Bequest of Property

Two Types of Louisiana Last Wills: Part One - The Olographic Testament

In Louisiana, there are only two forms of valid Wills (known by our Louisiana law as “testaments.” The two forms are: olographic and notarial. This post addresses the less popular olographic (some people refer to it as an “holographic” Will).

When we discuss whether a handwritten Will is valid, we must look to the terms of the Louisiana statute that defines and olographic testament. Note that there are many, many court cases where lawyers have argued, and judges have determined, whether someone’s handwritten attempt at a Will is valid, and if so, how it should be interpreted.

Nonetheless, our Louisiana law states that “An olographic testament is one entirely written, dated, and signed in the handwriting of the testator.” The statute goes on to state, in part, what it means to be dated and signed, including the fact that writings after the signature do not make the testament invalid and such writing may be considered by the court, in its discretion, as part of the testament.

Many people think that if they just meet the validity requirements of an olographic testament, then everything will go hunky-dory when they pass away. But those people should think again.

It’s easy to make a valid olographic testament, but problems often surface after the death of the testator because the wording was either insufficient, ambiguous, errors were made, reasonable contingencies were not addressed, or bequests were made outright to people when they should not have due to age or financial immaturity.

The bottom line on Louisiana olographic Wills is that it is possible, if not simple, to write your own Will that would be recognized by a Louisiana court as a valid Will. However, if the reason you attempted to write your own Will was to save some costs today, know that the future costs to your estate and your heirs (both financial and emotional costs) will far outweigh any savings you felt you realized by making your own olographic testament.

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

Don't Handwrite Changes on Your Last Will and Testament

I've seen many people over the years want to make changes to their existing last will and testament. Without knowing any better, they pull out their existing will, grab pen or pencil, and cross through the things they want to change while writing in replacement provisions.

For example, someone may want to change their executor. They feel that the previous executor they named (let's call him "Joe") is now a bum, and they want to replace Joe with Fred.

Or, let's say a Will provides a specific bequest either to an individual or charity of $100,000. But the testator now wants to change that bequest to $5,000.

There are a couple of Louisiana laws that are in play here. First, Louisiana law provides, in pertinent part, that a revocation of a testamentary provision occurs when the testator clearly revokes the provision or legacy by a signed writing on the testament itself.

So, the Louisiana rules are somewhat relaxed to permit the revocation of a provision in a last will by a signed writing that is not dated but which clearly revokes the provision.

However, regarding a replacement provision, the formalities are more stringent. Louisiana law provides that, "Any other modification of a testament must be in one of the forms prescribed for testaments.

Example: A woman pulls out her old will naming Joe as the executor. She scratches through Joe's name, writes in Fred's name, and signs the change. The result would be that Joe is no longer the executor because she revoked the provision by a signed writing, but Fred will not be the executor, because this modification is not in one of the forms prescribed for testaments - it does not meet the formality requirements of an olographic testament because it is not dated.

Be very careful when you attempt to change your Will. Your safest bet is to work with an attorney who understands the rules as they relate to revocations and modifications of testaments.

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

Prohibited Substitution in Louisiana Last Will is Null

The Prohibited Substitution estate planning rules in Louisiana are a trap for the unwary. When someone writes a Louisiana last will and testament, or a trust, in a way that it contains a prohibited substitution, then the bequest is null.

So, what is a prohibited substitution? Well, here's an example of a provision in a Will that would be interpreted as a prohibited substitution, "I leave ownership of X to Person 1. I require that Person 1 preserve X and, when Person 1 dies, I require that Person 1 leave ownership of X to Person 2."

You cannot donate or leave something in full ownership to one person with a charge to preserve it and deliver it to a second person at the death of the first person. You would be depriving the first person from the power of testation.

A prohibited substitution might be something that I'd see in an olographic testament. Some people attempt to write their own wills in their own handwriting, but they mess up the provisions of the Will. People in Louisiana sometimes argue that they can write their own valid will, but they often fail to realize that the wording that they put in their will can make their loved one's lives miserable.

A prohibited substitution is null - it's as if it was never written. The bequest to the first person is not even valid.

