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
Category: Successions
The probate lawyers at Bowes, Petkovich & Palmer, LLC have decades of experience handling successions in the New Orleans and surrounding areas. Call us today for a free consultation.
Forced Heirship and Collation: Forced heirship is unique to Louisiana and can dramatically impact your estate plan. Likewise, collation can have a profound impact on the forced portion and on your succession proceedings. Forced heirship is designed to prevent a person from disinheriting certain children or grandchildren. It was born under the presumption that parents desire to treat their children equally. What is Forced Heirship? Per La. Civ. Code art. 1494, a forced heir must receive a portion of their parent’s estate. This is so regardless of a will or trust to the contrary. For example, if a will leaves