Distribution of a Person's Property
Louisiana Successions and Probate

What are "Successions"?

     The term "succession" refers to the body of law governing the distribution of a person's property after they have died. Depending on the value of the property, the type of property, whether any of the family is contesting the succession, the debts of the decedent and numerous other factors, the process may be simple or it may be very complicated.

What should I do right away if someone close to me has died?

     The first thing you should do when someone dies is to preserve the information that will be needed to conclude the succession. This information consists of information about the decedent, such as the date they died, where they lived when they died, whether they executed a valid testament before they died, who are their heirs or legatees and what property and liabilities did they leave behind.

     A good practice is to gather together in one place all of the bills and bank statements that are received in the mail over the next 30 days or longer. If the decedent had any stocks, bonds or other securities, it would be useful to retain a listing, such as a newspaper listing, of the quotes for the day they died.

     It is also important to retain all of the bills for the funeral and burial. These bills are considered "administrative expenses" of the succession, and are treated differently from all other bills which the decedent had at the time they died. If the decedent had pre-paid their funeral expenses, you should retain those records. You should also order plenty of death certificates when making the funeral arrangements. Depending on the complexity of the succession assets, you will often need 10 – 30 death certificates. Finally, the executor of the succession has a legal duty to preserve and protect the decedent’s assets. Consequently, be sure that the assets are secured and continue to maintain any insurance needed to protect the assets.

When should I open Succession?

     It is important not to delay handling succession matters. If you delay, important documents can be lost and witnesses needed to sign affidavits or testify in court (if that is needed) can move away or die. These events may complicate handling the succession and increase the cost. If you delay, assets of the succession may deteriorate or lose value and additional taxes may be incurred.

     For deaths after June 30, 2004, Louisiana has repealed all inheritance taxes.

     If any taxes are due, those taxes may accrue interest or penalties. The taxes imposed by the IRS on taxable estates are due nine months after the decedent dies, and they accrue interest and penalties after that. You can apply for extensions to pay the taxes. Not concluding a succession expeditiously can also complicate income tax returns if the assets of the succession are earning money.

     It may also be necessary to open succession early to pay the urgent debts of the decedent, such as medical bills and funeral bills, mortgage, or to obtain access to a safety deposit box which the decedent had rented. A delay in opening succession can also lead to problems with the title to real estate. Please contact us if you would like to discuss how we may assist you in a succession matter.

Succession Checklist

The Items and Tasks That Our Firm Will Handle

     All necessary court documents, probate of any Wills, the location and distribution of all succession assets,   and all other responsibilities imposed under Louisiana Law. If a succession is contested, we will bill for such litigation on an hourly basis. In addition to our fees for the work discussed above, the client, as representative of the succession, is fully responsible for all out of pocket expenses incurred on behalf of the succession, said expenses include, but are not limited to, accounting expenses, costs of court and attorney fees for ancillary probate proceedings, income tax returns, investigation expenses, settlement expenses, litigation expenses and any other miscellaneous expenses incurred during the administration of the succession. It is also agreed and acknowledged by the client that the client shall accurately detail all assets belonging to the decedent including the valuation of decedent’s assets, and shall also inform us, in writing, of any gifts made by the decedent that required the filing of a gift tax return.

Documentation Needed From Client

• Copies of Statements for all of the decedent and their Spouse’s banking, savings, brokerage, retirement plan, IRA and other financial assets for the time period coinciding with the date of death;
• The governing documents for all L.L.C., Corporation, Trust or Partnership interests owned by the decedent or their spouse;
• Copies of the decedent’s federal income tax returns for the past three years;
• The declaration pages for all Life Insurance Policies owned by the decedent or insuring the decedent’s life;
• Acts of sale for any real estate that is titled in the decedent’s name;
• The registration, including the make, model and VIN number, for any automobiles that either spouse owned;
• The names, addresses, phone number, email address, birthdates and social security numbers for all heirs;
• An original Last Will and Testament and 10 - 30 original stamped death certificates.

Tasks for the Executor / Executrix or Our Firm to Complete

• If there is no surviving spouse, prepare application for tax identification number (EIN–Form SS-41)
• Prepare and mail out date of death valuation letters to determine value of accounts
• Prepare signature cards for estate bank accounts
• Close decedent’s bank accounts
• Open estate checking and savings (or money market) accounts
• Transfer assets to name of succession
• Change decedent’s mailing address
• Cancel subscriptions, etc. and request refunds for unexpired term
• Extend insurance coverage to protect estate for home, motor vehicles, etc., titled in decedent’s name
• File life insurance claims and request copies of federal Form 712
• Are there any expenses/liabilities that the estate has incurred that we need to include on the Sworn Descriptive List (i.e., funeral expenses)?

     For your convenience, we have prepared our Successions Checklist, as well as, our Successions Information Form in downloadable and printable PDF format.

• Successions Checklist [PDF]
• Successions Information Form [PDF]