What is a Succession?
Succession is the transfer of the deceased’s estate or rights to his successors. The estate of the deceased includes rights. property and obligations that he/she had at death, including all rights and obligations that have accrued since death. A succession must be opened and completed in order to exercise legal rights as to the deceased’s property.
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.
Small and Large Successions
The complexity of a succession depends on the value and type of property involved, the decedent’s debts, and whether there is conflict among family members. If the gross value of the estate at the decedent’s death is less than $75,000, it may be possible to complete the transfer of property by recording an affidavit in the public records, rather than filing a court succession.
Do not retitle any assets before speaking with a qualified estate planning attorney. That meeting should take place approximately two weeks after your loved one has passed.
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