Succession attorney Baton Rouge

The Succession Detailed Descriptive List

In every Succession in Louisiana when someone dies with assets in their name, the lawyers must prepare a number of court pleadings. One of the documents is commonly referred to as the "Detailed Descriptive List" or the "Sworn Descriptive List of Assets and Liabilities." I'll refer to it as the DDL.

The DDL is a snapshot of all of the assets and debts that a person owned when he or she died. If the deceased owned separate property, those separate assets would be listed. If they owned community property, then all of the community assets would be listed on the DDL. You would see the deceased's one-half value of the community property listed.

So, what assets get listed in the DDL? Well, it's all of the Louisiana real estate, the bank accounts, the investments, the business interests, and the boats, trailers and vehicles. No formal appraisal of real estate is required but a value must be placed on each asset listed on the Detailed Descriptive List. Note that if the estate is larger than $11.2 million, and a federal estate tax return is required, then the real estate will need to be appraised for purposes of federal estate tax return reporting. 

It's also important to note here that the capital gains tax basis of any appreciated assets gets stepped up to the fair market value on the date of death. Some people, years after the death of a loved one, go back and refer to the values listed on the detailed descriptive list to determine the basis of assets.

In addition, all of the debts of the deceased, and administrative expenses, get itemized on the DDL.

It's important to get the DDL right because all of the data from the DDL get transferred to the Judgment of Possession, which is the important court order that a judge signs ordering the transfer of assets to the heirs. One difference between the DDL and the JOP is that the JOP does not typically list the values of the assets to be transferred - it just lists the assets.

In 2017, the Louisiana Legislature provided that the Detailed Descriptive List, which in the past was public record, can now be sealed in the Succession record. This sealing of the DDL may prevent predators from searching probate records and preying on surviving spouses who have some wealth.

To get more information about completing a Succession in Louisiana, you can subscribe to our youtube channel, or view our website at www.RabalaisEstatePlanning.com.

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

Starting a Louisiana Succession: Info To Gather

There is certain information that needs to be collected prior to starting a Louisiana Succession judicial proceeding. Getting off on the right start with the right information can enable the attorney and the family to design, agree on, and implement a plan to be as efficient as possible.

It typically starts with determining whether a Last Will and Testament exists. Many surviving family members have come to my office to discuss completing a Succession - but they neglect to bring the Will.

If a Will exists, we want to look closely at who the executor is. Is the executor an independent executor? Who are the heirs (also known in Louisiana as "legatees")? Are all of the people named n the Will still alive? Answers to all of the questions will help determine who the participants are in the Succession. You need to include all of the participants early on because their cooperation is necessary to conclude various Succession matters.

In addition, you'll want to gather all of the asset information. Make sure you get everything - all of the legal descriptions of real estate that the deceased had an ownership interest in, all of the bank accounts and investment accounts, any small business interests like limited liability companies, corporations or partnerships, any, vehicle titles, and anything else titled in the name of the deceased, or that the deceased had a community or separate property ownership interest in. Failing to gather all of the necessary asset and debt information on the front end may lead to frustration on the back end when you have to either start over or continue going back to court to petition a judge to amend the Succession court orders - this all takes additional time and money.

Once you have a good understanding of the provisions of the Will, the participants in the Succession, and all of the assets are involved, you and your attorney(s) should be able to devise a plan to complete all matters related to the Succession - from start to finish.

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.