Ascension Parish Successions Lawyer

Ascension Parish Successions Attorney

In the event of a person’s passing in Louisiana, the settlement of their estate follows a set of procedures referred to as succession. Succession is the equivalent of probate in most other states. The duration and complexity of this process can vary based on the particulars of the deceased individual’s estate. Whether it is a straightforward or more intricate procedure, having an experienced Ascension Parish successions lawyer on your side is important.

What Is Succession?

Succession planning is the legal process of determining how a person’s estate and assets will be distributed upon their death.

There are three options a family can take in the succession process: unadministered succession, administered succession, and independent administration. The right one will depend on your estate and your wishes.

Unadministered succession lets the court system handle the case. This form does not require an executor, as the court will decide in adherence to state law and estate planning documents. Administered succession is more complex, as an executor will be responsible for resolving issues and administrating the estate once any litigation is resolved.

The last option is succession through independent administration, which reduces the court supervision of the executor. This option can be used if all the heirs agree in writing or if it is provided for in the will. Independent administration succession can significantly reduce the cost and time of the process.

Is Succession Always Required?

Succession isn’t always required. Most of the time, an estate will go through succession if it is worth $125,000 or more. This occurs regardless of whether there was a will in place. It’s important to keep in mind that the value of the estate differs from the value of the decedent’s assets.

Regardless of whether you are managing an administered or unadministered succession, the counsel of an experienced Louisiana attorney can help you decide the right option for you and your family.

Benefits of an Estate Planning Attorney

Choosing to work with an estate planning attorney from an Ascension Parish law firm, such as Magnolia Law, offers numerous benefits. It ensures that your estate is managed according to your wishes and complies with the state’s legal framework. Some of the benefits include:

• Legal Knowledge. Succession attorneys have in-depth knowledge of the state’s specific laws and regulations governing succession. Having this knowledge on your side will ensure your estate plan follows the requirements.
• Customized Planning. An attorney can tailor your estate plan to your specific needs and goals and take into account factors such as family structure, financial situation, and preferences.
• Forced Heirship Considerations. Louisiana has forced heirship rules, which may affect the distribution of your estate. Forced heirs are the children of the deceased who are younger than 24 years old or a child of any age who is mentally or physically incapable of caring for themselves.
• Probate Minimization. An attorney can help with strategies to minimize the impact of probate on your estate. This may include creating trusts, joint ownership, and beneficiary designations to help the efficiency of asset transfer.
• Notarial Wills. Attorneys can assist in drafting notarial wills, which are more readily accepted by state courts. This will help simplify the process and potentially expedite the administration of your estate.
• Continuing Tutorship: If you have a minor child between the ages of 15 and 17, an attorney can help establish a continuing tutorship to ensure their care and financial well-being.
• Update and Maintenance. Over time, your financial and family situation will change. An attorney can assist in reviewing and updating your estate plan to reflect these changes to ensure its continued relevance and effectiveness.
• Overall peace of mind. Knowing that your estate plan is well-crafted, legally sound, and aligns with your wishes will provide peace of mind. An attorney can guide you through the process, addressing any concerns and ensuring that your intentions are documented.

Given the complexities of the state’s succession and probate system, seeking the guidance of a qualified succession attorney is crucial to creating an effective and comprehensive estate plan. An attorney’s knowledge ensures that your estate plan follows the law, reduces the risk of legal complications, and provides you with greater confidence in the protection of your assets and the well-being of your loved ones.

FAQs

Q: How Much Does It Cost to Draw Up a Succession?

A: The expenses related to succession may differ based on whether it is administered or unadministered. For a straightforward succession, the costs may fall within the range of $2000 to $3000. Conversely, for more intricate cases, the expenses will likely start at $2500. Seeking guidance from an Ascension Parish successions lawyer can provide a more accurate estimate of the total costs associated with your specific situation.

Q: Do You Need a Lawyer to File a Succession?

A: No, it is not a requirement to have a lawyer to file a succession. However, there may be many complicated aspects in succession, including notifying beneficiaries, transferring titles, making financial disbursements, and settling debts. A lawyer in Ascension Parish can handle most of these tasks and take the load off a grieving family’s shoulders.

Q: Can a Notary Do a Succession?

A: Notaries are authorized to assist with certain aspects of successions in Louisiana, including notarial testaments, which are formal wills, and executor appointments. However, the overall administration and management of succession often involve legal procedures that may require the assistance of an attorney.

Q: How Do I Avoid Probate?

A: Avoiding probate involves implementing certain estate planning strategies that allow assets to pass to heirs or beneficiaries without going through the formal probate process. While it may not be possible to entirely bypass probate for all assets, there are some things a person can do before they pass away to minimize probate, including establishing:

• A living trust.
• Joint ownership with right of survivorship for property.
• Beneficiary designations.

We Can Help You With Your Succession Case

The loss of a loved one is a difficult process for everyone involved, and families are still grieving during the succession process. We aim to support your family during the legal proceedings and reduce any unnecessary stress. Contact our team to talk to an experienced attorney at Magnolia Law today.