Opening A Small Succession In Louisiana
Are you wondering if a small succession can be used to sell an inherited home in Louisiana?
If a person dies without a will (intestate) and their property has a gross value of $125,000 or less, a small succession may be used to sell real estate. The gross value is based only on the decedent’s portion if it is community property.
The $125,000 threshold was increased from $75,000 by a 2017 amendment to the CCP Art. 3421. It can also be used if the date of death occurred at least 20 years prior to the succession filing.
This may be a good option when selling a house in Louisiana. It avoids having to go through the civil court and having an executor or administrator appointed. It is the easiest and quickest way to sell an inherited home. It is also at least half of the cost of a larger succession.
How Much Does It Cost
The cost can differ depending on the situation. You’ll need to work with an attorney who will have their fees. There will also be court filing fees which will vary depending on which Parish the house was located in. To be on the safe side, you may want to assume that the cost of a small succession will be at least $2,000.
Small Succession Affidavit
With real estate, the title is transferred using a “Small Succession Affidavit”. This provides proof of ownership so heirs can sell an inherited house. It can be used for:
- A person who was living in Louisiana whose heirs are:
- children
- grandchildren
- parents
- brothers or sisters of their children, or
- the surviving spouse; or
- A person who was living outside of Louisiana whose:
- Will has been probated by court order of another state
It can’t be used to sell a house for someone who lived in Louisiana and had a will or for someone who lived outside Louisiana without a will. If it can’t be used, the process will be longer and more costly.
Information that you will need:
- The date of death and address of where the deceased was living
- If there is a surviving spouse, their name and address
- The names and addresses of all heirs and their relationship to the deceased
- A description of the property left by the deceased and whether it is community or separate property
- The value of each item and the total value of all property at the time of death
After all of the documents have been filed at the courthouse, the real estate can be transferred to the heirs. A copy of the Judgement of Possession will be filed in the Conveyance Records where the house was located. This transfers title to the heirs so that they can sell an inherited home.
A small succession in Louisiana is a simple option compared to selling the property out of succession. It is also a much cheaper option. If you need to sell an inherited home in New Orleans and surrounding areas, Fairview Home Buyers can help. We can give you a rough idea of the value of your inherited home. That will allow you to determine which type of succession can be used.
We can also provide a cash offer to buy the property so that you don’t have to worry about waiting and wondering if and when it will sell. We buy houses “as is” so you don’t have to fix anything. We usually pay all closing costs and the cost of the succession can be paid out of the proceeds at closing. Reach out to us today to let us know about your particular situation.
Just keep in mind that we only provide ideas and information. We are definitely not qualified to provide legal advice for any situation. We do know some great resources that can help and would be glad to share them with you.