Probate: Successions in Estate Planning
What You Need To Know About Probate
Succession can pose a major barrier in the distribution of assets after the death of a loved one, but with effective
estate planning, you can reduce the time and expense that will face your family members when it comes time to divide your personal assets and liabilities. It commonly takes several months to fully carry out a succession, and with legal costs and court fees, the final amount of each person's inheritance is often dramatically less than initially expected.
Louisiana state law refers to the process of resolving the affairs of an estate after death as succession, which most other states call probate. It is possible that your will may be challenged, either by family members who did not receive a legacy or who want to seek a larger share of the estate, or by creditors who have a claim on your assets. Probate offers an opportunity for such challenges to be made before the distribution of your financial and real estate assets. Other actions involved in succession include establishing legal title to all property and transferring title to the heirs. The primary concern is to fully interpret the instructions contained in the will to ensure that the wishes of the deceased are carried out.
Tips on Avoiding Probate
If possible, it is preferable to avoid probate as it means that your family will not have to deal with the cost and stress of a drawn-out courtroom battle. Not only that, but it will allow your loved ones to receive their inheritance sooner. There are steps which you can take now which could help clarify your wishes as well as avoid probate at the same time. First, by creating a trust, you can stipulate who your beneficiaries are to be as well as how the money is to be divided amongst them. If you are survived by your spouse, a joint tenancy will mean that all your property automatically transfers to your spouse due to the fact that it was viewed as joint property. Taking these steps now will not only bring you peace of mind knowing your loved ones are provided for, but it could help save an extensive amount of time and money in the future.