Community property

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  • #3565

    tgmom
    Participant

    Death without a will, wife is beneficiary to both life insurance policy, 401K and investment accounts, are these hers or included in community property and subject to distribution to grown children?

  • #3567

    Lex
    Keymaster

    In general terms, accounts with beneficiary designations go to those beneficiaries outside of probate. However, investment accounts with a beneficiary designation do not always go as intended. There can be a conflict over whether ‘rights of survivorship’ type accounts will be recognized. I’m not saying the beneficiary designation will not be recognized, but in some circumstances these accounts are set up by firms that deal with 50 states without taking into account Louisiana community property and/or forced heirship laws.

    Yet another example of why Louisiana’s forced heirship laws need to be ditched.

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