What is a Louisiana Succession, and do you need to do one?
October 29, 2021
When a person dies in Louisiana and leaves behind assets that need to be transferred into someone else’s possession a Succession is generally opened. This process is called Probate in other states There are different types of Successions in Louisiana which include:
Intestate Succession
There is no will and assets are distributed according to the laws of Louisiana which gives preference to children and surviving spouses.
Testamentary Succession
A will has been left and the named hairs are put into possession
Affidavit for Small Succession
A legal affidavit that distributes assets when the total value of the Succession is under $125,000 and there is little-to-no debt.
It is important to note that not all assets go through the Succession. Life insurances pay-outs and investment retirement accounts with a named beneficiary are not considered assets of the Succession.
If a family member of yours has passed away and you need assistance with transferring the assets through a Succession, please call me. I am here to answer your questions and guide you through the legal process.
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