What is succession & how does it work?
Succession Attorney Services in New Orleans and Metairie
Succession and estate planning are often used interchangable but are very different parts of the process. Succession, known to other states as probate, is what takes place after your passing. Estate planning referrs to the process that takes place prior to your passing. Succession is the part of the process that involves administering a deceased person’s estate and distributing assets to beneficiaries and heirs according to their will or state laws if there is no valid will. Having a succession attorney familiar with Louisiana succession laws to help you navigate the difference and the process is very important.
Louisiana’s succession laws have some unique features compared to other states. It is highly recommended to have a proper estate plan in place prior to your passing and that you work with a succession attorney who is experienced in Louisiana estate law. Having an estate planning attorney who was involved in the creation of the estate plan will allow for a smoother distribution process for the family. It will also provide guidance on how to navigate the unique aspects of Louisiana succession and create an estate plan that aligns with the state’s legal requirements.
Legal services typically involved in Louisiana succession:
- Opening the succession – filing petition to open succession with the appropriate Louisiana court.
- Appointment of an Executor or Administrator (Ideally someone named in a valid will to manage sucession). This individual will work with the succession attorney throughout the succession process. If no one was named, the court will appoint an administrator to handle the estate.
- Inventory of assets – identifying and valuing all the property within the estate.
- Notification of heirs and creditiors. Notice must be provided to all interested parties and creditors have a limited time to file claims against the estate.
- Payment of debts and expenses. This may involve selling assets to cover costs.
- Distribution of assets.
- Accounting and reporting of all financial transactions related to the estate to the court and beneficiaries.
- Closing of succession – Once debts are settled, assets are distributed, and the court satisfied, an order is issued to close the succession.
- Final Tax filings.
- Transfer of Real Estate
Specific legal services required in Louisiana succession can vary depending on the complexity of the estate, the presence of a vali will, and the individual circumstances of the deceased person’s assets and debts. Handling a succession can be legally complex. Carmen with Liriano Law, a well versed succession attorney providing both succession and estate planning services, is here to assist you in the guidanceof the process and ensure compliance of state law. Contact us for a free consultation.
Contact Liriano Law Firm with any questions you may have. We are ready to fight for you.
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