When your Louisiana Succession Lawyer or Baton Rouge Probate Lawyer opens a succession, they will ask the court to appoint someone as representative of the estate. There are two types of representatives or managers in a Louisiana Succession orLouisiana Probate. If your loved one had a will, then the court will appoint an Executor. If your loved one died without a last will and testament, then your Baton Rouge Succession Attorney will draft documents to appoint an Administrator.
After opening a Louisiana Succession or Louisiana Probate, the Executor or Administrator will receive a legal document, called "letters," which prove their authority to manage matters of the estate. The authority to administer the estate gives you the power to organize and manage the assets of the estate. So, one of the first things you will want to do is open an account and transfer all estate funds into that account. It is possible that heirs of the estate will ask you to account for how you have used the estate funds. The account opened on behalf of the estate will allow you to use the bank ledger to show where the estate funds are used. Most banking institutions are familiar with the process and will be able to assist you.
In order to open the estate account, you must bring the bank certain documents, those include: A certified copy of the death certificate and the letters granting you the authority to open the account. After you open the estate account, the next step is to take your letters to each financial institution where the deceased has accounts. The financial institution will issue a check to the Estate of…. Then you can deposit the check in the newly opened estate account.
You will use the funds in the account to pay debts of the estate. Your Baton Rouge Succession Attorney or Probate Attorney can assist you in deciding what debts are valid estate debts and those that should be paid first.