Probate Law in Lafayette, LA
What Is a Probate Law?
A probate is a legal process that determines the validity and administration of a last will. When an individual leaves behind assets, the court appoints an executor (if one is not named in the will). In either case, the appointed official collects all remaining assets, pays off any remaining liabilities, and disperses the remaining assets to beneficiaries listed in the will or to beneficiaries designated by the executor (if no will is present), all according to Lafayette, LA probate law.
How Does Lafayette, Louisiana Probate Law and the Probate Process Work?
Locating the Will
The first step is determining whether a will even exists. In most cases, the decedent leaves clear direction regarding the location of the last will and testament or files one with a primary attorney. However, sometimes, people have to go digging for one. In other cases, there is no will, and the Lafayette court-appointed executor must handle all assets.
The deceased may have chosen to create a living trust instead of a will. A living trust places all assets into a trust and transfers them to a designated trustee upon death. Unlike wills, living trusts bypass probate and the courts entirely. Many individuals opt for this approach to simplify the process and avoid lengthy court battles in , .
Louisiana uses the word succession to refer to the probate process. If the deceased lived in Lafayette, the Will must be filed for succession with the 15th Judicial District Court in Lafayette Parish. As well, the Civil Department of the Lafayette Parish Clerk of Court also maintains all Succession Records.
Notifying the Court
Notifying the court to open the estate is the next step. The Lafayette, Louisiana probate law court clerk can handle this step unless there is a named executor.
After the court receives notification, a scheduled hearing takes place. This officiates the executor appointee and grants him or her legal authority to operate on behalf of the last will.
If there is no will and no designated executor, the court chooses the executor. Making this selection differs from state to state, but generally, the surviving spouse is first in line. After that, any adult children, parents, or siblings receive consideration.
Consolidating Assets
The executor must identify the decedent’s remaining assets. To do this, she or he reviews any related banking or financial documents and any other personal documents that could lead them toward recovering assets. Some examples of documents to collect are insurance records, titles, stock portfolios, and tax returns or filings.
To freeze and later close accounts, the executor must notify any financial institutions with outstanding accounts of the individual’s death in Lafayette. If there are any physical valuables on the decedent’s property, it is not uncommon for the executor to collect these items to prevent theft or damage.
The executor then determines the valuation of each item of the estate. This can be a lengthy process depending on the ease of locating all assets, including real estate, stocks, bonds, etc. Notifying creditors is the next step.
Notifying Creditors
Generally, the executor notifies creditors associated with the estate so they can claim if they have outstanding balances. Creditors have a specific time frame in which to file a claim, and this window can vary depending on state law.
A creditor can file a written proof of claim against an estate up to six months after a person passes away in Lafayette. The Succession Representative, or executor, will acknowledge or reject any claims within 30 days.
Squaring Away Final Payments
The executor pays any funeral expenses (unless the family covers them) and any debts or taxes from the estate. The executor determines which creditor claims are accurate. From there, the executor squares away any outstanding debts to clear the estate of all obligations before being dispersed according to the will.
Proceeding With the Court
After valuing all the decedent’s assets and paying all outstanding debts, the executor submits a report detailing all estate spending to the Lafayette, Louisiana courts. At this point, a judge reviews the materials. Assuming everything was done correctly, they render a decision to clear the executor to move forward with the final step.
Executing the Last Will and Testament
At this point, the executor disperses the assets to the designated beneficiaries laid out in the will. Depending on how detailed the will is, this could either be a simple process or it may divide the remaining family. A Lafayette probate law attorney can help you or a loved one avoid these costly mistakes and counsel you on the best course in the event of a family estate battle.
Louisiana law has specific rules about who can be appointed as the Succession Representative or executor in Lafayette. For example, the 15th Judicial District Court must be satisfied that the executor is over 18, not a convicted felon, and has good moral character. Once the Court approves the executor, the Court issues Letters of authority over the Lafayette estate. The executor can also use the Letters to get any frozen assets put into a new Estate Account.
Additionally, a public notice of the Lafayette succession must be published in a Lafayette Parish newspaper. Next, an inventory of assets is filed with the Court. Then, creditors and any estate taxes are paid. The executor must file a petition to close the succession. The Court will then issue a final order about the distribution of the remaining assets to any beneficiaries.
If there is no last will, the executor assigns beneficiaries by Louisiana state laws. Generally speaking, the surviving spouse is first in line to receive any remaining assets. After that, the decedent’s children come next. Any surviving siblings would be next. From there, the executor works down through the surviving family based on their direct relation.
Is Probate Law Necessary?
No. There are alternatives to probating a will, but this depends on the circumstances surrounding the decedent. For example, the deceased may have established a living trust that circumvents the probate process. The individual may have not owned any assets, thus simplifying the Louisiana process.
Louisiana law allows the transfer of the assets of a Small Succession by Affidavit instead of a formal court proceeding. However, if the value of the Lafayette estate exceeds $125,000, the Small Succession Affidavit procedure will be unavailable.
What Are the Differences Between a Living Trust and a Will?
Living trusts are a way to avoid probation. However, this is one of the primary differences between a living trust and a will. Another main difference is that a living trust is only as good as the assets therein. This means that if you pass away without funding the trust with your assets, it is practically worthless. On the other hand, you do not have to fund a will, as you merely choose where to transfer your assets upon your death.
Setting up where your assets go after you die is an important decision. This is why you should consult with a Lafayette probate law attorney to make the correct decision.
Work With an Experienced Local Probate Law Attorney in Lafayette, Louisiana
Probate law attorneys assist with valuing your total assets and can provide insight into what the best move would be for you. Are you in need of a Lafayette probate law attorney who can help you and preserve the future of your family? We can even help you connect with an attorney across Louisiana state lines.
Submit a request online or call us today at (866) 345-6784 to speak with an experienced probate law lawyer in your area!
About the Author
Aaron is a professional legal writer with a B.S. in English Education from Southern Illinois University – Carbondale. He has written, published, and edited thousands of legal articles for RequestLegalHelp, which has connected over 5 million people to legal help in the United States.
With over five years of experience writing thousands of legal articles for law firms across the U.S. and Canada, Aaron specializes in covering federal, state, and city-level legal issues ranging from auto accidents to wrongful terminations.
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