Small Succession Affidavits
If the person who died did not leave a will and the net value of that estate is $125,000 or less; then a succession may be able to be completed by executing and recording a small succession affidavit. Generally, the small succession affidavit procedure is low cost and faster if the assets and debts are easily determinable.
Required Steps for a Small Succession:
1. The decedents’ entire estate must value $125,000 or less.
2. The decedent died without a will.
3. The decedent’s estate estate contains movable or immovable property.
4. An affidavit executed by at least two persons, including the surviving spouse, if any, and one major heir of the deceased. If there is only one heir, then another person can sign if he or she has actual knowledge of the matters of the small succession.
5. The affidavit will list all other heirs and assets of the decedent which will include all forced heirs, forced portion and the disposable portion.
Finally, the Affidavit must be recorded in every parish where the decedent owned immovable property as well as the decedent’s Parish of Domicile.
If you have a loved one who recently passed away, without a will, with an estate valued at $125,000 or less and you wish to conclude their estate contact us for a consultation along with the next steps in order to assist you in this time of grief.