Ancillary Probate Lawyer Shreveport, LA
The probate process can vary widely depending on many factors, one of which is the size of the estate in question. For example, some estates worth less than $125,000 may not have to be distributed in court in Louisiana, as there is a simplified probate procedure. However, probate is not as simple or beneficial in other estates of higher net worth. There is also the situation where ancillary probate may have to take place in another state. In these situations, an ancillary probate lawyer Shreveport, LA residents rely on can help.
What Is Ancillary Probate?
The process of probate can be extensive, and the estate can be diminished significantly due to taxes and other costs, especially if there is any conflict or legal disputes between 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 power of attorney, although these tools do not work to prevent your 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. One important 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 into the ownership of the that trust. You still keep control and management of your assets and property during your life. You can also spend the assets in the trust 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 be able to protect your estate from creditor claims. A trust is only one of many tools that can be used to avoid the probate process.
Information for Executors
If you are the executor of an estate and the decedent did not plan ahead for probate, managing the estate, distributing property, handling creditor and taxes, and defending against beneficiary claims will likely be extremely complicated. In such situations, you should always have the assistance of a highly experienced trust and probate attorney who can make the process go as smoothly as possible.
If the decedent had property in another state, as executor, you will also be responsible for ensuring that property goes through that state’s probate process. These issues can be complex, which is why executors should not try to go through the probate or the ancillary probate process on their own.
Instead, contact Theus Law Offices today to schedule a consultation with a skilled Shreveport, LA ancillary probate lawyer.