Intestate successions occur when a person passes away without a valid will, if their will is deemed partially or entirely invalid, or does not cover all of the deceased’s property. In these instances, the successors are termed “heirs.” Louisiana law sets forth the rules determining inheritance in intestate succession, specifying the order of potential heirs and the estate’s distribution based on their relationship to the decedent.
Testate successions happen when a person leaves a valid will at the time of their death. For such successions, the successors are referred to as “legatees.” The distribution of the decedent’s estate follows the guidelines set out in their valid will, which designates the inheritors and their proportions, subject to any conditions or restrictions outlined in the will.
Quick action in opening a succession ensures the decedent’s estate’s smooth management and protects the heirs’ interests. This action grants legal possession of movable or immovable property and access to various financial accounts like bank deposits, pensions, or insurance proceeds. Access to these funds is often critical for handling financial obligations, supporting dependents, and covering necessary expenses.
Delay in succession opening can lead to complications such as lost or misplaced documents, tax issues, and difficulty accurately distributing assets per the decedent’s wishes. As time passes, the succession process can become more complex and costly, particularly if co-heirs lose contact with each other or pass away, complicating communication and consensus on asset distribution.With Foto D’Antoni & Cain, you can expect expert legal support throughout the succession process. Our attorneys combine their experience and comprehensive knowledge to streamline the succession process and alleviate potential stressors. Our initial consultation involves understanding your specific needs, discussing the appropriate legal path, and preparing you for the next steps in the process.
Take the first step today in securing a smooth transition for your loved ones. Reach out to us to learn how our succession planning and administration services can provide peace of mind and uphold the legacy of your loved ones.
Estate planning is an act of responsibility and consideration for your loved ones’ future. It requires thoughtful decisions about distributing your assets and ensuring the well-being of those you care for. At Foto D’Antoni & Cain, we recognize the crucial importance of comprehensive estate planning. Our devoted team of experts is here to empower you in drafting a detailed plan that aligns with your wishes, secures your assets, and guarantees the enduring legacy you envision.
One key aspect of future planning is setting out your desires for your estate after your passing. When you depart, your estate enters the succession process. Proper estate planning can make this process streamlined and stress-free for your family.
It’s vital to plan for who will be responsible for making crucial decisions on your behalf if you become disabled or incapacitated. Without the correct legal documents, you may face expensive court proceedings. Our preplanning services provide document options that entrust legal authority to designated individuals, simplifying things for you and your loved ones during difficult times.
Your estate plan will likely include several vital documents.
A Last Will and Testament is a document that outlines how you want your estate divided after death. It can appoint an executor to handle the succession process, allowing you to leave specific assets to particular individuals.
Durable Power of Attorney is a document that gives a designated person the authority to handle your financial matters if you become incapacitated, ensuring your family’s financial stability.
Living Will (Medical Directive) is a document that clarifies your wishes for life-saving measures if you cannot communicate them, sparing your loved ones from making challenging end-of-life decisions.
Revocable Living Trust is a legal agreement that aids in managing your assets if you are incapacitated and allows for the immediate transfer of assets to your chosen beneficiaries upon your death.