Louisiana's laws regarding wills and succession are intricate, encompassing a blend of statutes, including old concepts like usufruct and forced heirship. Ensuring you or your loved one's wishes are carried out can be nearly impossible without a knowledgeable Louisiana estate planning attorney.
In Louisiana, succession, often referred to as probate in other states, is the process of settling one's estate after death, distributing property to heirs after debts are paid. It also signifies the estate a person leaves behind at death.
Not all property undergoes succession in Louisiana. Assets with named beneficiaries, such as retirement accounts (IRAs, 401(k)s), life insurance policies, and annuities, bypass succession and directly pass to the named beneficiary. Keeping beneficiary designations up-to-date on all your accounts is crucial.
ESTATE PLANNING AND SUCCESSIONS
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A Last Will and Testament known as a “will” is important no matter your net worth. The laws of Louisiana will dictate where your assets go without a will.
For example, without a will, your separate property (property acquired before marriage, donated to you alone, or inheritance) will be inherited by your children (if no children, then to your siblings). Community property (property acquired during the marriage by the “labor, skills, or industry” of either spouse) differs. Your surviving spouse retains one-half of the community property and has a usufruct (“use”) over the deceased spouse’s half of the community property while children of the deceased spouse are “naked owners” of the deceased spouse’s half of the community property. In other words, your spouse does not have full ownership of your assets. This may or may not be what you desire. Executing a will with the advice of an attorney will ensure that your final bequests will be upheld and can avoid family disputes.
ABOUT
ALEX LOOMIS BARHAM
I have ventured into Estate Planning Law and Successions. This includes drafting documents to facilitate the transfer and management of your property before or after death and a variety of other personal matters. I worked with my father who practiced family law for 50 years, my experience with family law overlaps in this area. I have developed a passion for helping others in this practice area because of the recent loss of my father and husband. I understand what loved ones have to go through, and I know estate planning soothes the process for loved ones while giving you a peace of mind.
