Many adults name someone in their will to manage their estate after they pass away. If a person dies without a will or the will is declared invalid, the court will typically appoint someone to manage the decedent’s estate.
This person, often referred to as the succession representative or executor has several responsibilities to make sure that the decedent’s assets are distributed in accordance with the decedent’s wishes, while abiding by all Louisiana laws.
Taking inventory of the estate
As an executor or administrator of an estate, one of your first jobs will be to take inventory of the assets and liabilities that make up the decedent’s estate.
Under Louisiana law, you, as the succession representative, will compile a list that includes assets the decedent owned when they passed away. Your list may include:
- Real property
- Financial and investment accounts
- Clothing, jewelry and other personal items
- Antiques and other household items
- Insurance policies
In Louisiana, you may file a Sworn Detailed Descriptive List instead of an inventory. This document will include a description of each asset and the fair market value of each of asset on the date of the decedent’s death. Grouping similar assets together may help speed up the process while ensuring that you do not leave anything out.
Once you have taken inventory, it will time to prepare the assets of the inventory for the probate process. An attorney specializing in probate and estate administration can help make sure that you do not breach your duties to the beneficiaries of the estate as you carry out your responsibilities as executor.