What Is an Affidavit of Small Succession in Louisiana? What to Know

Some heirs are left blindsided after a loved one’s death. This makes the succession process even more draining. For those dealing with small estates, they might wonder what an affidavit of small succession is in Louisiana. This legal document can help many Louisiana residents avoid succession for small estates.

Experienced Succession Attorneys in South Louisiana

Many estates in South Louisiana benefit from an experienced succession attorney. Goode Tax and Estate Planning Law Group, LLC, has been in business for decades, helping families navigate complex successions and plan for their future. We also have experience with tax law to protect your assets as much as possible.

What Is an Affidavit of Small Succession in Louisiana?

An affidavit is a legal statement made by the people filing the document. In the context of a small succession affidavit, the heirs swear that the deceased had less than $125,000 in assets or that the person died more than 20 years ago. Some other important details of a small succession affidavit include:

• Heirs. If there is more than one heir who is inheriting property, they all have to reach an agreement. There can’t be disputes related to who receives what. Any conflicts need to be resolved before filing the affidavit or during traditional succession.
• Wills. In the past, Louisiana prevented people from using the small succession affidavit if the deceased person had a will. However, the law was recently changed to remove this requirement. It is now possible to file an affidavit regardless of whether the deceased person had a will or not.
• Property. Generally, a large majority of property can be transferred using a small succession affidavit. Things like homes and some financial accounts can be transferred in this way. However, there are some exceptions to this rule. Some accounts have specific beneficiaries that might fall outside the small succession affidavit, including life insurance policies.
• Notary. Since an affidavit of small succession is a legal statement, it has to be notarized. This is to verify that the true heirs actually completed the document themselves or with an attorney. Notaries are available throughout Louisiana.
• Debts. Some small successions include debts. If the total does not exceed an excessive amount, you can still file a small succession affidavit. However, they must be listed along with the deceased’s assets. If the deceased person had a lot of debts, it might be a good idea to speak with an attorney before filing.

68.1% of people in Louisiana own their homes. To make sure these assets are properly transferred to their rightful heirs, consider working with a successions lawyer.

Why Hire a Successions Lawyer?

It is possible to complete a small succession affidavit without legal assistance. However, this might not be the right decision. Filing the form yourself is usually only viable in the simplest of succession cases.

Any form of conflict or unique situation should be verified with an attorney before filing. This can save you from additional legal paperwork in the future.

Some people know that the deceased person has died, but are unable to get other supporting documents for the affidavit. An attorney can help explain which documents are necessary and can assist you in obtaining them.

Attorneys in the estate planning and succession field often work with people who appraise property to determine its value. If you are unsure of the deceased’s property value, they can provide an assessment to determine if the estate qualifies for a small succession affidavit.

Other common issues include disagreements between heirs. It is also possible that the heirs are not specifically detailed in the will, or there are other parts of the document that are difficult to interpret. A legal professional who is experienced in successions is familiar with wills and can provide clarity on the situation.

Why Choose Us?

Many people assume that traditional succession is required in Louisiana. However, with the help of Goode Tax and Estate Planning Law Group, LLC, it might not be necessary for certain estates. We have assisted countless people in figuring out whether they qualify for ways to reduce the impact of succession on their loved one’s assets.

FAQs

What Is a Small Succession Form in Louisiana?

A small succession form in Louisiana is used if an individual dies with property that is less than $125,000 in value. A small succession form is filled out to prevent the deceased’s property from having to go through the traditional probate process. This helps the property be transferred faster and preserves the resources involved.

What Is the Meaning of the Affidavit of Succession?

An affidavit of succession is a statement to verify that the deceased person’s assets are small enough not to require traditional probate. This can be used depending on the value of all the assets the deceased person left. Even if the person had a will, the affidavit can still be used.

What Happens After You File a Small Estate Affidavit?

When you file a small estate affidavit, you do so with the Clerk of Court in the parish where the deceased person lived before they died. There might also be a requirement to submit additional evidence, such as proof of death, identification, and other documents that prove ownership of assets.

What Makes a Small Succession Affidavit Legally Valid?

What makes a small succession affidavit legally valid is having at least two people sign the document. The only people who can sign it are those who will be receiving the property or someone closely related to the family. The heirs must also be in agreement on how the property is to be divided before filing the affidavit.

Get Legal Help

29.9% of owned housing units in Louisiana are under $150,000. For those related to these owners, it is important to know about the benefits of a small succession affidavit and how it could help you avoid succession. To learn more about whether a loved one’s estate qualifies for a small succession affidavit, schedule a consultation with Goode Tax and Estate Planning Law Group, LLC.