Recently lose a loved one? If so, you likely have a million questions about what it is going to take to close out his or her estate. One common question is: Do all assets have to pass through the Louisiana probate process? The simplistic answer to that question is no, but when is anything ever simple?
If your loved one had what are deemed non-probate assets, those assets are generally not subject to the probate process. They will simply pass on to the individuals designated to receive them. What exactly are non-probate assets?
Non-probate assets include anything that has a joint owner, such as real estate or bank accounts. They also include anything with assigned beneficiaries or payable on death designations, such as life insurance policies, retirement accounts and annuities -- among various others. If a trust has been created, any assets placed in it may also avoid being subject to the probate process.
The passing on of non-probate assets seems straightforward, but problems may arise that prevent these assets from going to whom they are intended. Families fight, beneficiaries sometimes fail to live long enough to collect and creditors often come calling -- among other things. If you are closing out a loved one's estate in the state of Louisiana and are finding issues with non-probate assets, you do not have to deal with those issues alone. Legal counsel can help you straighten everything out so that the property is ultimately placed in the right hands. To learn more about how an experienced attorney can assist you, please take a moment and visit our firm's website.