The Mississippi legislature recently amended Miss. Code Ann § 93-20-431 regarding chancery court approval for the transfer of sums to minors and imposes a duty upon the chancery court to investigate and determine whether the settlement is in the best interest of the ward. It provides that if the sum of money or value of property is not a liquidated sum certain or property of certain value under a banking or contract provision, or imposed by a court, the person must seek chancery court approval.
In its determination, the chancery court must “fully investigate” and satisfy that the settlement is fair and in the best interest of the ward. Then, after making that determination, the chancery court can then order the sum be given by the person and accepted by the ward. The person who receives the money or property of the ward becomes liable to dispense it for the use and benefit of the ward. Additionally, any sum under $25,000 is not required to be placed into a restrictive account. This new provision provides a safety net for wards and gives the chancery court the burden of investigating the matter to ensure the ward is not being taken advantage of and that their interests are protected.