How To Protect Assets in Uncontested Successions in Louisiana?

Succession is how Louisiana distributes the assets and debts of a deceased individual after their death. This process can be contested or uncontested, depending on whether heirs choose to raise complaints about the process. Individuals planning their estate, as well as prospective heirs, may wonder how to protect assets in uncontested successions in Louisiana.

It’s important to understand how effective estate planning and legal support can benefit everyone in a family. Field Law provides guidance to ensure a smooth succession process and asset protection for all involved.

What Is an Uncontested Succession?

Succession is uncontested when the estate is distributed, and the heirs, beneficiaries, creditors, and other parties with interest in the estate agree on that distribution. This is the case whether the decedent has an existing will outlining the distribution or not. Uncontested succession means that no one contests the will, estate plan, or intestate distribution outlined by state law.

Because the succession is uncontested, the court has less involvement in the process. The lack of filed disputes and court proceedings can speed up succession resolution. An uncontested succession with a will tends to be even more efficient because the decedent will have outlined their assets, debts, and wishes, and all heirs have to do is follow those wishes.

How Can I Protect My Assets in an Uncontested Succession?

If you are planning for the distribution of your estate after your death, estate planning can help you protect your assets in succession. While you cannot guarantee an uncontested succession, you can make your intentions clear, and this could help prevent conflict among your heirs.

Simply having a will listing your heirs can give those heirs more peace of mind about your intentions and how you will look out for them. A more comprehensive estate plan will provide even more protections for your heirs and assets.

Protecting Your Assets With a Trust

The strongest estate planning tool is including one or more trusts in your estate plan. This is one of the most effective ways to protect your assets. When your estate is held in trusts, it will not enter the succession process. A trust is a legal entity that holds your assets, so ownership transfers to the trustee when you die, rather than there being no owner for the assets.

By keeping the assets out of succession, you can also minimize the financial losses your heirs must deal with. You can protect the assets by limiting the legal costs and taxes on the assets.

A trust can still be contested, but there are additional protections within the process that your attorney can help you navigate.

How Do I Navigate an Uncontested Succession and Protect the Decedent’s Assets?

When you are an heir or beneficiary facing the succession process for your loved one’s estate, you can most effectively protect your family’s assets with a skilled succession lawyer.

Louisiana estate and succession laws are especially complex compared to other states. Other states call the process probate, and while succession is very similar, it has unique differences that may further complicate a family’s understanding of the process. By having an attorney manage the process, you can feel confident that succession is being handled right.

Support from an attorney may also help keep succession uncontested. If there is conflict between heirs and family members, then effective legal representation may be able to mitigate the issues and prevent a more costly contested succession.

The more complex the estate, the more important it is to work with legal representation. While you do not have control over how the decedent decided to plan their estate, you do have control over how you address the succession process.

Do All Estates Have to Go Through Succession?

No, not all estates have to go through succession. If an estate is small enough, it can bypass succession. This can make it easier for heirs to quickly receive benefits from the estate and recover assets. When most or all of an estate’s assets are in trusts, it can also bypass succession because only its probatable assets are considered in its value.

FAQs

Q: How Do You Protect Assets for Heirs?

A: One of the most effective ways to protect assets for your heirs is to complete comprehensive estate planning. A straightforward and enforceable last will and testament can outline which of your assets you wish to go to your heirs. You can more effectively protect the assets by creating one or more trusts for the assets. This can keep all or most of the assets out of the succession process and avoid some of the financial losses.

Q: What Are the Succession Rules in Louisiana?

A: There are several succession rules in Louisiana, including the value an estate must have before it enters the succession process. Some smaller estates can bypass succession, or bypass it because enough assets are in trusts that the probatable assets meet the small estate threshold.

Succession rules also dictate how an estate is passed to close family members if the individual dies without a will or other estate plan. If the deceased does not name their heirs, the state will.

Q: How Long Does an Uncontested Succession Take in Louisiana?

A: The amount of time an uncontested succession takes in Louisiana is not a single answer, as each individual’s estate is unique. Uncontested successions are typically resolved more quickly than contested successions. Other factors that influence the time succession takes include:

• The amount and value of assets in the decedent’s estate.
• If the estate can bypass probate.
• How much of the estate is in trusts.
• Whether there is an existing will in place.
• If the deceased’s property is known and accessible.

Q: Can You File Succession in Louisiana Without a Lawyer?

A: While you may not be required to work with a lawyer to file for succession, it is incredibly beneficial to have legal representation, especially if there are complex assets. Filing and navigating succession is a complicated legal process, which is much easier with an attorney, and legal support can help you avoid costly errors or potential conflicts. Issues like high-value assets, familial disputes, or the existence of real estate can make legal help more crucial.

Protecting Your Financial Interests

The process of succession is complex, and navigating it can be stressful, particularly when you are dealing with the loss of a loved one. Legal support is essential if you are facing this process. Legal representation can also help individuals plan ahead and create estate plans that protect their assets in advance. Contact Field Law today to learn how we can help with numerous types of succession and estate planning.