Dealing with the loss of a loved one is never easy. Along with grief, you may be left to handle their estate and all the legal details that come with it. However, if the estate is relatively small, Louisiana law offers a quicker, simpler option: the small succession affidavit.
But when does it apply? And how do you know if it’s right for your situation? Here’s what you need to know.
What Is a Small Succession Affidavit?
A small succession affidavit is a legal document that enables heirs to transfer ownership of property without undergoing the formal court process known as succession. It is meant for estates that meet certain criteria and are modest in size.
This tool can help families settle affairs more efficiently and at a lower expense, especially during an already difficult time.
When Can You Use One?
You can only use a small succession affidavit if all of the following conditions are met:
- The person who passed away was a resident of Louisiana.
- The estate’s total value is $125,000 or less. This excludes certain types of exempt property.
- There is no Last Will and Testament, or if there is one, it was probated outside of Louisiana.
- The heirs are the surviving spouse and the legal heirs, as defined by Louisiana’s intestate laws.
- There is no dispute among heirs over who should inherit the property.
If more than 20 years have passed since the person’s death, a small succession affidavit may be used regardless of the estate’s value.
What Property Can It Transfer?
This affidavit can be used to transfer many types of property, including:
- Vehicles
- Bank accounts
- Small parcels of real estate, if the estate qualifies
- Household belongings
- Insurance or retirement benefits with no designated beneficiary
Some banks or agencies may have their own requirements, so additional documents or wording may be needed.
Can It Be Used for a Home?
If the home falls within the $125,000 limit and all other criteria are met, it can be included. However, real estate adds a layer of complexity. You may need to file the affidavit with the clerk of court in the parish where the property is located. That makes proper title recording essential, and professional help is often needed to ensure everything is handled correctly.
Who Signs the Affidavit?
According to Louisiana laws, two people must sign the affidavit under oath:
- Someone who has knowledge of the facts of the succession, often an heir or close family member
- A second person who can confirm those facts
The affidavit must include information such as the decedent’s name and date of death, a list of heirs, a description of assets, and a statement that the estate qualifies as a small succession. It must also confirm that there are no disputes.
Why Use a Small Succession Affidavit?
- It does not usually require a court filing
- The process is much faster than a full succession
- Costs are lower since court fees and attorney time are reduced
- It brings peace of mind during a challenging period
When Should You Not Use One?
A small succession affidavit is not an option if:
- The estate is worth more than $125,000
- There is a will that must be probated in Louisiana
- There are disagreements among heirs
In such cases, a formal succession will be necessary to manage the estate.
Talk to a Louisiana Estate Planning Attorney About Your Options
Every estate is different. Even a small one can come with unexpected challenges. At Losavio & DeJean, LLC, we help families determine the best way to settle an estate and provide clear guidance throughout the process.
Reach out today to schedule a consultation. Let us help you move forward with confidence and compassion.