With our latest blog entry, we’re exploring the process of succession in Louisiana and examining the circumstances under which it becomes necessary.
Succession, also known as probate, is a legal process that takes place after a person’s death to distribute their assets and property according to their will or Louisiana’s intestate laws (if the deceased left no valid will). This process ensures that the deceased’s debts are settled and their assets are correctly passed on to their heirs or legatees.
When is Succession Necessary in Louisiana?
In Louisiana, succession is typically necessary under the following circumstances:
- The deceased owned real estate or immovable property.
If the deceased individual owned any real estate or immovable property in Louisiana, the probate process is necessary to transfer legal ownership of the property to their heirs or legatees. Without probate, the title to the property will remain in the deceased’s name, making it impossible for the heirs or legatees to sell, mortgage, or otherwise manage the property.
- The deceased had assets subject to probate.
Certain assets, such as bank accounts, stocks, and bonds, are considered probate assets and must go through the probate process to be transferred to the heirs or legatees. This is especially true if these assets were solely owned by the deceased or if the beneficiary designation is not up-to-date.
- The deceased left debts or other financial obligations.
If the deceased had outstanding debts or other financial obligations at the time of their death, probate is necessary to settle those debts using the deceased’s assets. The probate court oversees the payment of valid debts and ensures that the remaining assets are distributed to the appropriate heirs or legatees.
- The deceased died without a valid will (intestate).
If the deceased died without a valid will, Louisiana’s intestate laws dictate the distribution of their assets. The probate process is necessary to ensure that these assets are distributed to the deceased’s legal heirs according to Louisiana’s laws.
When is Succession Not Necessary in Louisiana?
In some cases, probate may not be necessary, such as:
- The deceased’s assets pass outside of probate.
Some assets can avoid the probate process and pass directly to the named beneficiaries. These assets include life insurance policies, retirement accounts, and joint bank accounts with rights of survivorship.
- The deceased’s estate qualifies for a small estate procedure.
Louisiana offers a small estate procedure for estates valued below a certain threshold. This simplified process allows heirs or legatees to claim their inheritance without going through the full probate process.
Conclusion:
Succession is an essential legal process in Louisiana that ensures the proper distribution of a deceased individual’s assets and the settlement of their debts. While it may not be necessary in all cases, it is crucial to understand when succession is required and seek professional legal advice to ensure that the process is handled correctly and efficiently. The experienced team at Ogden Law can help you navigate the complexities of succession and estate planning, providing peace of mind during a challenging time.
