Much has been written in national publications about "Avoiding Probate." All of the other states refer to our succession process as "probate."
It's commonly written that if you have a Revocable Living Trust, you will avoid probate and all that goes with it. In many instances, a Revocable Living Trust can make the settling of an estate easier. Much is written about the advantages of a Revocable Living Trust, such as:
- It avoid probate, or in Louisiana, a Succession;
- It is easier for your trustee to distribute your estate when you die;
- Your successor trustee can take over your trust if you become incapacitated;
Be aware, though, of traps many people fall into when they have a revocable living trust:
- You will avoid a succession if you own NOTHING in your name when you die. If you leave an account or a piece of real estate in your name, a succession will be required when you die.
- If your estate gets an income tax refund after you die, a succession will need to be opened to gain access to those funds. The IRS will remit the check to "Estate of ...."
- We've had to open many successions because a nursing home resident died and the nursing home would remit a refund to, "Estate of ..." Again - no probate avoidance.
- If you do not designate beneficiaries properly on your IRAs, life insurance, or annuity, the company may remit payment to, "Estate of ..." Again, a succession is necessary for your heirs to access these funds.
Bottom line - if you want to avoid a succession or probate when you die, make sure:
- All of your assets are titled in your revocable living trust when you die;
- You properly designate beneficiaries on your life insurance, IRAs and annuities;
- No third party will make a payment to your estate after your death;
If you have questions or would like us to assist you with an uncontested Louisiana succession, feel free to send me an email at paul@rabalaislaw.com, or give our office a call at 225-329-2450. We'll do our best to help.
Paul Rabalais
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