Category: Successions

New Orleans Estate and Succession Lawyers: A succession lawyer is an estate attorney who specializes in assisting families and heirs in obtaining their inheritance through the probate process.  An experienced succession attorney is needed to identify the rightful heirs, determine whether there are forced heirs, appraise assets, identify creditors, and distribute the estate.  As a result, a probate lawyer can help you navigate Louisiana’s unique and extensive succession laws. During the initial appointment, a Louisiana succession lawyer will examine your loved one’s estate planning documents, their assets, their debts, and familial relationships.  After that, the succession lawyer will prepare the

Probate and Succession Checklist – What You Will Need: It can be emotionally difficult to deal with the probate process after a loved one passes.  You will find yourself organizing all your loved one’s belongings, reading numerous forms, signing documents, and perhaps taking care of new pets.  In Louisiana, understanding the key steps involved in estate administration and distribution is crucial after losing a loved one. What is Probate? Louisiana probate, also known as succession, is the formal, court-supervised process of administering and settling a decedent’s estate.  La. Civ. Code art. 871.  This may include carrying out one’s final wishes

Inheriting a Reverse Mortgage in Louisiana: For homeowners who are 62 years of age or older, a reverse mortgage harnesses their home equity to provide cash.  With a reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), homeowners can borrow money against the value of their house and get it back as a line of credit, a lump sum, or a fixed monthly payment. When an heir inherits a home with a reverse mortgage, they inherit not just the property but also the responsibility to pay this loan.  If a home still has a traditional mortgage, the heirs

Louisiana Small Succession Affidavits Explained: Usually, the transfer of estate property involves the probate process, which can be a time-consuming and costly endeavor.  A small succession affidavit stands as a viable alternative, allowing heirs to avoid the probate process entirely. A small succession affidavit is a legal document that efficiently transfers estate assets to the rightful heirs outside of the judicial process.  While it is certainly a favorable alternative, it is only available in very narrow circumstances. Which Estates Qualify for Small Successions? Per La. Code of Civ. Proc. art 3421, an estate can qualify as a small succession if

Succession Executors and Administrators Explained: Administration of an estate is sometimes required when there are issues that need attention before the heirs or legatees can be put in possession of estate assets.  Some of the issues that may necessitate an administration include providing for debts or claims, liquidating investments, selling real estate, or providing an allowance for a surviving spouse.  If there is no need an administration, then the heirs or legatees can be put into possession of the estate assets without administration, which saves time and costs. When an administration is necessary, the estate will need a succession representative

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

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

Inheriting Mortgaged Property: In most instances, the estate debts must be fully paid during the succession proceedings.  However, some debts such as mortgages are not easily paid in full.  Clients often ask if they have to refinance when they inherit property with a mortgage.  Heirs generally have a few options when inheriting mortgaged property.  The property can be sold and the sale proceeds can pay off the mortgage.  Other assets in the succession can be used to pay off the mortgage.  The succession can be renounced, in which case the property will likely be foreclosed on if there are no