A sworn Descriptive List of Assets and Liabilities, also known as a Detailed Descriptive List, is one of the pleading forms that must be filed to open a succession in Louisiana. It will accompany other pleadings, such as a Petition for Possession; an Affidavit of Death, Domicile, and Heirship; and a Judgment of Possession.
Generally, the Descriptive List of Assets and Liabilities should include:
- All of the assets the decedent owned at the time of death
- The decedent’s debts, if the succession lawyer decides to include them
- A sworn statement from an heir or interested party, attesting that the list is accurate
The Detailed Descriptive List must include both separate and community property.
Things to Keep Off the Detailed Descriptive List
Some property passes directly to beneficiaries and not through the succession process. Since this property is not part of the succession case, it does not to be included in the Descriptive List of Assets and Liabilities provided to the court.
Some examples of property that does not need to be on your list include:
- Life insurance policies (unless the estate is the beneficiary)
- Annuities with a named beneficiary (unless the annuity was acquired during marriage and is part of a couple’s community property)
- Retirement or pension plans (unless the estate is the beneficiary)
- IRAs and Simplified Employee Pension Plans (unless the non-participant spouse has a community property interest in the IRA or Simplified Employee Pension Plan)
- United States Savings Bonds
- Bank accounts with co-depositors, if the co-depositor owns the funds in the account
You don’t have to guess at what should be included or excluded from the Descriptive List of Assets and Liabilities that you provide to the court. Instead, we encourage you to contact our experienced Louisiana succession lawyers to help you with this. We know what should be included in your succession pleadings, and we will do everything we can to protect your rights throughout the succession process. Call us, or complete our contact form today to learn more.