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Independent Administration of Estates WRITTEN BY CHRISTIE TOURNET
WHEN
SOMEONE
PASSES
away
(a
“Decedent”) in Louisiana, a succession is typically done. The succession updates titles for the Decedent's assets into the names of the rightful
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successions can be completed quickly and cost-
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effectively without any administration. 2017
require additional management, for example, if rental or business assets are involved. Or,
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sometimes, an estate's beneficiaries may want to
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However, administration of a succession usually becomes necessary when the succession assets
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beneficiaries as new owners. Often, Louisiana
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succession rather than completing a succession with
2008 2009
no administration and consequently co-owning an asset with other beneficiaries. A typical scenario presents where grown children reside in different states, and they do not wish to co-own mom and dad’s former residence, but instead, want to sell the
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residence and split the proceeds. When a named Executor, or an Administrator (if there was no Will), needs to proceed with actions to run a business or sell real estate, that succession representative customarily needs court approval to proceed. However, Louisiana provides for a more cost-effective and streamlined form of administration: Independent Administration.
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When a Last Will and Testament appoints an Independent Executor, or when all intestate (no will) beneficiaries agree upon an Independent Administrator, then, that succession representative may proceed with all succession actions without having to request court authority. In essence, the succession representative acts independently of the court, and thus, the process saves time and money. If you have a situation where someone has passed and administration may be necessary, it is prudent to see if independent administration is a potential route.
2963 Hwy. 190 (Across from Barnes & Noble) • Mandeville • 985-727-2629 Open 7 Days • www.blueharborpointe.com 26 Sophisticated Woman | May 2020
Christie Tournet & Associates, LLC, provides estate planning, estate administration and commercial law services. The practice is located at 1795 W. Causeway Approach, Suite 103A in Mandeville. 985-951-2177, tournetlaw.com.