |
| Simpson County | (601) 847-2626 | P.O. Box 367 Mendenhall, MS 39114 |
| Smith County | (601) 782-9811 | P.O. Box 39 Raleigh, MS 39153 |
| Stone County | (601) 928-5266 | P.O. Drawer 7 Wiggins, MS 39577 |
| Sunflower County | (662) 887-4703 | P.O. Box 988 Indianola, MS 38751 |
| Tallahatchie County | (662) 647-5551 | P.O. Box 350 Charleston, MS 38921 |
| Tate County | (662) 562-5661 | 201 Ward Street Senatobia, MS 38668 |
| Tippah County | (662) 837-7374 | 101 East Spring Street Ripley, MS 38663 |
| Tishomingo County | (662) 423-7010 | 1008 Battleground Dr. Luka, MS 38852 |
| Tunica County | (662) 363-2451 | P.O. Box 217 Tunica, MS 38676 |
| Union County | (662) 534-1900 | P.O. Box 847 New Albany, MS 38562 |
| Walthall County | (601) 876-3553 | P.O. Box 351 Tylertown, MS 39667 |
| Warren County | (601) 636-4415 | P.O. Box 351 Vicksburg, MS 39181 |
| Washington County | (662) 332-1595 | P.O. Box 309 Greenville, MS 38702 |
| Wayne County | (601) 735-2873 | 609 Azalea Drive Waynesboro, MS 39367 |
| Webster County | (662) 258-4131 | P.O. Box 398 Walthall, MS 39771 |
| Wilkinson County | (601) 888-4381 | P.O. Box 516 Woodville, MS 39669 |
| Winston County | (662) 773-3631 | P.O. Drawer 69 Louisville, MS 39339 |
| Yalobusha County | (662) 675-2716 | P.O. Box 260 Coffeeville, MS 38922 |
| Yazoo County | (662) 746-2661 | P.O. Box 68 Yazoo City, MS 39194 |