There are a couple of alternative you can use if you want to leave an asset for the benefit of someone, and then when that someone dies, have the asset pass along to another someone. One way to do this is to use a trust - check with your estate planning attorney to help you do this the right way. Another option that might be feasible is to leave usufruct of an asset to someone, and name the naked owner to receive the asset at the termination of the usufruct. Again, check with your estate planning attorney to make sure that you understand the pros and cons of leaving things in trust or in usufruct.

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

Collation Explained - Louisiana Estate Planning Law

When someone asks me what "Collation" means, it's typically because they've seen the word referenced in a last will and testament, and they don't know what it means.

This post describes a little history and current application of Louisiana collation law.

Back in the pre-1990's, there was a presumption in Louisiana estate law that parents were supposed to, from an inheritance standpoint, treat their children equally. If a parent made a gift to one child during the parent's lifetime, collation laws required that gift to be considered as an advance on that child's inheritance. 

So, back in the pre-1990's, parents were permitted, in their last will and testament, to dispense their lifetime gifts from collation so that lifetime gifts would not be considered an advance on a child's inheritance.

Then, in the 1990's the Louisiana Collation law changed significantly in a way that reduces the scope and application of collation by limiting the right to demand collation to children who qualify as forced heirs, and collation only applies with respect to gifts made within three years prior to the parent's death.

Now, under collation law, if a child is 24 and not otherwise disabled,  he or she is not permitted to demand collation. And a grandchild is not permitted to demand collation, even if he or she qualifies as a forced heir.

Nonetheless, many attorneys still include a provision in their client's wills stating, in effect, that the client's lifetime gifts are exempt from collation.

I haven't seen or heard anyone around our office discuss a potential collation claim in decades. Collation claims just don't come up much any more due to its limited scope. I suppose, however, it does not hurt to keep the "dispense from collation" provision in Louisiana last wills, even though it causes some confusion because clients have no idea what it means. 

However, now with this post, you know!

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

Leaving Assets To A Louisiana Special Needs Trust

Special Needs Trusts enable people, typically parents, to provide for another (typically, their child), without jeopardizing the government benefits that the special needs child is receiving.

There is typically a problem when parents bequeath assets to their special needs children. When the child inherits in his or her own name, the child could lose valuable government benefits that the child is receiving. In order to originally qualify for these benefits, the child had to be "means-tested." Often, the child must have and maintain no more than $2,000 in their name to receive these benefits. If the child receives an inheritance, the child may lose these valuable benefits.

So many parents leave assets for the special needs child in a third-party Special Needs Trust. When done properly, the trust can enhance and enrich the child's life while preserving the government benefits that are means-tested.

In general, there are certain provisions that should not be included in a trust that you leave behind for your special needs child.  The trust should not authorize the trustee to make broad distributions to or for the health, education, maintenance, or support of the child (known as the "HEMS" standard). 

In addition, the trust must not allow the child/beneficiary to compel distributions to himself or herself.

However, there are a number of permissible distributions to or for the benefit of the special needs child, including distributions for medical needs, travel, recreation, home improvements, auto expenses, and cleaning, to name a few.

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.

Avoid Multiple Probates When Owning Property in Multiple States

Was helping a gentleman put his estate legal program in place. He had an old olographic last will and testament but he knew his family would need to go through probate when he died, and he knew he had none of the incapacity legal planning in place.

He owned a home here in Louisiana. And he owned a property on the beach in Florida, and he owned some land in Mississippi. We talked about how, if he owned all of that property in his name when he died, his family would first go through the Louisiana Succession to get his Louisiana property and his investments transferred to them. Then, they would go hire a new set of lawyers in Florida to go through the Florida probate to get the beach property transferred to them - the Louisiana Succession does not transfer out of state real estate. And then, his family would be off to seek out Mississippi lawyers to go through a Mississippi probate to transfer the Mississippi property to the family. Three probates. Three sets of lawyers. Three delays. Three hassles.

We then discussed how he could set up one Living Trust, and transfer all of his properties from different states into the one trust.  Then, when he dies, his Successor Trustee or Co-trustees can immediately either sell the properties or transfer them out of the trust to the appropriate family members - all outside of any probate.

