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If an estate generates more than $600 in gross yearly income within 12 months of that taxpayer's death, it will also be necessary to file Form 1041 (U.S. Income Tax Return for Estates and Trusts), usually by April 15 of the year after the year in which the individual died.

Beneficiaries of a trust typically pay taxes on the distributions they receive from a trust's income rather than the trust paying the tax. However, beneficiaries aren't subject to taxes on distributions from the trust's principal, the original sum of money put into the trust.

Trusts and estates are the two main legal structures for transferring assets to your heirs and beneficiaries. Each works in critically different ways. Estates make a one-time transfer of your assets after death. Trusts, meanwhile, allow you to create an ongoing transfer of assets both before and after death.

The first step is filling out the necessary forms for your claim and paying the required fees. The claim would be called a ?complaint? in a higher court. If you are at least 18 years old and asking for less than the small claims court limit, you can file a claim in Mississippi's small claims court.

In Mississippi, you may file in small claims court, known as justice court, on your own for anything that is $3,500 or less. If you want to sue for more, you will have to file in a different court and may need the help of a lawyer. You may talk to the clerk of court for help in filing a lawsuit in small claims court.

The requirements and restrictions vary in each state; however, in Mississippi, your document will require notarization. If your agent will have the authority to manage real estate transactions, the Power of Attorney will need to be acknowledged by a notary and recorded or filed with the county.