Dealing with the death of a loved one is never easy, but the grieving process can be even more complicated when they fail to leave behind a will. A lack of estate planning documents can leave you and other potential heirs confused about how to handle your family member’s estate, but you may have options for an easier approach. Estates valued at $125,000 or less can be handled through small succession, a process that is usually quicker and less expensive than typical succession.
Estates or property not contained within a will, trust or other estate planning document at the time of person’s death must go through the succession process in Lake Charles. This is often time-consuming and can eat up significant portions of an estate’s value, leaving significantly less leftover for heirs. Instead of pushing smaller estates through this process and potentially leaving heirs with little if anything, small succession creates an opportunity for families to quickly handle the transfer of property and assets.
An estate’s value is not the only requirement for using small succession. The surviving spouse or up to two heirs must execute an affidavit in front of an authorized individual. The surviving spouse and any heirs who receive property or assets through small succession transfer also take on the responsibility of settling any of the deceased’s unpaid debts.
Small succession may be an appropriate choice for many Lake Charles families who are dealing with a loved one’s death in the absence of any estate planning documents. However, estate law can be a complicated topic, and there are both benefits and drawbacks to using small succession. Working under the careful guidance of an attorney who is experienced in such matters is usually helpful for these families.