File necessary court documents for probate or succession process
12
Get property appraised
13
Clear any debts or taxes owed by the deceased person
14
Distribute remaining assets to the heirs
15
Filing of final accounting with the court
16
File final individual and estate tax returns
17
Procure court order officially closing the succession
18
Safe storage of important documents and records related to the succession process
Confirm death and location of deceased person
Confirm the death of the person and gather information regarding the location they passed away. This task is crucial as it sets the foundation for the entire succession process. By confirming the death and location, we ensure that the succession process can proceed smoothly and efficiently. The desired result is to have accurate information about the deceased person's death and location.
Obtain death certificate
Obtain the official death certificate of the deceased person. This document is a vital piece of evidence and is required for various legal processes in the succession. The death certificate serves as proof of the person's death and is necessary for subsequent tasks.
Identify the executor or administrator of the estate
Determine and identify the person responsible for managing the estate of the deceased person. The executor or administrator will be in charge of carrying out the necessary actions and decisions related to the succession process. Identifying the executor or administrator is pivotal for the successful progression of the succession process.
Identify the heirs of the deceased person
Identify and determine the rightful heirs of the deceased person's estate. This task aims to ascertain who is entitled to inherit the assets of the deceased person. Identifying the heirs is crucial for distributing the assets in line with the deceased person's wishes or legal requirements.
1
Spouse
2
Child
3
Sibling
4
Parent
5
Other
Completion of Affidavit of Small Succession
Prepare and complete the Affidavit of Small Succession form. This document is required in Louisiana for small successions and simplifies the succession process for estates below a certain value. Completing the Affidavit of Small Succession expedites the succession process and streamlines the necessary legal procedures.
Collect and gather the essential documents for the probate or succession process. These documents include the deceased person's will, titles, deeds, and financial statements. Gathering the necessary documents is vital to ensure accurate evaluation and distribution of the deceased person's assets.
Inventory property and assets of the estate
Create an inventory of the deceased person's property and assets. This inventory includes all real estate, personal belongings, bank accounts, investments, and other valuable assets. Accurately and comprehensively inventorying the property and assets is critical for an equitable distribution among the heirs.
1
Real estate
2
Personal belongings
3
Bank accounts
4
Investments
5
Other assets
Obtain estate tax identification number
Apply for and obtain an estate tax identification number (EIN) from the Internal Revenue Service (IRS). This unique identifier is necessary for tax purposes and enables the estate to fulfill its tax obligations. Obtaining the EIN is essential to proceed with the succession process in compliance with tax regulations.
Set up estate bank account
Establish a dedicated bank account for the estate. This account will be used to manage and distribute the finances and assets of the deceased person. Setting up an estate bank account ensures transparency and facilitates proper financial management throughout the succession process.
Approval: Executor on estate bank account
Will be submitted for approval:
Set up estate bank account
Will be submitted
File necessary court documents for probate or succession process
Prepare and file the required court documents for the probate or succession process. These documents initiate the legal proceedings and establish the legitimacy of the succession. Filing the necessary court documents is a crucial step in the legal validation and progression of the succession process.
Get property appraised
Arrange for a professional property appraisal to determine the market value of the deceased person's assets. This appraisal assists in the fair distribution and valuation of the estate's property. Obtaining a comprehensive property appraisal ensures the accurate assessment of assets and equitable division among the heirs.
Clear any debts or taxes owed by the deceased person
Address and settle any outstanding debts or taxes owed by the deceased person. This task aims to ensure that the deceased person's financial obligations are fulfilled, reducing the potential impact on the estate and the heirs. Clearing debts and taxes protects the interests of the estate and facilitates a smooth succession process.
Distribute remaining assets to the heirs
Transfer and distribute the remaining assets of the estate to the rightful heirs. This task ensures that the assets and property are allocated in accordance with the laws and the deceased person's wishes. Distributing the remaining assets concludes the succession process and fulfills the objective of asset transfer to the heirs.
Filing of final accounting with the court
Prepare and file the final accounting document with the court. This document provides a detailed record of all financial transactions, distributions, and expenses incurred during the succession process. Filing the final accounting brings transparency to the process and ensures compliance with legal requirements.
File final individual and estate tax returns
Lodge the final individual and estate tax returns with the appropriate tax authorities. This step fulfills the tax obligations of both the deceased person and the estate. Filing the final tax returns ensures compliance with tax laws and regulations.
Procure court order officially closing the succession
Obtain a court order officially closing the succession. This court order validates the completion of the succession process and certifies the transfer of assets to the heirs. Procuring the court order marks the official end of the succession and grants legal finality to the transfer of assets.
Safe storage of important documents and records related to the succession process
Securely store and maintain all important documents and records related to the succession process. This includes wills, legal documents, court orders, and financial statements. Safe storage ensures the preservation and accessibility of crucial information for future reference or potential legal needs.
