Louisiana Simple Successions Explained: A succession is the process of transferring property from a deceased person to their heirs (intestate) or legatees (testate). Other states refer to this as “probate” and in Louisiana the terms are often used interchangeably. Successions can be simple, or they can be very complex, depending on the circumstances of the estate and the level of cooperation among the heirs or legatees. There are two types of judicial successions: successions under administration and simple successions. Simple successions are also commonly referred to as “simple possession” or “putting in possession.” The selection of which type of succession
Category: Legal News
We handle all types of family law cases, including divorce, custody, child support, spousal support, community property partitions, paternity, and more. We also offer estate planning services including the drafting of wills, trusts, powers of attorney, living wills, and more. Our probate attorneys can help with all your succession needs. We also handle personal injury claims for our former clients and new clients alike. Finally, our creditor’s rights team handles collections, repossessions, foreclosures, and evictions statewide. Here you will find legal news and the latest happenings concerning our practice areas and the law in general.
Matrimonial Agreements & Louisiana Law: Many people use the term “prenuptial agreement” to refer to what the Louisiana Civil Code terms a “matrimonial agreement.” Use of this term “prenuptial agreement” can be misleading though since a matrimonial agreement can actually be entered into before or after a couple exchanges nuptial vows. In order to more fully understand matrimonial agreements, it is first necessary to define the legal term “matrimonial regime.” The Louisiana Civil Code provides that “[a] matrimonial regime is a system of principles governing the ownership and management of the property of married persons as between themselves and towards
Louisiana Irrevocable Trusts Explained: Irrevocable trusts are living trusts that are created during the grantor’s (or settlor’s) lifetime and which cannot be changed or revoked like a revocable trust. They are essentially contracts with yourself. A trustee is appointed to manage the assets on behalf of the beneficiaries. While grantors often appoint themselves as the initial trustee in revocable trusts, they lose many of the benefits of an irrevocable trust if the trust is “self-settled”. Thus, a third-party trustee should be appointed. The purpose of an irrevocable trust is to move the assets from the grantor’s control to that of
Louisiana Revocable Trusts Explained: A revocable trust is a type of living trust that you can create during your lifetime and as such is an important estate planning tool. It is essentially a contract reflecting an agreement regarding the passing of property from one to another. The grantor (or settlor) maintains ownership and full control over the assets in the revocable trust while he or she is still alive. Per La. R.S. 9:2022, “reservation of the right to revoke includes the right to modify the trust.” Per La. R.S. 9:2042, “a reservation by the settlor of the right to revoke
Louisiana Testamentary Trusts Explained: A trust is a legally binding document created by a grantor (also known as a settlor or trustor) that holds assets for beneficiaries. A trustee is appointed and is responsible for managing the trust assets and proceeds in accordance with the terms set by the grantor. A “testamentary” trust allows the grantor to transfer ownership of their property to the trust upon their death. Per La. R.S. 9:1733, “[a] trust is testamentary when it is created by donation mortis causa.” This is in contrast to a living trust which becomes effective immediately. Testamentary trusts are created
Louisiana Living Trusts Explained: A trust is a legally binding instrument between a person creating the trust (the grantor) and the person or entity managing the trust and its assets (the trustee). A grantor may also be referred to as a settlor or trustor. Like a will, a trust has beneficiaries, who under the terms of the trust, will receive certain assets from the trust. A “living” trust (also called an “inter vivos” trust) allows the grantor to transfer ownership of their property to the trust during their lifetime. This is in contrast to a testamentary trust which does not
What is Domicile and How Does it Affect Estate Planning? Moving from one state to another is a significant life event. It should include careful planning and attention to tax details. Louisiana does not have a state inheritance or estate tax. This differs from many other states that do impose a state level estate tax, which in many instances is in addition to the federal estate tax. If you have moved to Louisiana from another state, you may be able to eliminate the state death or estate tax from your prior state. To do so, you must establish Louisiana as
Successions With Absent Heirs or Legatees: Successions are either intestate or testate. In an intestate succession, the heirs of the decedent inherit his or her estate. In a testate succession, the decedent leaves his or her property to one or more legatees. It is not uncommon for a client to come to our office to open the succession of a loved one, and during the process of determining who all the heirs or legatees are it becomes apparent that the whereabouts of one or more heirs or legatees are unknown. If attempts at locating them fail, they become known as absent
When to Update a Power of Attorney: A power of attorney (POA) is an important legal tool. It is commonly used for estate planning, medical management, financial management, and real estate transactions. A POA should be reviewed every few years for possible updates. It may become necessary to update a power of attorney when life situations change, a new agent is needed, or when there are changes in the law. You have the right to amend or revoke a power of attorney any time, and doing so is a relatively simple process. Reasons to Update a Power of Attorney: There
The Impact of Parental Alienation on Child Custody: When one parent manipulates a child to reject the other, it can have negative emotional and psychological effects on both the estranged parent and the child. What is Parental Alienation? A type of emotional child abuse known as parental alienation occurs when one parent consciously damages the child’s bond with the other parent. It frequently entails persistently disparaging the targeted parent, restricting contact or access, and interfering with the child’s ability to communicate with the alienated parent. This conduct hampers a child’s emotional growth, causing them great distress. Signs of Parental Alienation: