All You Ever Wanted To Know About the Detailed Descriptive List

Yesterday, I wrote a chapter of my new book. I don't yet know what the name of my book will be but the content will be based on settling an estate in Louisiana. There's so much confusion out there among the general public regarding how estate's get settled, so I'm writing a book (my 2nd) to help people like you eliminate confusion.

The chapter that I wrote yesterday was all about what's called the "Detailed Descriptive List." It is probably the most important legal document prepared after a person dies. It's a detailed list of all the assets and debts that the deceased had on the date of his or her death. Assets included on the detailed descriptive list include:

• Lousiana real estate
• Bank accounts
• Investment accounts
• Vehicles
• Business interests

Certain assets are excluded from the Louisiana succession and are typically omitted from the detailed descriptive list. These omitted assets include:

• Out of state real estate
• Individual Retirement Accounts (IRAs)
• 401(k)s
• Life insurance
• Annuities
• Co-owned U.S. Savings Bonds

Too many detailed descriptive lists are prepared in error from the start and then we have to go to court to fix them. Make sure you get it right from the start. If you want to know more about how a succession works, or if you'd like me to answer any questions you have, send me an e-mail at paul@rabalaislaw.com, or give me a call at my office at (225) 329-2450.

Until next time...

Paul A. Rabalais