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How An Estate’s Value Affects Succession Procedures

When a loved one passes away, family members are often left confused and with many questions about how to settle an estate. In Louisiana, property and assets that do not have a qualified beneficiary designation or are not accounted for in other estate planning documents must go through the succession process.

In cases where the total amount of assets subject to succession totals less than $125,000, a loved one’s estate may be settled under certain laws that apply only to small estates. If applicable, a small succession can be an effective way for family members to save time and money while accounting for the transfer of a loved one’s property and assets.

Understanding Small Succession Laws

At Lorenzi & Barnatt, L.L.C., we understand that the death of a loved one presents numerous personal and financial challenges to surviving family members and take action to settle all succession-related matters in a timely and cost-effective manner. Our estate planning attorneys help families navigate the succession and small succession processes and all related rules and procedures.

Small success guidelines include:

  • Estate’s gross value must be valued at $125,000 or less at the date of death
  • Affidavit must be executed by surviving spouse and/or one or two heirs
  • Affidavit must be executed and sworn before an authorized individual
  • Surviving spouse and/or heirs to whom ownership of property and assets transfers assume responsibility for any unpaid debts

To learn more about small succession laws and whether property and assets contained in your loved one’s estate may qualify, contact a lawyer at our Lake Charles firm. Call 337-436-8401 or contact us online.