Often after the death of a loved one, a family member calls or comes to our office because the investment advisor told the family that the investment firm needs a "Judgment of Possession," before any assets can be transferred to the heirs.
So, what is a Judgment of Possession?
A Judgment of Possession is often the last succession document signed by a judge which orders the transfer of assets to the heirs. However, there are a number of things that must be done (pursuant to Louisiana Succession Procedural Law) before a judge will sign a Judgment of Possession:
- If there is a Will, the Will must be probated;
- Affidavits of Death, Domicile and Heirship must be filed into the record;
- A Detailed Descriptive List of Assets must be prepared and filed into the succession record;
A Petition for Possession must be prepared and filed outlining the relevant facts and bequests and requesting the judge to sign the Judgment;
All of the heirs must verify that the facts as described in the Petition for Possession are correct to the best of their knowledge.
There are often many other matters that must be addressed prior to a judge signing a Judgment of Possession. The main thing to remember is that this document cannot be produced within a matter of minutes. The "system" is set up with court supervision to ensure that the deceased's assets wind up where they belong. Sometimes this takes time.
If you would like to discuss our handling of an unconstested Louisiana succession, feel free to send me an email at [email protected], or give my office a call at (225) 329-2450. We handle uncontested succession promptly throughout the State of Louisiana. We look forward to hearing from you. Until next post....