In Louisiana, “succession” refers specifically to the legal probate process. This procedure, overseen by the court, aims to transfer a deceased person’s assets to their chosen heirs or beneficiaries. The succession process also ensures proper settlement of the deceased’s estate by identifying and appraising all assets, settling any debts and taxes, and distributing the remaining assets. However, succession is not always required, as some conditions may allow an estate to be exempt from this process. We will go into more detail about succession laws in Louisiana and what these regulations can mean for you.
What Is an Estate?
The term “estate” typically refers to the complete collection of property and assets owned by an individual at the time of their death. In Louisiana, a person’s estate comprises not just tangible assets like real estate, personal items, and financial accounts but also intangible rights and obligations held by the individual. As a result, this definition includes any legal rights or responsibilities that come into play after the person’s death, such as outstanding debts, ongoing legal issues, or inheritance claims.
Succession Laws in Louisiana
If the value of a decedent’s estate is $125,000 or more, it generally must go through succession. This applies whether the decedent passed away with a valid Last Will and Testament (testate), outlining their asset distribution desires, or without a Will (intestate), in which case state laws govern the asset division among heirs. The succession process guarantees that debts are paid and assets are allocated according to the decedent’s wishes or state regulations. Additionally, it establishes a legal framework for the smooth transfer of property ownership following a person’s death.
What Is Not Included in an Estate in Louisiana?
Certain types of property are excluded from the probate estate, meaning they can be transferred directly to beneficiaries without going through the formal probate process, including:
- Certain bank accounts
- Retirement accounts with named beneficiaries
- Life insurance policies
- Revocable trusts
To learn more about these assets and which ones will be passed down through succession, consider consulting with an experienced and knowledgeable Louisiana succession attorney. These lawyers can assist in identifying and valuing the property within an estate, as well as helping you explore your legal options.
What Should You Do if You Are Facing Succession?
When a succession becomes necessary, individuals will need to navigate the process carefully to ensure nothing is missed. The following steps can assist with this process:
- Put together a list of those who might be involved in the succession process. This should include potential debtors and individuals or organizations named in a loved one’s Will.
- Gather and document all known assets and liabilities associated with the deceased. This inventory should encompass a wide range of items, including personal property (jewelry, vehicles, and collectibles), financial accounts (bank accounts and investment portfolios), real estate holdings, mortgages, loans, and other outstanding debts.
- Locate the original copy of the Will, if it exists. If you cannot find a Will, be aware that Louisiana’s intestacy laws will dictate how the deceased’s property is distributed.
- Reach out to an experienced and skilled Louisiana succession attorney. This legal professional can provide valuable guidance on whether succession is necessary and can even facilitate the process, handling everything from filing paperwork to representing the estate in court if necessary.
Contact Losavio & DeJean Today To Learn More About Succession Laws in Louisiana
If you want to learn more about succession in Louisiana and whether it is necessary in your situation, contact Losavio & DeJean today to discuss your questions with our experienced Louisiana succession attorneys.