Senate Bill 2851 Summary

• Creates the Mississippi Real Property Transfer-on-Death Act allowing individuals to transfer real property to designated beneficiaries effective upon death through a revocable, nontestamentary deed that must be recorded before death.

• Enacts provisions addressing revocation of wills, trusts, and beneficiary designations upon divorce, treating former spouses and their relatives as if they predeceased the decedent unless the instrument expressly provides otherwise.

• Establishes the Mississippi Uniform Estate Tax Apportionment Act governing how federal, state, and foreign estate taxes are allocated among beneficiaries and estate property based on statutory and testamentary directives.

• Creates Article 5 of the Uniform Trust Code providing comprehensive creditor protections including spendthrift provisions, discretionary interests as mere expectancies, and restrictions on beneficiary creditors reaching trust property.

• Enacts the Mississippi Uniform Disclaimer of Property Interests Act (2002/2010) allowing persons to refuse interests in property and powers of appointment subject to nine-month filing requirements and specified delivery procedures; repeals prior disclaimer and estate tax apportionment statutes.