What is a succession?
The unfortunate reality is that the consequences for not doing estate planning falls to heirs, not the dece- dent. Lack of estate planning can become expensive, with money go- ing to third parties to sort through family affairs in probate courts. Over the next three decades, it is estimated that $70 trillion will trans- fer from the deceased to the living. For African Americans that will be one of the communities ’ largest transfers of wealth and it should be safeguarded from unnecessary loss- es due to the lack of proper estate planning. Financial experts suggest that every person aged 18 years and older should consider having a will. Even if assets are not a factor, a will should include who is responsible for taking care of their affairs and meeting their desires for their dispo- sition. Most often they may also ob- tain a medical power attorney, which provides instructions and their designation of who may make medical decisions on their behalf, if incapacitated.
U nique to civil law jurisdictions, a succession is the judicial process used to transfer the assets from someone who passed away to their designated heirs. In Louisiana this does not occur automatically. If the value of the estate qualifies for a small succession, the transfer of ownership can be done by affidavit. If the estate does not qualify for a small formal proceeding, one must be instituted (opening of the succes- sion) comminating in a judgement of possession, which specifically lists who now owns the property. The procedural types to manage a succession are simple possession and administration. The procedure selected for use depends upon what issues may need to be resolved within the estate. The critical fact to understand is that some procedure must be executed to the “ world ” on notice that ownership has trans- ferred and so, there are owners.
M any assume estate planning is only for the wealthy or for older people. However, estate planning is important for everyone. The com- plexities of the process can be easily managed if a person takes the time to do some research, set clear goals, and commit to getting it done. Estate planning is the process by which an individual or family plans, arranges, and directs for the transfer of assets. Wills and trusts are com- mon tools for individuals to distrib- ute real and personal property to heirs. However, estate planning is not limited to planning or drafting wills for individuals with depend- ents or those with federal estate tax consequence at death. Rather, it can be very useful for anyone with or without dependents who wish to distribute his or her assets in a man- ner different than what would hap- pen by operation of law without any estate planning. It is estimated that 42% of Ameri- cans have a will, according to a 2021 Gallup poll. African Ameri- cans with wills ranked below that average at about 30%, according to that same poll.
Disclaimer: **Louisiana Law regarding estate planning and successions is complex, especially depending on specific circumstances. This article is intended to provide general awareness and is no substitute for expert estate planning and legal advice.
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