Livingston Successions Lawyer

Livingston Successions Attorney

Succession is the process of settling an estate when a decedent passes. The time it takes to go through succession ultimately depends on the size and complexity of the estate and whether or not the deceased had a will. No matter the complexity of an estate, it’s helpful to hire a Livingston successions lawyer to help you through the process.

If you’ve lost a loved one in Louisiana, you can count on a local Livingston succession lawyer from Rowe & Manning Law Firm LLC to be there for you. We’re confident we can see you through the process and secure your access to the assets in an estate that are rightfully yours.

Succession Cases in Louisiana

Succession can look a little different for everyone. The process involves validating the deceased’s will if they had one, inventorying all assets and debts, and identifying or appointing an executor. You can make decisions about all property and assets owned by an individual at death through an estate. How the Louisiana succession process works in detail depends on several factors.

One of the biggest investments you’re likely going to want to protect is your home. The median property value in Livingston is $197,600, making a house a significant asset. Common assets that you can expect to be distributed from a decedent’s estate include:

• Financial accounts
• Intellectual property
• Jointly-owned property
• Personal property
• Real estate
• Retirement accounts
• Trust assets
• Vehicles

It’s possible for certain assets to bypass succession. For example, assets placed in a trust with a listed beneficiary can pass straight to the new owner upon the trustor’s death. Any marital property or jointly-owned property with a right of survivorship can also pass automatically to the surviving party.

It’s important to understand Louisiana succession laws to provide the right protections over assets and ensure they get to the right people when the time comes. You can outline your wishes through a will and protect assets further through a trust if it makes sense. A Livingston succession attorney can evaluate your finances and help you form a strategy, which is especially valuable if you’re unsure whether you need a lawyer to file a succession.

There’s no wrong time to think about an estate plan. Shockingly, a recent study indicated that less than half of all adults in the United States have a last will and testament. On aggregate, adults over the age of 55 are more likely to have some sort of plan in place for what happens when they pass. Younger generations, however, are not prioritizing this as much.

Without an estate plan, you can expect your estate to go through intestate succession when you pass. During intestate succession, the court appoints a personal representative who must identify all assets and debts tied to the estate. Over 50 percent of Americans state they believe they’re going to pass on debt when they die. It’s the representative’s responsibility to contact creditors and settle any debts before distributing remaining assets based on Louisiana intestacy laws.

Your Local Livingston Successions Lawyers

Rowe & Manning Law Firm LLC opened our doors in 2000 and has been helping Louisianans through complex estate planning cases ever since. Our attorneys bring decades of combined experience to the table and have a track record for providing the personalized legal advice and aggressive advocacy every person deserves.

As a local law firm, we take pride in helping our people and staying active in the community in any way we can. We provide assistance through churches and volunteer organizations, and we ensure we treat every client like a member of the family when they walk through our door.

Our office is conveniently located right off Interstate 10 on Bluebonnet Boulevard. We’re always happy to meet new people and see how we can help as many individuals and families as possible.

FAQs

What Is the Difference Between Succession and Probate in Louisiana?

The difference between succession and probate in Louisiana can be considered negligible in most situations, but it does exist. Succession and probate are two closely related terms that are often used interchangeably.

Most states recognize probate as the mandatory process of validating a will when a person dies. Louisiana recognizes succession, which is the legal process of settling the entire estate. In Louisiana, probate deals with handling the will, while succession happens with or without a valid will present. These legal processes are distinct from the administration of trusts, which is why some people seek to understand the difference between an estate lawyer and a trust attorney.

Who Receives the Assets From an Estate in an Intestate Succession in Livingston?

Louisiana’s intestacy laws determine who receives the assets from an estate in an intestate succession. Succession for an estate without a will follows an order of priority for who receives assets, starting with the surviving child, then parents, then grandparents, and finally, other relatives like aunts and uncles.

Louisiana is also a community property state, which means any property purchased by both spouses in the marriage belongs to both spouses equally and automatically is transferred to the surviving spouse.

Is There a Time Limit for Succession in Livingston?

There is no set time limit for succession in Louisiana, but there are incentives to initiate the process sooner rather than later. For starters, eligible heirs and beneficiaries cannot access the assets in an estate until it goes through succession. You also may run into issues with lost claims or challenges to the will

Does an Estate Have to Go Through Succession in Livingston?

An estate does not necessarily have to go through succession in Livingston, depending mostly on the total value. You may be able to avoid a lengthy succession and file a small succession affidavit if the decedent’s estate was valued at less than $125,000.

You also may be able to protect certain assets by placing them in a trust or having a right of survivorship agreement. Marital assets jointly owned with a spouse also automatically transfer to their ownership.

Hire a Successions Lawyer in Livingston to Learn More About Handling Estates Today

Losing a loved one is stressful enough, and dealing with their estate is just another thing on your plate. Fortunately, you don’t have to do it alone. To discuss your case more thoroughly, Rowe & Manning Law Firm LLC is here to help. Reach out to schedule a consultation with our team today.