Detailed Answer: Steps to Locate, Inventory, and Distribute Estate Assets Under Louisiana Law
Disclaimer: This article is for educational purposes only and is not legal advice. Always consult a qualified attorney for guidance on your specific situation.
1. Open the Succession (Petition to Open Succession)
To begin, an interested party (often the surviving spouse or a nominated executor) files a Petition to Open Succession in the parish where the decedent was domiciled. See LA R.S. 9:2021 (Succession Opening) (Title 9). The court issues an order naming the succession representative (executor or administrator).
2. Appoint a Succession Representative
The court-appointed representative gathers records of all assets. These include real estate deeds, bank and investment statements, insurance policies, business records, and personal property titles. Louisiana law requires this person to act impartially to protect estate interests.
3. Inventory and Appraisal
Within 60 days of appointment, the successor must file an Inventory and Appraisal listing every asset and its fair market value on the date of death. See LA R.S. 9:2371 (Inventory Requirement) (Title 9). Proper appraisal may require professional appraisers for real estate or collectibles.
4. Notify Creditors and Collect Claims
- Publish notice of succession in the parish’s official journal to alert unknown creditors. See LA R.S. 9:2781 (Creditor Notice) (Title 9).
- Mail written notices to known creditors.
- Creditors then have 30 days after publication to file claims.
5. Pay Debts, Taxes, and Expenses
The succession representative pays valid debts, funeral expenses, administration costs, and estate taxes from estate funds. Louisiana law requires priority in payment order: administrative expenses, secured creditors, and then unsecured creditors. See LA R.S. 9:2783 (Order of Payment) (Title 9).
6. Final Account and Court Approval
After settling debts, the representative prepares a Final Account detailing all receipts, disbursements, and remaining assets. The court reviews and approves this accounting. See LA R.S. 9:2111 (Final Account) (Title 9).
7. Distribute Remaining Assets
If a valid will exists, distribute per its terms. Without a will, distribute under Louisiana’s intestate succession rules. Generally, the surviving spouse and children share the estate in prescribed portions. See LA R.S. 9:1801 (Intestate Succession) (Title 9).
8. Close the Succession
Once distribution is complete, the court issues an Order of Discharge, formally closing the succession and releasing the representative from further duties.
Helpful Hints
- Gather original documents early: deeds, titles, statements, and insurance policies.
- Keep a detailed ledger of all estate transactions.
- Hire appraisers for unique or high-value items.
- Track publication deadlines carefully; missing a deadline can delay the process.
- Consult an estate attorney for complex estates or disputes.
- Review beneficiary designations on life insurance and retirement accounts; they may avoid succession entirely.
- Maintain clear communication with heirs to reduce conflicts.