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.
Delay in opening a succession may cause problems. Often, successors wait many years to open a succession. As a result, they may 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.
Ronald “Chip” Morrison, Jr. is a Board Certified Estate Planning Law Specialist as certified by the Louisiana Board of Legal Specialization. He is admitted to practice before all State courts in Louisiana. He is also admitted to practice before the United States District Court for the Eastern and Middle District of Louisiana.
Latest posts by Ronald "Chip" Morrison (see all)
- Will Your Estate Plan Still Work If You Move? - September 22, 2020
- Planning for Incapacity - September 20, 2020
- Building Flexibility into Your Plan - September 18, 2020
