When someone dies it is necessary to transfer ownership from the deceased to their heirs. If the deceased does not have a testament the law determines who will inherit the assets. Many families do not begin the succession process for fear of its complexity and expense. In Louisiana, the law allows for a less complex and more feasible alternative under certain conditions.
C.C.P. Article 3421 Small Succession Defined
A small succession, within the meaning of this Title, is the succession or the ancillary succession of a person who at any time has died leaving property in Louisiana having a gross value of one hundred twenty five thousand dollars or less valued as of the date of death or, if the date of death occurred at least twenty years prior to the date of filing of a small succession affidavit as authorized in this Title, leaving property in Louisiana of any value.
Gross Value is the value of all assets owned at the time of death BEFORE any debts.
C.C.P. Article 3431 Small Successions; judicial opening unnecessary
A. It shall not be necessary to open judicially the small succession of a person domiciled in Louisiana who died intestate, or domiciled outside of Louisiana who died intestate or whose testament has been probated by court order of another state, and whose sole heirs are the following:
1. His descendants.
2. His ascendants.
3. His brothers or sisters, or descendants thereof.
4. His surviving spouse.
5. His legatees under a testament probated by court order of another state.
If your family falls into the above category the affidavit of succession will be signed by the heirs and the notary and then filed with the respective clerk of court, if required. Once this is complete the ownership of the assets is transferred to the heirs.
Don’t delay any longer.