The probate process can vary widely depending on many factors, including the size of the estate. For example, estates valued at less than $125,000 may not require court distribution in Louisiana, as there is a simplified probate procedure. However, probate is not as beneficial or straightforward in other estates of higher net worth. There is also the possibility that ancillary probate may be required in another state. In these situations, our Shreveport, LA ancillary probate lawyer can help.
What Is Ancillary Probate?
The probate process can be extensive, and the estate may be significantly reduced by taxes and other costs, especially if there are conflicts or legal disputes among beneficiaries. Additionally, the property and assets of your estate will become public record.
If you own real estate or other tangible personal property in another state at the time of your death, then the laws of that state where the property is physically located will govern what happens to that property, not the state where you live at the time of your death or the state where your estate plan was drawn up. This additional probate – referred to as ancillary probate – will be required in that state.
Avoiding Probate with Skillful Planning
As part of their estate plan, most individuals may have a last will and testament and a power of attorney, although these documents do not prevent their estate from going through probate. A skilled estate planning attorney understands how to design a fully comprehensive estate plan that helps you to avoid the probate process. A critical tool in doing so is the revocable living trust.
A Shreveport, LA ancillary probate lawyer knows that placing your out-of-state property in a trust is one way to avoid ancillary probate.
When you form a trust, you can transfer your property to the trust. You retain control and management of your assets and property during your lifetime. You can also spend the trust assets as you wish. After your death, a predetermined trustee will automatically take control of the trust, and the property will be transferred more easily to your beneficiaries without the interference of the probate court. It can also save your estate the costs of probate and may even protect it from creditor claims. A trust is one of many tools to avoid probate.
Information for Executors
If you are the executor of an estate and the decedent did not plan for probate, managing the estate, distributing property, handling creditors and taxes, and defending against beneficiary claims will likely be highly complicated. In such situations, you should always have the assistance of a highly experienced trust and probate attorney to help ensure the process proceeds as smoothly as possible.
If the decedent had property in another state, as executor, you will also be responsible for ensuring that the property goes through that state’s probate process. These issues can be complex, which is why executors should not attempt to navigate probate or ancillary probate on their own.
Instead, contact Theus Law Offices today to schedule a consultation with a skilled Shreveport, LA ancillary probate lawyer.
