Successions Happen Twice for Married Couples

By | 2018-01-29T13:08:05-06:00 June 2nd, 2017|0 Comments
One of the major issues you should consider when planning for you and your spouse’s passing is the court supervised succession procedure because this will be needed at both spouse’s deaths if not properly planned for. One of the main goals we encounter with married couples involves avoiding the succession altogether by setting up a Revocable Living Trust. The Revocable Living Trust is used to allow for immediate transfer of control over your property to your spouse and ultimately to your heirs without any court supervision.
Why would you want to avoid a succession? A court supervised succession procedure costs at least $5,000 and can drag on anywhere from months to years. In this time, your heirs will encounter roadblocks when it comes to controlling and accessing the property left in your estate. Of major importance, successions procedures are public record and the value and contents of your estate can be viewed by any person with an internet connection.
A lot of people seem to forget that with married couples two successions must take place – one at the death of each spouse. This just doubles the cost, the time, the headache, and the amount of information that is open to the public. That is why Revocable Living Trusts, which avoid successions, are a great tool for married couples.
If you are interested in avoiding this succession procedure and would like to discuss your options, give me a call in the New Orleans/Metairie Area at (504) 247-1980.