Owning property in several different states can be a good reason to create your trust, transfer your properties to your trust, and avoid all those probates. Probates in other states, when you lived in Louisiana, are referred to as "ancillary probates." You can avoid them by planning ahead the right way.

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

Child Dies Before Parent: What Happens To Estate?

Typically toward the end of the estate planning conversation, a client asks the question, "What would happen to my estate if my child dies before me?"

There are a few different components to this question. First, if a Louisiana resident dies with no legal planning in place (no last will means they died "intestate"), then state law determines who gets what. For example, let's say Dad dies. Two years earlier, Daughter died. Daughter left three children. If Dad died intestate, Daughter's three children would inherit the portion that would have gone to Daughter. Daughter's three children "represent" their mother in Dad's Succession.

Now, let's say, Dad left a Will or a Trust when Dad died. Now, the estate planning legal documents Dad signed control what happens to Dad's estate. Most estate planning documents have, as a default provision, a statement that says that if a child predeceases a parent, then the child's share will go the child's children. However, when a person is putting an estate legal program in place, they can direct their estate as they wish. Many parents express that if their child predeceases, they do not want the child's share to go to the child's spouse or the child's step-children. Or some grandparents have grandchildren that have substance abuse problems and the grandparents do not want to dump an inheritance into a grandchild's lap. So, it's important to address these contingencies as you create your estate legal program.

What you can't do, however, is leave an inheritance to a child and then direct what happens to that inheritance when the child later dies. Once you leave an inheritance to someone (such as, a child), the inheritance belongs to the person who you left it to. You cannot control what they do with it. However, by leaving an inheritance in trust you may be able to exercise more control over what happens to the inherited assets after you pass away.

Gaining Access To Funds Payable To An Estate

I've been working with a family in order to gain access to funds that were payable to "Estate of Dad."

Dad died leaving a last will and testament. He named his two children as the co-executors and the equal heirs. Dad only left two assets in his name, a retirement account and a bank account. There were no designated beneficiaries named on the retirement account, and the bank froze the bank account that was in Dad's name only. The family could not gain access to any of these funds.

The steps one must go through to get access to these funds are as follows:

(1) Co-Executors Confirmed. We will prepare the necessary court pleadings to get the two children confirmed as the Independent Co-Executors. This paperwork, along with the signed original of Dad's last will gets filed at the parish courthouse. The pleadings make their way to a judge's office, and, if approved, the judge signs the court order confirming the children as the Independent Co-Executors. Then, the clerk of court will issue "Letters of Independent Co-Executorship,"

(2) Open Estate Account. The children must use these "Letters of Independent Co-Executorship" to open an estate account at a financial institution. The institution holding the retirement account funds, and the bank where the frozen account is held, will issue checks payable to "Estate of Dad." The co-executors will then deposit these checks into the Estate account.

So, in this matter, the simplest way to get access to Estate funds was to open the Succession, get the Executors confirmed, open an estate account, and then deposit estate funds in the estate account.

Sure , there is more to a Succession, such as preparing and filing the Detailed Descriptive List of Assets and Liabilities, and Petitioning for the Judgment of Possession, but it's these first steps that allows families access to funds payable to an Estate.

How To Review Your Customized Estate Planning Program Prior to Making It Official

When you review your customized estate planning legal program documents, you likely will fall in a range of thought processes from, "I don't need to review anything...just show me where to sign," to "I need to know what every word of every document means, including the definition of 'Pact De Non Alienando'". 

It makes sense, for people who fall in the middle, to want to review the customized portions of their estate plan. Just like when you buy a house and get a mortgage, there is all kinds of legal mumbo jumbo that needs to be in the paperwork.

The following could be a few things that should be reviewed prior to making your estate planning documents official:

(1) Power of Attorney. Is it effective immediately or does it spring into effect upon your incapacity? Do you name one Agent or more than one? If you name more than one, must they act jointly or can they act separately? Did you name any backups?

(2) Living Will Declaration. What did you document regarding the removal of nutrition and hydration if you are in that profound vegetative state with no chance of recovery?

(3) Living Trust. Who did you names as your Successor Trustee or Co-Trustees. What is the distribution schedule after you die? Are beneficiaries to receive their distributions outright or does the trust continue for certain beneficiaries? And if it continues, under what terms? Don't get too caught up in the trustee powers and duties (unless you intentionally wanted to customize these powers and duties).

