NEW ORLEANS SUCCESSION LAWYER
Understanding Succession & Estate Planning
When a loved one dies, their estate must be collected, debts and taxes must be paid, and the estate must be distributed according to the decedent’s will or state law. During a succession, all assets must be transferred to the deceased’s heirs. According to Louisiana law, when a person dies, their assets are immediately moved to the beneficiaries; however, proof must be provided to the court that states the beneficiaries are the legal owners of the estate’s assets. A New Orleans Succession Lawyer will help you review the will, contact the heirs, file the appropriate paperwork in the courthouse and get the judgments of possession. Therefore, placing the property and accounts in the heirs names.
If you are looking to speak with a lawyer regarding probate, estate planning or successions, contact a trusted New Orleans succession lawyer from the Weiser Law Firm, LLC
Testate & Intestate Successions
- There are two types of wills that are recognized in the state of Louisiana:
- Testate – An estate is testate if the deceased person left a will. A person who inherits under a will is called a legatee. The property in a testate succession is transferred to the legatees by a process called probate, which is merely the court recognizing the validity of the will. Once the will is probated, the legatees petition to the court to be put in possession of the succession property in accordance with the directives of the will.
- Intestate – An estate is intestate if the decedent did not leave a valid will. A person who inherits under the law of intestate successions is referred to as an heir. Heirs are placed in possession with the property of the estate by petitioning the court to be placed in possession. Successions can further be categorized as those that are placed under the authority of a court approved administrator and those for which no administration is necessary.
Types of Successions
- A small succession is defined as an estate with a total assets amount under $75,000. This is the total value of everything; including, the home, cars, bank accounts, retirement accounts, debit, etc. If the amount is below $75,000 this type of succession can be filed easily with the consent of all heirs and a Judge’s order. Our New Orleans Succession Lawyer knows how to place the property listed in the will into the names of the heirs.
- A large succession is basically a succession that all of the property and assets have a value higher that $75,000. This process requires more work to be done and the court costs in the courthouse tend to be higher. Nevertheless, if all of the heirs are in agreement to the will and who will be placed in possession and/or ownership of the property the process can be done swiftly.
Schedule a Consultation with a New Orleans Succession Lawyer
A simple succession is when all succession documents are filed at one time, allowing the succession process to open and close in the same day. Not all successions are complex or costly. The New Orleans Succession lawyer at the Weiser Law Firm, LLC can complete the estate and put heirs into possession of their inheritance at minimal cost. To qualify as a simple succession, the estate must be relatively debt free and all heirs must accept the estate.