In the state of Louisiana, the legal process of transferring the assets and obligations of a deceased person to their heirs or legatees is called a succession. Successions in Louisiana have some unique features due to the state's civil law system, which is based on the Napoleonic Code. Here is a detailed breakdown of how to do a succession in Louisiana:
- Opening the Succession:
- The first step is to open the succession by filing a petition with the appropriate Louisiana court. The court having jurisdiction is typically the district court in the parish where the deceased person resided at the time of their death.
- The petition must include information such as the name of the deceased, the date and place of death, and the names and addresses of potential heirs or legatees.
2. Appointment of an Executor or Administrator:
- The court will appoint an executor if the deceased person left a valid will that designates an executor. If there is no will or the designated executor is unable or unwilling to serve, the court will appoint an administrator to handle the succession.
- The executor or administrator is responsible for managing the succession process, including gathering and protecting assets, paying debts and taxes, and distributing the estate.
3. Inventory and Appraisal:
- The executor or administrator is required to prepare an inventory of all assets owned by the deceased person at the time of their death. This inventory should include a description and valuation of each asset.
- An independent appraiser may be hired to assess the value of certain assets, such as real estate or valuable personal property.
4. Notification of Creditors:
- The executor or administrator must provide notice to all known creditors of the deceased person. This notice allows creditors to file claims against the estate for any outstanding debts owed to them.
- Creditors generally have one year from the date of death to file their claims, but the executor or administrator may set a shorter deadline for filing claims in the notice.
5. Payment of Debts and Taxes:
- The executor or administrator is responsible for identifying and paying the deceased person's outstanding debts, including funeral expenses, taxes, and other valid claims.
- It is essential to ensure that debts are properly satisfied before distributing the remaining assets to the heirs or legatees.
6. Distribution of Assets:
- Once all debts, taxes, and expenses have been paid, the executor or administrator can proceed with the distribution of assets to the heirs or legatees according to the provisions of the will or Louisiana law.
- If there is a valid will, the assets will be distributed according to the instructions outlined in the will. If there is no will, the assets will be distributed to the heirs according to the laws of intestacy.
7. Final Accounting and Closing the Succession:
- The executor or administrator is required to prepare a final accounting that provides a detailed report of all financial transactions, including the receipt, administration, and distribution of assets.
- Once the final accounting is completed and approved by the court, the executor or administrator can request the court's permission to close the succession.
It's important to note that the succession process in Louisiana can be complex, and it's advisable to seek the assistance of an experienced attorney who specializes in succession law to guide you through the process and ensure compliance with all legal requirements.