What is a succession?
Succession is the process of settling a deceased person?s estate and distributing the property after debts are paid. This process is called probate in other states. In Louisiana, succession and probate are essentially the same thing.
What happens to property when someone dies without a will?
Can this be changed with a will?
Yes, most certainly. A will can specify that a spouse inherits before anyone else. If there are forced heirs, the forced heirs have to inherit a portion, but the will can provide that the remainder go to the spouse (or anyone else named in the will). The will can also give the spouse a lifetime usufruct over the forced portion. A usufruct is a limited right to the use of a thing. In other words, if you have a usufruct over stock, you would be entitled to the dividends from that stock. A usufruct granted in a will can even be worded to allow the person with the usufruct to sell the stock.
What is a forced heir?
At this point in time, a forced heir is any child of the deceased who is under the age of 24 years. Once a child reaches age 24, he or she is no longer a forced heir. A forced heir can also be any person, regardless of age, who is permanently disabled. So, you could have a child who is a forced heir until age 24, no longer a forced heir, and then has a stroke at age 40 which makes him a forced heir once again.
Does all property have to go through probate?
Some types of property are not considered part of your estate in Louisiana. Normally, property that is paid directly to a named payee by a third party is not subject to succession laws. For example, any retirement asset, like an IRA or 401(k), would not have to go through probate and would not be subject to Louisiana?s inheritance tax. It is important, however, to remember to have alternate beneficiaries named on the account. If you name only your spouse and both of you die, the asset would have to go through probate. Proceeds of life insurance are another example of an asset that does not go through probate as long as there is a living named beneficiary.
Do I need a will?
A will can do many things. The most important thing a will can do is change the order of succession that Louisiana provides 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)name an independent executor which can save probate costs; 3) create a trust for grandchildren, special needs or spendthrift heirs; 4) for larger estates, make provisions to save estate taxes; 5) remove any doubt as to what you wanted after your death. If none of this is important, then you may not need a will. Regardless, you should discuss the details of your personal situation with an attorney.
Community Property
Separate Property
1. To children or children?s descendants,
with usufruct to spouse. If nobody exists in this group, then
1. To children or children?s descendants. 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
2. To brothers and sisters with usufruct to parents, if parents are alive. If nobody exists in this group, then
3. Is treated as separate property if no one exists in 1. or 2.
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 collateral relative. If nobody exists in this group, then
8. To State of Louisiana.
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