When a loved one passes away, his or her estate often must go through a court-managed process called probate or a succession. More specifically, the court “probates” a will, but the overall succession process accomplishes the transfers of title from the name of the deceased to the names of the beneficiaries. But, certain types of assets are “non-probate assets” and accordingly, they do not go through the formal succession process including:
- Retirement accounts such as IRA and 401(k) accounts designated to contractual beneficiaries.
- Life insurance policies.
- Bank accounts with “pay on death” (POD) designations or “in trust for” designations.
The length of time needed to complete probate/succession of an estate depends on the size and complexity of the estate. But, Louisiana law provides avenues for completing successions with streamlined costs and timelines. Our attorneys can counsel you on the most efficient and cost-effective manner for proceeding.