World Class Realty LLC New Orleans

05/06/2023

09/12/2017

REALTY WISE................

A will can do many things. The most important thing a will can do is change the people who would inherit in the absence of a will. A will can also do many other things, for example:
1) name a guardian/tutor for minor children;
2) create a trust for grandchildren, special needs or spendthrift heirs;
3) for larger estates, make provisions
to save estate taxes; and
4) remove any doubt as to what you want done with your property after your death. If none of this is important, then you may not need a will.

09/12/2017

REALTY WISE............

Order of Succession Inheritance in Louisiana If No Will

Community Property:
1. To children or children’s descendants,
with usufruct to spouse. If nobody exists in this group, then
2. To spouse, if there are no children or descendants of children. If nobody exists in this group, then
3. Is treated as separate property if no one exists in 1. or 2.

Separate Property
1. To children or children’s descendants. If nobody exists in this group, then
2. To brothers and sisters or their descendants with usufruct to parents, if parents are alive. If nobody exists in this group, then
3. To nieces and nephews, or their descendants, with usufruct to parents, if parents are alive. If nobody exists in this group, then
4. To parents, if there are no brothers or sisters, nieces or nephews, or other descendants. If nobody exists in this group, then
5. To spouse. If there is no spouse, then
6. To grandparents or other ascendants. If nobody exists in this group, then
7. To nearest relative. If nobody exists in this group, then
8. To State of Louisiana.

09/06/2017

Did the Decedent Own Succession Property in Louisiana?

It is important to determine whether the decedent owned property that could require a succession in Louisiana. If, for example, all of the decedent’s property is located in another state, it may be more appropriate to open the estate proceeding in that state. If only some assets are located in Louisiana but the bulk of the estate is in another state, aLouisiana ancillary probate may be appropriate. And if the decedent didn’t own any succession assets, no estate proceeding will be required.

Certain types of assets are not considered part of a Louisiana succession. These “non-probate” assets would include annuities, IRAs, life insurance policies, and qualified retirement plans with named beneficiaries. If the estate consists exclusively of non-succession assets, a succession should not be required.