Disclaimer: This article is for informational purposes only and does not constitute legal advice. Always consult a qualified attorney to address your specific situation.
Detailed Answer
Under Louisiana law, you cannot simply walk into a bank and withdraw funds from a deceased person’s account. The bank must confirm you have the lawful authority to act on behalf of the decedent’s estate. Authority typically comes in one of two ways: a Small Succession Affidavit or a formal court appointment of a succession representative.
1. Determine Eligibility for a Small Succession Affidavit
If the decedent left no real estate and the total value of personal property (including bank accounts) does not exceed $125,000, you can use the simplified small succession procedure:
- Prepare a notarized affidavit listing the decedent’s assets and heirs. You must state that no formal succession has been opened and that the estate qualifies under Louisiana Revised Statutes § 9:3091 (R.S. 9:3091).
- Present the affidavit and the decedent’s death certificate to the bank. The bank can release up to the $125,000 limit to the named heirs.
2. Open a Full Succession (Probate) When Small Succession Does Not Apply
If the estate includes real estate, or personal assets exceed $125,000, you must open a full succession:
- File a Petition for Appointment of Succession Representative in the appropriate district court, per Louisiana Civil Code article 3121 (C.C. art. 3121).
- The court issues Letters of Appointment (also called Letters Testamentary). This document certifies your authority to administer the estate and collect assets.
- Present the original Letters of Appointment and the decedent’s death certificate to each financial institution holding funds. The bank must honor these documents and release the funds to the succession representative.
3. Pay Debts and Distribute Remaining Funds
After collecting the bank funds, the succession representative must:
- Notify known creditors and publish required notices, as mandated by Louisiana Revised Statutes § 9:4831–4832 (R.S. 9:4831–4832).
- Settle valid debts and taxes.
- Distribute remaining funds to heirs according to the will or, if none, under Louisiana’s intestacy rules (C.C. art. 880 et seq.).
Helpful Hints
- Always obtain certified copies of the death certificate from the clerk’s office.
- Keep detailed records of all transactions and notices published.
- Consult bank policy before your appointment. Some banks require additional forms.
- Consider hiring an attorney for large or complex estates.
- File any required inventory and accountings with the court on time to avoid delays or penalties.