Once you have peace of mind that all of the substantive components are in order, then go ahead and make it official and have the security that comes with knowing that your legal affairs are in order.

Paul Rabalais
Louisiana Estate Planning Attorney
Phone: 866-491-3884

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Churches and Charities Use Estate Planning To Help More People

Next week I'll be delivering a check for more than $100,000 to a church. I just completed the probate of someone who left a percentage of the estate to the church. I know that the church is going to help many people with this bequest.

It reminds me of how, over the years, a number of churches and charities have asked me to speak to groups of members about how  the tax law is set up to give people a big tax break when they leave a portion of their estate to their church or favorite charities.

Churches and charities don't do enough of this education. I find that, when a church or charity educates its members and asks the right way, that people want to help. People would like to see their dollars help their local community more than sending those dollars off to Washington, D.C.

If you are a church or charity leader, make a commitment to education your base about the benefits of making a church or charity part of an overall estate planning program. If you exist in South Louisiana, give me a call and let's have a talk - in the right circumstances I provide that education to groups for free. But you don't have to use me - just start. You'll be helping your organization and your community.

Paul Rabalais
www.RabalaisEstatePlanning.com
Phone: 866-491-3884
Email: paul@RabalaisEstatePlanning.com

Sell or Distribute Assets When Someone Dies?

When someone dies with assets, whether those assets are in trust or not, the people in charge must make a decision to either sell (liquidate) the assets, or distribute them in their same form to those left behind.

When someone with a living trust dies, the Successor Trustee is typically heavily involved in that decision. If it is appropriate to sell assets, then the Successor Trustee will sell those assets, the proceeds of the sale will be payable to the Trust, and the Successor Trustee will deposit those funds into a trust account for subsequent disbursement to the beneficiaries of the trust. Trustees will sometimes sell real estate (a home, for example) that the survivors have no use for. Successor Trustees may also sell mutual funds or other investments and disburse those to beneficiaries.

On the other hand, sometimes it makes sense for the Successor Trustee to simply distribute the assets to the beneficiaries in the same form. Occasionally, a family has an emotional attachment to stock that a parent owned, and the beneficiaries will receive the stock in their own name.

Sometimes the family will want to continue owning real estate owned by the deceased (or the deceased's living trust). The Successor Trustee, immediately after the death of the Settlor, can transfer the real estate to the beneficiaries, outside of probate, so that each beneficiary owns an undivided interest in the real estate. It's also not uncommon, if the real estate was not owned in a limited liability company, for the beneficiaries to form an LLC and put their undivided interest in the property into the LLC. This could limit their liability exposure. Each beneficiary would then own a membership interest in the LLC.

So there are lots of decisions, each with tax consequences, that must be made when someone with a trust dies. Note that if there was not living trust, then the executor of the Last Will has similar decisions to make, but the actions of the executor are under the scrutiny of the judge that is assigned to oversee the Succession judicial proceeding. It's generally easier to administer a trust after a Settlor dies than it is to administer a Louisiana Succession which requires extra judicial processes and supervision. 

Paul Rabalais
Louisiana Estate Planning Attorney
paul@rabalaisestateplanning.com
Office phone: 866-491-3884

What Estate Related Matters Need To Be Addressed When Wealthier Parent Dies?

I was working with an older, wealthier client yesterday and the husband asked if we could prepare a list of what their survivors would need to address after they pass away. 

Every circumstance is unique but in this matter, the following are a few of the things that will need to be addressed when wealthier Louisiana parents pass away.

If the husband left assets to others through his last will and testament, a Louisiana Succession will be necessary. There may also need to be an Ancillary Probate in other states if he owned real estate in a state outside of Louisiana. If he and his wife had created a Living Trust, then no Succession will be necessary if assets are titled in the name of his trust when he dies.

He will likely have left assets either in ownership, or in usufruct, or in trust, for his wife and kids. Assets will need to be retitled into the proper form (such as into a Usufruct account or in trust). 

