Louisiana estate executors and administrators are responsible for administering Louisiana estates. These succession representatives have many essential responsibilities from the time someone dies until the time an estate is settled and the succession is closed.
One of those responsibilities includes paying the debts of the estate.
Determining Estate Debts
A decedent’s succession debts include:
- Debts incurred prior to death. These debts may include but are not always limited to things such as mortgages, car loans, credit card bills, and medical bills.
- Debts incurred because of death. Typically, these expenses include funeral and burial costs that were not prepaid during the decedent’s lifetime.
Once the estate debts are identified, they must be paid according to Louisiana law.
Creating a Tableau of Distribution
Once estate debts are determined, the estate executor or administrator should prepare a tableau of distribution. The tableau of distribution accompanies the succession representative’s petition for authority to pay debts and shows which creditors should be paid and how much each creditor should be paid.
Sometimes, estates do not have enough money to pay all estate debts. In these cases, the tableau of distribution needs to show the total amount of money available and list the proposed payments to creditors according to the creditors’ privileges and mortgages.
Working With a Louisiana Succession Attorney
Successions with debtors and beneficiaries are often complicated. Creditors want to get paid, and beneficiaries often want as much of their inheritance as possible. Succession representatives often face challenging decisions that have legal consequences.
However, executors and estate administrators do not need to make these decisions alone. Succession representatives have the right to work with an experienced Louisiana succession lawyer who can identify all obligations of the estate, create a tableau of distribution, protect the rights of everyone involved in the succession, and take all of the necessary steps in the succession process.
Contact our Louisiana succession legal team today to discuss how we can help you settle an estate cost-effectively and with as little stress as possible.