Mississippi Nominee Trust

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Multi-State
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US-00737BG
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Description

A nominee trust is a trust in which the trustee holds legal title to the trust property for the trust's beneficiaries, but the beneficiaries exercise the controlling powers, and the actions that the trustees may take on their own are very limited. Such trusts are a common device for holding title to real estate, and afford certain tax advantages. A nominee trust is not a trust in the strict classical sense, because of the trustee-beneficiary relationship. Despite a nominee trust's nontraditional relationship between trustee and beneficiary, such a trust must still adhere to the rule that no trust exists when the same individual is the sole settlor, sole trustee, and sole beneficiary. The trustees of a nominee trust act at the direction of the beneficiaries.

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FAQ

There isn't a clear cut rule on how much money you need to set up a trust, but if you have $100,000 or more and own real estate, you might benefit from a trust.

Most estates require some form of probate to transfer an inheritance in Mississippi. However, if the estate is worth less than $50,000, you can submit an informal probate affidavit instead of attending a court hearing. If the estate includes real estate, probate is typically required.

The cost of setting up a trust in Mississippi varies depending on the complexity of the trust and the attorney's fees. A basic Revocable Living Trust generally ranges from $1,000 to $3,000. More complex trusts can cost several thousand dollars more.

The creation of the trust involves the drafting and signing of a document which details the assets included in the trust. In order to be valid, the Grantor must also specify the Trustee, Successor Trustee, and Beneficiary or Beneficiaries of the trust. The document should be signed in the presence of a Notary Public.

If the decedent has a spouse and children, the decedent's assets are divided into equal shares for the spouse and the children. The descendants of any deceased child inherit that child's share. If the decedent has a spouse but no children, the entire estate passes to the spouse.

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.

The trustee or substitute trustee so appointed may be a natural person, partnership, corporation, limited liability company, professional association or any other legal entity.

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Mississippi Nominee Trust