Letters of Independent Administration

Banks and Brokerage Firms: We Hardly Use Letters Testamentary These Days

After a Louisiana resident passes away, a surviving loved one often goes to the deceased's bank, credit union, or brokerage firm, in an effort to settle the estate of their loved one. The financial institution promptly responds by saying something like, "Your loved one's accounts at this financial institution are all frozen. You must bring back "Letters Testamentary" or "Letters of Administration" in order to gain access to funds.

These days, the financial institutions are asking for the wrong things. They should be requesting "Letters of Independent Executorship" or "Letters of Independent Administration."

Since 2001, Louisiana has authorized the independent administration of estates - less court supervision. Virtually all Wills written since 2001 authorize this procedure. And if a Will does not authorize it, then the heirs can agree to operate under this independent administration procedure.

After a death, when the family gets the executor confirmed, and if the executor is acting as an independent executor (which is the case in an overwhelming majority of Successions), the court does not issue "Letters Testamentary." The court issues "Letters of Independent Executorship."

So the bank requests Letters Testamentary, and then we have to tell them that we will not give them what the bank is requesting. We will give them Letters of Independent Executorship.

It would be easier on everyone if the financial institution tells the survivors of its clients and customers that they can bring in the Letters of Independent Executorship to gain access to the funds of the deceased.

To some, this may seem to be a trivial matter. But when we deal with so many confused survivors, anything the legal and financial industries can do to help those in need at a difficult time would make everyone's job easier. Just my two cents.

This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.

Paul Rabalais

Louisiana Estate Planning Attorney

www.RabalaisEstatePlanning.com

Phone: (225) 329-2450

How To Get an Executor of a Succession Confirmed

The purpose of this post is to walk you through the detailed steps of getting an executor of a Louisiana Succession confirmed. Once confirmed by the court, the executor can then access accounts of the decedent, sell Succession assets, and have other powers that enable the executor to start the process of settling an estate.

Just being named as an executor in a Will does not give the named executor the authority to act. They must first go through the process of getting confirmed by a court. The following are the steps to getting an executor confirmed:

(1) Must have the original last will and testament - the one that was actually signed. The will names the executor.

(2) A petition to probate the Will and ask the judge to confirm the executor.

(3) The executor will sign a Verification of the above-mentioned Petition.

(4) Two people who knew the deceased will each sign an Affidavit of Death, Domicile, and Heirship. This proves to a judge that the deceased died and that he had a Will and whether the deceased had forced heirs.

(5) The executor signs an Oath that they will faithfully perform their duties as executor.

(6) We will prepare and file and submit the court order that we want the judge to sign confirming that the executor has been confirmed.

(7) We will prepare Letters of Independent Executorship. The clerk of court will make several certified copies. The executor needs certified copies of these Letters to move frozen financial accounts into an estate account.

(8) We have the named executor sign an Application for Tax ID Number. This number is necessary so that the executor can open an estate account.

So we file all the court pleadings and we wait - often a few weeks - for the court pleadings to be processed. We get it back and get certified copies of the Letters to the newly confirmed executor. And we are off and running.

This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.

Paul Rabalais
Louisiana Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450