There may be a federal estate tax return that must be filed (even if no federal estate tax is due after the first death) within 9 months from the date of death. Both the terms of his estate legal documents, and the moves his family make are likely to have income tax and capital gains tax consequences. Good help here can save a ton.

After the surviving spouse dies, it is likely that one or more of the adult children are named as executors or trustees. If the surviving spouse left assets to the kids through her last will and testament, another Succession (and Ancillary Probates in other states) must happen. If the surviving spouse had assets titled in the name of her trust, the successor trustee (typically one or more of the kids) can disburse assets from the trust to the beneficiaries immediately, skipping the court-supervised Succession.

Estate tax returns may need to be filed, and estate tax may need to be paid. The children should get good help making sure that they inherit IRAs and other assets the right way so that taxes are minimized or avoided on the distribution or subsequent sale of inherited assets.

Don't make the mistake of asking for help after you've made a mistake that you can't undo. If you need help, call our office at 866-491-3884.

Common Revocable Living Trust Provisions

There are a number of common provisions that are in just about every trust when someone establishes an "avoid probate" trust in Louisiana. The following are a few:

(1) The trust is revocable. This could probably go without saying. Heck, it's called a revocable living trust. Most revocable living trusts can be changed anytime by the persons who established the trust.

(2) Inter vivos trust. Also it is obvious that the trust is a "living" trust, or a trust that you set up while you are living. The Louisiana Trust Code term for a living trust is an "inter vivos" trust.

(3)  Settlors. The "avoid probate" revocable living trust typically provides that the Settlors are the people who set up the trust. In your typical traditional family trust (parents leaving assets to children), the parents are the Settlors of the trust.

(4)  Trustees. Every trust, including the probate-avoidance revocable living trust, names trustees, whose job it is to manage the trust assets pursuant to the trustee duties and trustee powers that are listed in the trust instrument. Often, in your traditional trusts, parents are the initial trustees, and perhaps an adult child or children are the Successor Trustees.

(5) Income Beneficiaries. Parents are often the beneficiaries of their own revocable living trust.

(6) Principal Beneficiaries. Whoever the Settlors want to receive the assets after the death of the Settlors are named the principal beneficiaries of the revocable living trust. Often children are principal beneficiaries, but other individuals or charities could be principal beneficiaries of your revocable living trust.

(7) Trust Term. Each revocable living trust provides a term for the trust. Many trusts simply terminate at the death of both Settlors (parents). Upon termination, assets are transferred by the trustee from the trust to the principal beneficiaries - outside of the Louisiana probate/Succession.

As we work with a family to avoid probate, we make sure we customize their trust to make sure that their wishes are followed to the letter.

Seven Common Uses For Trusts

People often mistakenly believe that trusts are for rich people. But you're about to find out that the trusts are used these days by all classes of people, and in some scenarios, trusts can benefit the middle class more than they can benefit the wealthy.

The following are seven common reasons people in Louisiana use trusts:

(1) Avoid Probate. Probably the most common reason nationwide why people use trusts. When you die with assets in your name, whether you have a last will or not, your assets are frozen. Your executor and your heirs will hire attorneys who will guide the family through the government-supervised probate (also called "Succession") process. Most people believe that this proceeding is too burdensome, costly, time-consuming, and just an overall pain in the behind. In some cases, it tears families apart. You can establish your revocable living trust and name trustees and beneficiaries of your trust, re-title assets into your trust while you are alive, so that when you die, your trustee disburses your trust assets to your beneficiaries, all outside of the government and legal system interference.

(2)  Avoid Nursing Home Poverty. The biggest threat to many people's life savings these days is not taxes or probate, but long term care expenses. With people living longer, if you own assets and need long term skilled care, you will be forced to pay for all of your own care out of your own savings until you have less than $2,000 remaining. If you work with the right people and set things up the right way, at the right time, and you get it right the first time, then you can protect your home and life savings from a forced spend-down in the event you need long term care in the future.

(3) Protect Irresponsible Heirs. Many people we work with want to leave an inheritance to their children or grandchildren, but they fear or they know that leaving a lump sum to certain individuals will enable them to squander the inheritance and spend it on the wrong things. You can establish a trust so that when you die, the inheritance for the financially immature heir can be doled out to him or her over time, or perhaps provide for a monthly stipend, or provide that someone else would have the discretion to determine when the heir is financially responsible enough to handle an inheritance. 

