If you are an heir in a Louisiana succession case, you have three options to consider. You may:
- Accept the succession unconditionally
- Accept the succession only with the benefit of inventory
- Renounce the succession
It’s important to understand these options, so you can best determine the right choice for you when dealing with a succession.
Accepting a Succession Unconditionally
As an heir, you have the right to accept the property that is being left to you. You may make this acceptance formally in writing or informally by any act that clearly indicates your intent to accept the succession.
Accepting a Succession With Benefit of Inventory
Perhaps you aren’t sure about whether or not you want to accept a succession. You have the right to accept a succession with benefit of inventory. This means, you have the right to request an inventory of the succession’s assets and debts before you decide whether or not to accept the succession.
Once you accept a succession—either unconditionally or with benefit of inventory—you must pay your share of succession debts up to your share of the estate.
Renouncing a Succession
You also have the right to renounce a succession entirely. If you do this, you give up your right to inherit property in the succession. A renunciation must be done in writing.
Deciding Which Succession Choice Is Right for You
If you make no determination about the succession, the choice will be made for you. The court will presume that you accept the succession.
Therefore, it is essential to speak with an experienced succession attorney, so you can make the decisions that are in your best interest. Please contact Scott | Vicknair Law today to learn more. Each year, we help hundreds of families with difficult succession decisions throughout the state of Louisiana. Let us advise you on the easiest, most cost-effective way to handle a succession, so that you can be confident in the decisions that you make.