Deceased Parents with no will, how is property handled? (Mississippi)

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Icon Mini Profile claneej

Joined: 11 Sep 2010

Posts: 1

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Post Posted: Sat Sep 11, 2010 10:45 pm    Post subject: Deceased Parents with no will, how is property handled? (Mis

My mother passed three years ago and my father passed just last year. There is property (house and land), but no will. How is the property divided in the state of MS. I have one sister who has no children and I have one child. I would like to buy her out of her share if I can. What's the best way of doing this? Do we have to get it appraised or just settle on a price we both think is fair and how is my son involved in this process..he is only 3 at this time. Is the remaining property to be split 3 ways because of him or is it still just between me and my sister. And at what point do I have to involve attorneys.
Icon Mini Profile adonis

Joined: 22 Oct 2005

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Post Posted: Sun Sep 12, 2010 9:43 pm    Post subject:

Hi claneej,

You and your sister are the immediate heirs to your parents' property. Thus, the property will be divided between you two. You and your sister should contact the county recorder's office and file an affidavit of heirship. Once the property is transferred in your names, you should appraise it to know the value of the property and buy out your sister accordingly. While you give her the money, ask her to sign the deed and transfer her share of the property to you.

Procrastination is the enemy of your financial success
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