Succession - Businessman or lawyer accountant working financial investment onAs the old saying goes, you can’t take it with you when you die and that is where succession, or better known as probate, comes in the play. A succession lawyer can help surviving family members settle your debts and distribute your assets after you’re gone. It can get confusing when there are two different words for the same thing.

No matter how you say it, it is the court supervised process of transferring the deceased person’s assets to his or her heirs legally.

What is the Difference Between Succession and Probate? 

The truth is that there is really nothing different about the two processes. In Louisiana, the court proceeding is called a succession. And all the other states it is commonly referred to as probate. That is the only difference between succession and probate.

What is a Succession Lawyer? 

Succession lawyers are also called estate or trust lawyers and they help executors of the estate manage the probate process. They can also help with estate planning, such as drafting wills or living trust, give advice on powers of attorney, even serve as the executor or administrator to the will.

What is succession lawyer does is going to depend on if the sentence has distracted a well prior to their death.

Some roles that a succession lawyer may have are:

  • Collecting and managing life insurance proceeds
  • Getting the descendents’ property appraised
  • Finding and securing all the descendents’ assets
  • Advice on how to pay the descendents bills and settled that
  • Preparing and filing documents as required by the succession court
  • Managing the estate’s checkbook
  • Determining whether any estate taxes are owed

When There is a Will

If a person dies with a will, then a succession lawyer can be hired to advise parties such as the executor of the estate or beneficiary on various legal matters. An example of this would be of lawyer may review the will to ensure that it wasn’t signed or written under duress. As sad as it is, the people with dementia may be vulnerable to people who want a cut of the estate. 

There are also numerous reasons that a will can be challenged. Although most wills go through the succession appropriate process without a problem, things can arise. A lawyer can help you through this process and ensure that it stays handled.

When There is No Will 

If you die without having written and signed will then you are said to have died intestate. If this happens, then your estate is distributed according to the laws of the state where the property resides, regardless of your wishes. An example would be if you are married, your surviving spouse receives all your and intestate property under many intestate laws. However, these laws do vary widely from state to state.

In these situations, a succession lawyer may be hired to assist the administrator of the estate can help distribute the assets according to the state laws. 

With succession, it is never a straightforward process, and that is why hiring a succession lawyer from the dedicated team at Theus Law Offices is often in your best interest.