Does All The Deceased’s Property Have to Go Through A Succession?

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It is not necessary that all of a deceased’s property go through a succession. If there are only certain types of assets that the decedent leaves when he dies, then you do not need to go through a succession at all to transfer the ownership of the decedent’s assets to his heirs. If the assets of the estate consist only of an IRA account or a 401(k) account, which is payable to a named beneficiary, these accounts will pass to that beneficiary and it will not be necessary to hold a succession. The same holds true in the instance that a life insurance policy has a listing of benefits as being payable to a named beneficiary. Those benefits would pass to that named beneficiary and it would not be necessary to have an estate/succession, if that was the only asset a decedent owned. It could be a combination of a 401(k) account and a life insurance policy. All those asset proceeds would pass outside of an estate/ succession. There would be a similar result if you had an annuity policy where benefits pass to named beneficiaries, outside of a succession.

Recently, revocable living trusts have become popular. If they are properly set up, the potential succession assets can pass outside of the estate/succession. This trust is revocable during the lifetime of the beneficiaries of the trust. It says who gets it at the end, when the last named beneficiary dies. But, unless this type of trust is drafted by a very skilled attorney, the trust assets may end up in a succession after all.

What Is The Difference Between Succession With And Without Administration?

The differences between succession with administration and without include the amount of time involved, the cost, and the complexity. A succession not involving any administration can usually be opened and completed in about 30 days. If an administration of the succession is necessary, it will usually take at least 60 to 90 days. If there are complex matters to handle during the succession, the time to close it out could even take several years.

Do I Need An Attorney To Guide Me Through The Succession Process In Louisiana?

You should not try to navigate the succession process on your own. You should hire a reputable, experienced attorney who operates a succession practice. The Civil Code and the Code of Civil Procedure contain many very detail requirements. It is not worth the risk you would take in trying to navigate these treacherous waters alone. Generally, it is not a costly procedure unless there is controversy among the successors.

For more information on Deceased’s Property Going Through Succession, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (225) 228-3450.