Louisiana Small Estate Affidavit

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    • #3360
      Linus
      Participant

      I came across this while looking for different ways to settle an estate. I did not notice anything for if the small estate ( real estate included ) contains a usufruct along with the naked owners. Can the person who has the usufruct relinquish this in the small estate affidavit? Any ideal of how long it takes to complete one?

    • #3362
      Lex
      Keymaster

      The Small Succession Affidavit law has no provision for relinquishing a usufruct. However, the person having a usufruct is free to relinquish it at any time. So, this could be done before or after a Small Succession Affidavit.

      One thing to consider is that the existence of a usufruct reduces the value of an estate. If the estate is anywhere close to the $75,000 limit, it might be a good idea to wait until after the affidavit is done so that the value of the estate can be kept as low as possible.

      The value of a usufruct is calculated based on the age of the usufructuary. The actuarial tables that were used when we had an inheritance tax are still the best way to figure out the usufruct value.

      As for the time involved, that is simply a matter of preparing the affidavit and getting it signed by all the heirs. The courts are not involved.

    • #3366
      Bassmaster
      Participant

      Another reason putting a usufruct renunciation inside a small succession affidavit (SSA) would be a bad idea is that the SSA is not recorded or filed anywhere. Any document involving real estate, like a usufruct or renunciation of a usufruct, has to be recorded in the parish where the property is located.

      So, you would be recording something that should not be recorded and you would totally confuse any party (bank, for example) that is trying to act on the SSA. They would end up faxing it to their lawyers across the country somewhere and the lawyers would possibly reject the SSA because it got into areas that are not supposed to be in an SSA.

    • #3675
      madogdupre
      Participant

      Additional question in reference to SSA, specifically CCP3434 Section C(1) which describes filing of the SSA in the conveyance records of the parish “after 90 days have elapsed from the decedent’s death.”

      I have checked the annotations to this article and the acts that created them and I am unable to find the reason for the 90 day delay.

      My only presumption is that it is to allow creditors time to file actions against the decedent or his estate.

      My question here is what would prohibit the premature filing and/or the repercussion to the premature filing.

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