What is a Louisiana Small Succession?
The Louisiana Small Succession, through an Affidavit of Small Succession, is a cost effective means of transferring property of a deceased person to the rightful owners. In August 2017, the Louisiana State Legislature increased the estate value for the small succession process to $125,000.00. If you need to transfer ownership of any property after the death of a loved-one, the heirs must meet all of the small succession requirements.
A Notary, as opposed to an attorney, can prepare an Affidavit of Small Succession at minimal cost. Let Cypress Notary help you through this process.
When can I use the Louisiana Small Succession Process?
If someone passes away without a will (intestate) and has an estate valued at less than $125,00.00, an Affidavit of Small Succession can be used to transfer the property of the deceased to the rightful heirs.
In addition, if someone has passed away with a Will (testate) that was probated in another state, and the value of the property located in Louisiana is less than $125,000.00, an Affidavit of Small Succession can be used to transfer the property located in Louisiana to the rightful heirs.
The process is simple and the heirs record an Affidavit of Small Succession to effect the transfer of all property. No formal succession needs to be opened under the above circumstances.
Who can use the Louisiana Small Succession Process?
If you are the spouse of a deceased person, and you meet the criteria outlined above, you can utilize an Affidavit of Small Succession. You, along with all of the deceased’s heirs, must appear and sign the Affidavit.
If you are an heir of a deceased person, and you meet the criteria outlined above, you can utilize an Affidavit of Small Succession. You, along with all of the deceased’s heirs, must appear and sign the Affidavit.
What information do I need to provide to the Notary?
- date of death and domicile at time of passing
- marital status of the deceased
- if married, the name of the surviving spouse, domicile and address
- location of the deceased’s last residence
- ·names and addresses of all heirs and their relationship to the deceased
- description of all property left by the deceased, indicating whether it is separate or community