In the state of Louisiana, a small estate affidavit is legally termed the “Louisiana Small Succession Affidavit”. We explain the affidavit in detail here. You can create a Louisiana small succession affidavit using our free template on this page.
What Is a Louisiana Small Estate Affidavit?
In other US states, when a person dies, their property is distributed through a court probate process. In Louisiana, this process is known as succession. By using the Louisiana small succession affidavit, you can avoid court distribution proceedings and acquire the property directly.
The small estate affidavit facilitates the transfer of property. You create the document, sign it, get it notarized, and use it. This applies only if the gross value of the estate is $125,000 or less in the state of Louisiana. How is the threshold requirement determining if it’s a small succession calculated? Here is a summary:
- The value is calculated as on the date of the deceased’s demise.
- If the property belongs to a married couple, only the deceased’s share is taken into account.
- Real estate located outside the state is not taken into account.
- Personal property is included in the final evaluation.
Who Should Sign a Small Estate Affidavit in Louisiana? Why?
The Louisiana law is clear about who has to sign the small estate affidavit. It varies from case to case and is based on the family makeup:
- If the decedent had a spouse, the spouse and a surviving heir must sign.
- If the decedent has no surviving spouse, then two of-age heirs must sign.
- If the decedent only has one heir, then the heir and one other witness must sign.
- If the heirs are minors, their natural guardians are allowed to sign.
Why bother with an affidavit? When a person dies, their property is distributed by the court through succession proceedings. Such proceedings are time-consuming and occasionally expensive. By filing a small estate affidavit, you can avoid the lengthy property acquisition process.
Also, a small estate affidavit can come in handy if time is of the essence.
How to Create a Small Estate Affidavit in Louisiana?
Here are the steps to follow to create a small succession affidavit in Louisiana, after you have acquired a proper template or form:
- Note the name of the decedent and their county or parish.
- Note the names of the two people signing the affidavit.
- Mention the details of death and attach a death certificate.
- Provide the decedent’s address at the time of death.
- Provide their marital status and history.
- Offer details about the spouse.
- Fill in details and the percentage of assets owed to heirs.
- Describe assets and provide values.
- Note who is entitled to the property by law.
- Sign the document in front of a notary. Make multiple copies if you wish to present it to multiple parties.
You don’t need to file this document at the probate office, as you need to do in some other states. The only tricky aspect of the affidavit is determining the heirs. If in doubt, consult the official laws and get in touch with an attorney.
Conclusion
For small estates with clear succession and property value evaluations, you can save money and avoid lengthy court proceedings by using the Louisiana small succession affidavit. Make sure you take a look at the relevant Louisiana laws before you file a small estate affidavit.
If problems exist – such as a will being invalid, unclear heirs, or disputes about ownership of a property – then court intervention is needed. You will need to go through Succession with Full Administration.
Use the free Louisiana small succession affidavit form to create an appropriate document in minutes CocoSign offers free templates and other helpful resources for legal proceedings and other formal scenarios.