A Succession is opened to obtain legal possession of movable and immovable property and to gain access to pensions, bank accounts, etc. The legal possession of immovable property that results from a Succession will give the successors the power to sell property, refinance, and quality for the homestead exemption.
A succession should be opened as soon as practicable after the decedent’s death. Sometimes, it is necessary to immediately open successions to use the decedent’s bank accounts or assets to pay funeral or medical bills.
If you delay in opening a succession, this may cause problems. Sometimes, successors may wait many years to open a succession. As a result, they can run into problems such as lost documents or wills or face tax sales of homes for unpaid taxes. Also, waiting too many years to open a succession may make a succession more complicated and expensive. This is especially true with the passing of generations when the co-heirs lose contact with each other or die.