Successions - lba.org 2013 SUCCESSIONS 1. Successions Succession is the transmission of the estate of

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  • Successions

    2013 Presented by:

    Gettechnical, Inc.

    404 N. Burnside Ave.

    Suite A

    Gonzales, LA 70737

    Phone: (800) 354-3051

    Fax: (225) 644-1225

    gettechnical@msn.com

    www.gettechnicalinc.com

  • Successions 2 | P a g e ©Gettechnical inc.

    The material used in this text has been drawn from sources believed to be reliable. Every effort has been made to

    assure the accuracy of the material; however, the accuracy of this information is not guaranteed. The laws are often

    changed without prior notice from the government. The publisher and the editor are not engaging in the practice of

    law or accounting. We are not responsible for the actions of your company's employees.

    The text is designed to address most deposit account documentation issues. However, you will wish to consult your

    attorney when you are unsure of an answer.

    ©gettechnical inc.

    404 N. Burnside Ave. Suite A Gonzales, LA 70737 Office 1-800-354-3051 Fax: 1-225-644-1225 E-mail: gettechnical@msn.com Website: www.gettechnicalinc.com

    All rights reserved. This material may not be reproduced in whole or in part in any form or by any means without written permission from the publisher.

    Printed in the United States of America.

    Acknowledgments:

    Special thanks to Harry Molaison of the legal firm Molaison & Greenberg , LLC located in Gretna (504) 366-4336 for

    his special assistance in developing the flow charts and sample affidavits. His experience with succession law has

    been invaluable.

    mailto:gettechnical@msn.com http://www.gettechnicalinc.com/

  • Successions 3 | P a g e ©Gettechnical inc.

    TABLE OF CONTENTS

    OVERVIEW ............................................................................................................................................................. 6

    INTRODUCTION .............................................................................................................................................................. 7

    SUCCESSIONS ............................................................................................................................................................. 8

    PROBATE PROCESS ..................................................................................................................................................... 9

    EXERCISE: OVERVIEW .......................................................................................................................................... 10

    QUIZ: OVERVIEW ................................................................................................................................................ 11

    INTESTATE SUCCESSIONS—WITHOUT A WILL.......................................................................................................... 12

    TESTATE SUCCESSIONS—WITH A WILL .................................................................................................................... 13

    JUDGMENT OF POSSESSION .................................................................................................................................... 14

    EXERCISE: TESTATE AND INTESTATE SUCCESSIONS ............................................................................................. 15

    QUIZ: TESTATE AND INTESTATE SUCCESSIONS .................................................................................................... 16

    DECISION TREE ......................................................................................................................................................... 17

    RECEIPT OF NOTICE .................................................................................................................................................. 19

    EXERCISE: DEATH OR INTERDICTION OF CUSTOMER ........................................................................................... 21

    QUIZ: DEATH OR INTERDICTION OF CUSTOMER .................................................................................................. 22

    INDIVIDUAL ACCOUNTS ........................................................................................................................................... 23

    JOINT ACCOUNTS (EITHER/OR ACCOUNTS) ............................................................................................................. 24

    LAW: R. S. 6:312 ALTERNATIVE DEPOSITS, PAYMENT ................................................................................................... 25

    EXERCISE: ALTERNATIVE JOINT ACCOUNTS ......................................................................................................... 26

    QUIZ: INDIVIDUAL AND JOINT ACCOUNTS ........................................................................................................... 27

    MANDATARY (POWER OF ATTORNEY) ..................................................................................................................... 29

    LAW: POWER OF ATTORNEY—CIVIL CODE .............................................................................................................. 30

    EXERCISE: MANDATARIES .................................................................................................................................... 33

    QUIZ: MANDATARIES ........................................................................................................................................... 34

    REVOCABLE INFORMAL TRUST ACCOUNTS (PAYABLE ON DEATH) ........................................................................... 35

    CHECKLIST FOR REVOCABLE INFORMAL TRUST (POD) ............................................................................................. 36

    SAMPLE OF INFORMAL TRUST ACCOUNT AFFIDAVIT ............................................................................................... 37

    LAW: R. S. 6:314 TRUST DEPOSITS; DEATH OF DEPOSITOR, PAYMENT .................................................................... 38

    LAW: AUTHENTIC ACT ............................................................................................................................................. 40

    EXERCISE: TRUST DEPOSITS; DEATH OF DEPOSITOR; PAYMENT.......................................................................... 41

    QUIZ: INFORMAL TRUST ACCOUNTS ................................................................................................................... 42

    TRANSFER OF SMALL DEPOSITS—R. S. 6:315.1 ($5,000 OR LESS IN DEPOSITS) ........................................................ 44

    CHECKLIST FOR SMALL DEPOSIT PAYOUT ................................................................................................................ 45

    LAW: R. S. 6.315.1 TRANSFER OF SMALL DEPOSITS; DEATH OF DEPOSITOR; AFFIDAVITS REQUIRED; PENALTIES ... 46

    EXERCISE: TRANSFER OF SMALL DEPOSITS .......................................................................................................... 48

    SURVIVING SPOUSE ACCESS TO DECEDENT’S ACCOUNTS ........................................................................................ 49

    SAMPLE OF AN AFFIDAVIT........................................................................................................................................ 50

    LAW: R. S. 9:1513 PAYMENT TO SURVIVING SPOUSE WITHOUT COURT ................................................................ 51

    PROCEEDINGS .......................................................................................................................................................... 51

  • Successions 4 | P a g e ©Gettechnical inc.

    EXERCISE: PAYMENT TO SURVIVING SPOUSE WITHOUT COURT PROCEEDINGS ................................................. 53

    QUIZ: SURVIVING SPOUSE .................................................................................................................................. 54

    SMALL SUCCESSIONS—NO WILL—ESTATE $75,000 OR LESS WITH HEIRS ............................................................... 55

    SMALL SUCCESSIONS—NO WILL-ESTATE $75,000 OR LESS WITHOUT HEIRS ........................................................... 56

    CHECKLIST FOR HANDLING A SMALL SUCCESSIONS ($75,000) ................................................................................. 57

    LAW: SMALL SUCCESSIONS—CODE OF CIVIL PROCEDURE ...................................................................................... 58

    EXERCISE: SMALL SUCCESSIONS .......................................................................................................................... 62

    QUIZ: SMALL SUCCESSIONS ................................................................................................................................. 63

    FORMAL VALID SUCCESSIONS .............................................................................................................................. 64

    OVERVIEW OF FORMAL VALID SUCCESSIONS .......................................................................................................... 65

    CLOSING OUT ACCOUNTS ........................................................................................................................................ 66

    CHECKLIST FOR A FORMAL SUCCESSION ...........................................