HB1425 Summary

• Enacts the Mississippi Real Property Transfer on Death Act, allowing individuals to transfer real property to designated beneficiaries through a revocable, nontestamentary deed that becomes effective upon the transferor's death without requiring testamentary formalities.

• Establishes provisions for automatic revocation of certain will and trust instruments benefiting former spouses and their relatives upon dissolution of marriage, unless the will or trust expressly provides otherwise.

• Creates the Mississippi Uniform Estate Tax Apportionment Act governing how estate taxes are apportioned among beneficiaries and property interests, with detailed rules for tax credits, deferrals, and special elective benefits.

• Enacts Article 5 and Article 11 of the Uniform Trust Code addressing spendthrift provisions, creditor rights against beneficiaries and settlors, discretionary interests, and protection of trust assets from creditors and assignees.

• Repeals prior estate tax apportionment, disclaimer of property interests, family trust preservation, and foreign fiduciary provisions, effective July 1, 2019.