MS SB2878

Amends Section 93-20-125 to allow courts discretion in applying new guardianship and conservatorship laws to proceedings commenced before January 1, 2020, without requiring a new proceeding to be commenced.

Modifies Section 93-20-431 to clarify that persons may transfer liquidated sums certain (up to $25,000 in a twelve-month period) from banking provisions, contracts, judgments, or court decrees to a minor without court approval.

Requires chancery court approval for non-liquidated settlement proceeds, with the court investigating whether the proposed amount fairly settles the claim and is in the minor's best interest.

Permits transfers to custodians under the Uniform Transfers to Minors Act, guardians, caretakers, financial institutions, or ABLE accounts without requiring appointment of a conservator.

Clarifies that persons receiving funds for minors may only use them for support, care, education, health, or welfare with any unused balance preserved for the minor's future needs.