Legal Question in Wills and Trusts in Louisiana
No will; Questions regarding succession laws and probate
Situation: Father in law passed away in 2002 with no will, no estate exectutor. Father had one child: my spouse who is 30+. Father was married to Stepmother who has 3 children all 30+. Stepmother retired/never worked, 68. Assets include oil/revenue producing land in LA, real estate: principle residence in LA and rental housing in TX, life insurance with Stepmother as benificiary, small pension without a listed benificiary, small savings, massive motor home. Total estate value is about $500K. Debt is about $100K.
We undertand the 50% split on certain assest but need to walk through each asset relative to LA succession laws.
Is propate required (father died nearly 3 years ago)? Any issues? How does this get started? Who?
How do the LA inheritance succession laws affect real estate in another state?
Want to grant revenue stream from oil rights to Stepmother for duration of her life and then reacquire inherited claim to it. Currently fowarding Stepmother revenue less estimated taxes. Need to get this income off our taxes while Stepmother is still alive.
3 Answers from Attorneys
Re: No will; Questions regarding succession laws and probate
I strongly suggest opening the man's succession. Your wife, as the only natural heir, can be made executor (Louisiana likes telling the sex of the person in the title so it would really be executrix)of his estate. I don't know what was his separate property, what was community property with the first wife and what was community property with the widow. I also don't know how easy or hard it will be to get along with the step-siblings when step mom dies. There will also be the issue of inheritance taxes.
Life insurance is easy because the beneficiary is named.
The Texas land is subject to Texas law because all land is subject to the state where it is located.
Contact a Louisiana lawyer who handles these matters.
Re: No will; Questions regarding succession laws and probate
Yes it must be probated, start by filing petition. It really is a complicated matter and a lot of work, but, attorney's fees are limited by law. Call me directly at (619) 222-3504.
Re: No will; Questions regarding succession laws and probate
Generally, any asset not held in trust or joint tenancy can only be transferred via probate. You can make arrangements to allow the step mother to receive income with a little planning. See an attorney for more details.
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