One of the more common concerns involving wills and estates in Louisiana is whether beneficiaries could end up paying for debt. Although the answer to this question would be determined by the details of your case, it is not very likely that your heirs would have to take on your debts on your behalf.
Losing a parent can be one of the most difficult things you may ever face, and while losing a parent typically takes an emotional toll, you may, too have concerns about it taking a financial one. If your parent dies and leaves behind considerable debts, but no money to pay those debts, you may soon start receiving calls from debt collectors, and you would be wise to do your research before automatically believing the things they tell you.
The question of whether a business has to go through succession in Louisiana is not a simple one to answer on a general basis. The answer depends on the value of the company's debts and assets, its ownership structure and several other factors.
The issue of estate planning can be a touchy subject to many. Some in Baton Rouge may prefer to not even deal with it, preferring instead to allow their heirs to figure out amongst themselves how to divide up their assets once they are gone. This line of thinking no doubt contributes to the fact that only about 40 percent of American adults (as reported by the American Association of Retired Persons) actually have a will.
Over the years, it is natural for families to spread out, sometimes across multiple States. However, if your loved ones recently left an estate in Louisiana, you may have to deal with the local laws here in addition to or in place of the laws of the jurisdiction in which you live.
Probate gets a bad rap sometimes, but the truth is it is actually quite beneficial for you, especially when leveraged the right way. The sooner you begin planning your estate and the more detailed you are about your plans, the less involved the courts will have to get in making sure that your estate is distributed as you desire. At Dale M. Maas, Attorney at Law, we are experienced in helping people in Louisiana with their estate planning efforts.
One who is asked to serve as the personal representative of the estate of a family member or friend in Baton Rouge may immediately envision the feelings of satisfaction that no doubt come with helping beneficiaries claim their allotred interest. While that can certainly make the job worth it, one should know that a number of administrative steps must be taken before they can start sending out money to a decedent's heirs. One of these is paying off whatever debts and liabilities the decedent left behind. Given that MoneyWise reports that the average American will die with over $61,000 in debt, it may be safe to say that as a personal representative, one will almost certainly have to deal with creditors.
You have likely heard from many in Baton Rouge that the probate process is long and costly and one that should be avoided. That is the attitude that many bring with them when they come to see our team here at Dale M. Maas, Attorney at Law. Yet the truth is that probate is not always bad, and contrary to what many may believe, probate court officials are not keen on wasting theirs or you time. Thus, they want to have the estate you are party to administered as fast as possible. That might even mean bypassing the probate process altogether.
While estate planning in Louisiana, the term probate comes up fairly often. CNN Money describes probate as the legal process that takes place after a person passes away. The process entails verifying the authenticity of a will and then distributing assets. When there is no will, then probate court must make the decisions as to how assets are divided. It may sound simple enough, but probate can be costly in time and money.
Dealing with the death of a loved one is not an easy process, as there are a myriad of emotions involved. In addition, you may have to deal with the recently deceased’s estate and ensuring the property is distributed to the beneficiaries properly. In Louisiana, and in many other states across the country, the estate enters the probate process as a way to ensure all of the final issues are settled. The estate administrator or executor of the estate is often the party responsible for ensuring all matters are taken care of appropriately.