What Is Estate Planning?
A deceased person’s estate is their assets and liabilities that they leave behind when they pass away. Estate planning is when you look at all your options for documenting your assets and liabilities, and you arrange for the management of your estate. When you work with an experienced estate planning attorney, you can prepare your legacy, protect the financial health of those you leave behind, and give yourself peace of mind.
What Is a Succession?
In the state of Louisiana, the term “succession” is used to refer to a legal process of passing ownership from a decedent (the person who passed away) to their beneficiaries, legatees, or heirs, and settling their estate. First, the process starts with addressing any outstanding debts of the decedent, identifying assets, and finally, distributing those assets.
There are a variety of succession proceedings, and it can be difficult to navigate alone, especially in an emotionally difficult time. If you have been left the responsibility of handling a loved one’s affairs after their passing, contact our experienced New Orleans estate and probate attorney to schedule a free consultation by calling (504) 500-1111.
What Is the Difference Between a Succession and Probate?
Louisiana law is rooted in Spanish and French civil law codes, therefore different terminology is often used for varying legal concepts. In other states, a succession is called a probate. A probate and succession are essentially the same process.
What If the Deceased Person Did Not Leave a Last Will & Testament?
When a decedent does have a Last Will & Testament to be presented to the court, it is referred to as a “testate succession.”.In a testate succession, an executor is approved by the court to handle the proceedings. However, when a decedent does not have a Last Will & Testament, it is referred to as an “intestate succession.” In an intestate succession, an administrator is approved by the court to handle the proceedings. If there was no Will left behind, Louisiana law states who automatically inherits from the decedent and who to change the title to the decedent’s assets over to. It is crucial to consider seeking professional legal advice from an experienced Estate and Probate attorney to help you through the legal process.
Call (504) 500-1111 to schedule a free phone consultation with one of our experienced New Orleans Estate and Probate attorneys. For more information about how we can serve you, check out our page on Estate & Succession.