How your assets are distributed upon your death will depend on several
factors. For example, if you die without a will in Louisiana, then your
assets will be distributed according to Louisiana's intestate succession
laws. Dying with a will is called dying "testate," whereas dying
without a will is called dying "intestate." However, only those
assets that would have passed through your will are subject to intestate
succession laws, which are generally assets that are owned solely in your name.
There are a number of assets that don't have to go through your will,
and are therefore not affected by Louisiana's intestate succession
laws. The following are some examples of property not included in a
will:
- Assets placed into a trust
- Life insurance
- Payable on death bank accounts
- Property that you own with someone else in joint tenancy
Under Louisiana's intestate succession laws, who gets what when you
die without a will depends on whether you're married, if you have
living children, parents or other close blood relatives when you die.
If you have children but no spouse, parents, or siblings, then your children
get everything.
If you have parents but no children, spouse or siblings, then your parents
will inherit everything.
If you have siblings but no children or parents, your siblings will inherit
everything.
If you die with a surviving spouse and children, your spouse has the right
to use your share of the community property until death or remarriage
under what is called "usufruct." Your children will inherit
your share of community property subject to your spouse's right to
use it for life, and your children inherit all of your separate property.
If you die with a spouse and parents, your spouse inherits all of your
community property while your parents inherit your separate property.
If you die without a will and don't have a spouse or any family, your
property will go to the state; however, this very rarely happens since
the state's laws are designed so that even the most remote relative
will inherit your property. For example, if you die without a spouse or
children, your property won't go to the state if you have parents,
grandparents, aunts or uncles, nieces or nephews, or cousins of any degree.
To learn more about asset distribution and how drafting a will can help
you maintain control over who gets what assets and when, contact a New
Orleans estate planning attorney from Brown Weimer LLC today by calling
(504) 662-1798.