Baton Rouge Distribution of Assets Lawyer
Understanding Inheritance Through Wills
The primary concern for most people when they begin work on estate planning is to make sure that their assets are distributed according to their wishes at the time of passing. Anyone who dies without having executed a legal will is said to have died "intestate," and by state law their property will be divided among the surviving successors. This means that if you have children, they will each receive an equal share of your estate. If one of your children will be cared for through a conservatorship, you can direct that a larger portion of your wealth will be preserved for the maintenance of that child, while another child who is financially well-off and does not need support can receive a smaller share.
The laws of testaments are designed to ensure that the intentions of the deceased are respected, with as little interpretation as possible. This means that the probate period will often drag on, which will also allow for creditors to make claims on the estate. During this time, the heirs are often forced to wait before receiving their share of the estate. With knowledgeable legal representation, the whole process can be sped up by ensuring that your paperwork is in order to be accepted by the court and by properly applying pressure to the legal system for a swift completion.
The Importance of Creating a Valid Will in Louisiana
If you die without a valid will, your estate will most likely be divided among your closest relatives. However, many individuals have more specific wishes regarding where their money will go after they are gone. By creating a will, you could be able to bequeath different amounts of money to relatives as well as stipulate any conditions regarding the money. For example, some people will state how the money is to be used or place conditions on the money such as not allowing them to receive their inheritance until they have reached a certain age or completed their education.
The Order of Inheritance Without a Will in LA
For community property, the order is as follows:
- Children get priority, unless they are deceased, then their descendants will
- If no children, then surviving spouse is prioritized
- If none of the above, then the estate is treated as separate property
For separate property, the order is as follows:
- Children get priority, unless they are deceased, then the brothers or sisters are first in line
- If no siblings exist, then the parents
- If no parents, the spouse takes over, if no spouse, then the grandparents are prioritized
- If all of the above are deceased, then the nearest relative receives the estate. If no relatives exist, the state of Louisiana takes over.
Don't let your property fall into the wrong hands, contact me today to safeguard your assets in LA!
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