About the author Successions - Losavio & DeJean
Transcript of About the author Successions - Losavio & DeJean
Successions:T h e T o p S e v e n
M i s c o n c e p t i o n s
8414 Bluebonnet Blvd.Suite 110
Baton Rouge, LA 70810
(225) 769-4200 orToll Free (800) 769-3522www.losaviodejean.com
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About the authorKent S. DeJean obtained his Juris
Doctorate Degree from Louisiana State University Paul Hebert Law Center in
1986. He has twenty years of experience in the general practice of law including
Social Security Disability, personal injury, successions, adoptions, worker’s compensation, corporate formations,
litigation, bankruptcy and family law. He has also been a court appointed attorney
for juveniles, child in need of care and service from 1986 to 2002. He’s practiced
with Losavio & DeJean since 2002.
According to Black’s Law
Dictionary, a succession can be
defined as “the transmission of
the rights, estate, obligations, and
charges of a deceased person to
his heir or heirs.” A succession,
also known as probate in states
other than Louisiana, is performed
to settle the affairs of a loved
one after his or her death. At
Losavio & DeJean, we want to
help make succession as simple
as possible, especially during
such a time of grief and difficulty.
This brochure can help you
understand what a succession
is and how it’s performed. The
following ideas are some fairly
common misconceptions to avoid.
There is no will so I don’t have to do a succession.
The existence of a will does not determine whether a succession needs to be done. When there is no will, the decedent died “intestate”. In intestate successions, the law determines what persons obtain ownership of the estate.
The succession can wait.The deadline to file federal estate tax returns is within nine months of the date of death for very large estates, after which you may be liable for penalties. It’s also important to remember that assets such as real estate and vehicles cannot be sold until a succession is completed. Over time, it’s more difficult to identify and list the assets and debts of an estate. Heirs may become unavailable, complicating matters further.
Administering1 a succession will take too much time and money.The majority of estates do not require an administration, or what other states call “probate”. In most estates, an administration is unnecessary because the assets and debts are known, the estate is solvent2, and there is no conflict between the heirs. In these estates, the succession may be completed by affidavit or by filing pleadings with the court which do not involve a great deal of time or expense.
The estate is too small to do a succession.Estates with no will and that have a value of less than $75,000 can be done cheaply and quickly by affidavit.
I’m not doing anything because the estate has more debts than assets.
If you do not wish to accept an estate because it has more debts than assets, it is important to execute a written Act of Renunciation. You should avoid taking any of the assets of the estate since you could be liable from creditors for an amount up to the value of the items taken.
I want the assets but, not the debts.You are not allowed to take the assets and leave the debts. When you accept your portion of the estate, you take the bad with the good. If you are unsure whether the estate is solvent2, you may wish to wait until an accounting is completed before you decide. It may also be necessary to administer1 an estate to determine all assets and debts and to pay and settle debts, before you know whether you want to accept your portion.
There’s nothing I can do because I don’t know
anything about the estate.If you wish to be kept informed as to what is going on in a succession filed with the court, you can file a written request that you be notified. When any pleadings are filed in the court case, you will be sent a copy.
The 7 Most Common Misconceptions
About Successions
1. administer: manage and settle the estate of someone who has no executor
2. solvent: has more assets than debts
This brochure, prepared by Losavio & DeJean, LLC, is given to inform and provide general information, not to offer legal advice.