We handle estates that are both large and small. Last week a gentleman called and said his father died recently. The only asset that his father owned was a bank account that had a balance of about $10,700. He wanted to know what he needed to do to access these funds.
Normally, a full-blown court supervised succession is required to have an asset transferred out of the name of a deceased person. However, in this case, the estate qualified as a "Small Succession," and no court supervision was required.
To qualify as a Small Succession, three things must happen (NO EXCEPTIONS):
- The deceased died without a Last Will and Testament;
- The deceased's gross assets do not exceed $50,000 in value; and
- The deceased owned no real estate.
If the succession meets these three requirements, then the following must occur:
- All of the heirs must sign an Affidavit of Small Succession and have their signatures notarized;
- A Detailed Descriptive List of Assets must be prepared;
- If the gross estate is more than $15,000 (or if any taxes are due), an Inheritance Tax Return must be prepared.
All of this information will be submitted to the Louisiana Department of Revenue, who will audit the information and stamp on the Affidavit that all inheritance tax due has been paid. Then, the heirs can go to the bank with the Affidavit that has been given its seal of approval by the Louisiana Department of Revenue, and get access to the deceased's funds.
What was great about the small succession we worked on last week is that the deceased had two children - a son and a daughter. The daughter was going to allow her share of the funds to be used for her brother's child, who was starting college this fall.
If you have questions about completing a Louisiana succesion and would like to either get your questions answered or inquire about our legal services, feel free to give me a call at 225-329-2450, or send me an email at paul@rabalaislaw.com. I look forward to hearing from you.
Paul Rabalais
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