__MAIN_TEXT__
feature-image

Page 26

Thank you for voting us BEST CAR WASH 13 YEARS RUNNING!

legal

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

TM

So

an

So

an

successions can be completed quickly and cost-

an

m

Northshore’s

2007

2008

2 0 2009 01

2 0 11

20 13

2 014

2015

effectively without any administration. 2017

require additional management, for example, if rental or business assets are involved. Or,

So

an

m

an

So

m

sometimes, an estate's beneficiaries may want to

an

sell a succession asset during administration of the

Northshore’s

2007

However, administration of a succession usually becomes necessary when the succession assets

ated W istic o ticated W pho his t e a d c p i W t The is oThe h p Northshore’s Northshore’s The m

So

beneficiaries as new owners. Often, Louisiana

m

m

So

ated W istic o ated W pho istic h t e a d c The po W ti s i The Northshore’s ph The Northshore’s

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

Join our Loyalty Rewards Club to save big, earn free stuff & win up to

$1000 EVERY MONTH!

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.

Voted

BEST CAR WASH

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.

Profile for Sophisticated Woman Magazine

Sophisticated Woman Magazine_May 2020  

Sophisticated Woman Magazine_May 2020  

Profile for swmag

Recommendations could not be loaded

Recommendations could not be loaded

Recommendations could not be loaded

Recommendations could not be loaded