What Is a Succession Plan and When Do I Need One?

– Helpful Insights from a Succession Attorney in Shreveport

Many people often hear the term “probate” when a loved one dies, which is the process of transferring ownership to the appropriate heirs. In Louisiana, we call probate a “Succession.” Essentially, it is the same thing as probate and comprehending the complexities that go along with it can be frustrating and confusing.

Contrary to what some may tell you, even if mom or dad died with a Last Will and Testament in place, their estate is still subject to Succession proceedings. When dealing with the intricacies of the estate laws, seek the help of a Shreveport succession attorney who understands your needs and the court’s requirements. David L. White has decades of experience serving Louisiana’s citizens with their probate needs.

Understanding the Succession Process

The decision to make a will or not, is a personal one. There are many advantages to having one. Either way, it does not matter whether a Last Will and Testament was created when a loved one dies, because there are several items that must be handled through Succession proceedings, such as:

  • Determine If You Can Use a Small Succession Affidavit Procedure – Your Succession lawyer can assist with this step. If the decedent dies and the following apply:
    • their gross estate is less than $75,000; and
    • they died while domiciled in Louisiana; and
    • they did not have a will.

    Keep in mind that not all third parties may honor the affidavit; for example, a brokerage firm may not transfer assets without a full Success procedure.

  • Deciding What Assets May Be Involved – Not all assets are considered part of the Succession process. More specifically, those types of property that have beneficiary designations. For example, IRAs, 401k(s), life insurance policies, and annuities can pass to the chosen beneficiary without having to go through the court proceedings.
  • Gathering Appropriate Information for Your Attorney – There are a few items you will need to pull together before you meet with your lawyer. They include:
    • Names and addresses of all heirs and creditors
    • Full list of all assets owned by the deceased, including real estate, investment accounts, bank statements, and vehicle and boat titles
    • Complete list of debts such as the mortgage, credit card balances, car notes, and any other obligations
    • The original signed Last Will and Testament to be filed at the courthouse

Work with an Experienced Succession Attorney in Shreveport

To avoid making unfortunate mistakes with your deceased family member’s estate, hire an experienced and capable Succession attorney like David L. White. You can rely on his years of experience in Louisiana law and know that he understands the emotions you are going through.

Contact your Shreveport attorney to find out more about handling your deceased loved one’s Succession. Call us today at 318-747-7023.