Assessing The Estate’s Value
When a loved one passes away with an estate under $125,000 in gross value, the estate is eligible for a small succession under Louisiana law – with the goal of saving time and money.
Intestate Small Succession By Affidavit
If the decedent died intestate – meaning without a Last Will and Testament – and their estate was relatively debt free, the heirs may opt to sign an Affidavit for Small Succession. This avoids having to get any court orders to complete the succession.
This process requires a full inventory of the estate before recording the affidavit, but otherwise is efficient and cost-effective as it only requires two heirs, including the surviving spouse, to sign before recording. However, notices must be sent to other parties and this does not mean the two signers get all the property.
Intestate Small Estate Judicial Administration
When an administration is necessary for an intestate succession – such as when there are unsettled debts and obligations of the decedent, an intestate succession can be opened judicially in court. The distinction here is the lowering of court costs and the lessening of certain requirements to sell property to settle debts.
Testate Small Estate Successions
The same rules and advice apply for small testate successions that apply to larger testate successions – when there is a Last Will and Testament. The distinction here is the lowering of court costs, and when not independently administered, the lessening of certain requirements to sell property to settle debts.
Contact Us For A Free Initial Consultation
Field Law LLC is based in Baton Rouge, but we serve clients throughout Louisiana. We are also pleased to work with clients outside the state on matters related to Louisiana estate law and successions. To arrange a free consultation, call us at 225-341-8221, or get started.