(4) Blended Family Situation. The biggest worry about blended families and estate planning is that when the first spouse dies, the worry is that all of the assets will go the surviving spouse. And then when the surviving spouse dies, all assets will go to the surviving spouse's children. The children of the first spouse to die won't get a penny. If you are a spouse in a blended family situation, you can establish a trust so that when you die, your assets are available for your spouse, but when your surviving spouse later dies, remaining trust assets go back to your children. This helps blended families protect assets for the right people.

(5)  Special Needs Trust. If you leave assets outright to someone who is getting government benefits, then the inheritance you leave them may get them kicked off of their benefits. By leaving the inheritance to what is commonly referred to as a "Special Needs Trust," you can arrange things in a way so that your heir continues to receive the valuable benefits, but also benefits from the inheritance that you left them the right way in a trust.

(6) Minors. Don't ever leave anything outright to a minor. When you leave life insurance or part of an estate to a minor, then that inheritance, while the child is a minor, must be directly supervised by a judge, and a judge must approve every expenditure of the inheritance on behalf of the minor, and then when the child turns 18, the remainder of the inheritance gets dumped in the child's lap. You can set up a trust so that you name a trusted friend or relative, or perhaps a company, to be the "Trustee" of a trust for the benefit of your minor child or grandchild. This will further make sure that what you leave to the minor is used for the right reasons outside of government interference, and is doled out the right way as the minor gradually turns into an adult.

(7) Avoid Taxes. Some people set up trusts to avoid taxes. The wealthy often establish trusts to move money from their "taxable estate" to an arrangement whereby assets are "out of the estate." It is important to note, however, that this estate tax affects only a small number of families. When an individual dies with an estate of less than $5.5 million, the estate is not required to file a federal estate tax return. Married couples can double the amount they can protect.

Louisiana Succession With Land, a Mobile Home, and Bond Mutual Funds

Working with a really nice family getting their parents' Successions completed. Met with all of the children a couple of times as we developed an efficient plan for getting everything done. The parents' had Wills essentially leaving everything to the children equally. The Wills named two of the children as the co-executor. After going through quite a bit of information and discussion, our firm will be leading them through the Succession process that will look something like this:

  1. Step One - Confirmation of independent executor. We have already prepared, and all of the heirs have already signed, the initial court paperwork to get the executor "confirmed." Since the Will was written prior to 2001, we had to get all of the heirs to sign this paperwork. As an independent executor, the executor can take certain actions without having to get a judge's approval first.
  2. Step Two - Estate account. Once the executor is confirmed by the court as the independent executor, the clerk of court will issue "Letters of Independent Executorship." The executor will then take these "Letters" to the brokerage firm and establish an estate account at the brokerage firm. The parents' brokerage account is currently frozen. But with the Letters, the brokerage firm will be required to establish an estate account and move the investments from the frozen brokerage account into the new estate account.
  3. Step Three - Managing the estate account. Expenses of the estate will be paid from the estate account. The family decided to sell the investments in the estate account so that cash will be readily available to pay expenses and ultimately, distribute to heirs. The refund check from the nursing home that is payable to "Estate of....." will be deposited into the estate account. The proceeds of the sale of the mobile home will be deposited into the estate account.
  4. Step Four - Detailed Descriptive List of Assets and Debts. Our office will prepare the required Detailed Descriptive List of Assets and Debts that the court must have before assets can be distributed to heirs.
  5. Step Five - Judgment of Possession. Our office will obtain the necessary court Judgment which orders third parties to transfer assets to the four heirs. A certified copy of this judgment will be recorded in the parish where the family owns land - this makes the heirs the new owners of the property. After expenses of the Succession are paid, the executor will distribute remaining funds in the estate account to the heirs, equally, in accordance with the Last Will of the parents.

There you have it. Often glitches appear when settling an estate and it's likely that "stuff" will pop out of the woodwork as we work on this, but wanted to give you an idea of a few of the steps that are involved in completing a Succession.

Let me know if a loved one has passed away, and the heirs want a simple and expedited process for getting all matters settled.