Founding Attorney
Putting together an accurate inventory of assets can make a big difference during the succession process in Louisiana. When a loved one passes away, gathering information about what they owned—and what they owed—is one of the first steps in settling the estate. It doesn’t have to be overwhelming. With the right approach and a little organization, this step can actually make everything else a lot smoother. At Kallio Law Firm, LLC, we’ve helped many families through this process. Below are some practical tips that can help you get started on the right foot.
Start With the Obvious Property
The easiest place to begin is with the items that are most visible. Think about anything with a title, deed, or statement. These items are usually the largest in value and the easiest to locate.
Common examples include:
- Homes and other real estate
- Cars, trucks, boats, or other vehicles
- Checking and savings accounts
- Certificates of deposit (CDs)
- Investment accounts
In Louisiana, it’s important to determine whether property is considered community or separate. Community property is typically shared between spouses, while separate property belongs to just one person. Knowing the difference can help avoid confusion and speed up the process.
As you collect documents, keep copies of deeds, titles, and account numbers in one place. That way, when it’s time to meet with a succession attorney, everything is ready to go.
Don’t Overlook Less Obvious Assets
While it’s easy to think of the house or car first, many estates include assets that aren’t so obvious. Some of these may not even go through the succession process but should still be accounted for.
Keep an eye out for:
- Life insurance policies
- Retirement accounts like IRAs or 401(k)s
- Digital accounts with financial value (PayPal, crypto, etc.)
- Jewelry, artwork, or collectibles
- Family heirlooms or sentimental property
- Stock certificates or bonds
Sometimes, these assets are only discovered after reviewing tax returns, online accounts, or even unopened mail. We recommend taking your time and being thorough. You’d be surprised how often families find things they didn’t know existed—sometimes months after starting succession. A solid inventory now can help avoid headaches later.
Gather Debts and Liabilities, Too
When preparing for succession, it’s not just about what someone owned—it’s also about what they owed. Debts need to be included in the estate inventory, and they can affect how much is available to pass on to heirs.
Be sure to list:
- Credit card balances
- Personal or business loans
- Medical bills
- Funeral expenses
- Outstanding utility bills or rent
If you’re not sure what debts are still active, check recent bank statements or credit reports. Listing liabilities early helps ensure the estate is settled fairly and legally. It also protects heirs from unexpected claims down the road.
Keep Records Organized
Once you begin collecting information, you’ll want to keep everything organized. Whether you prefer paper folders or digital files, consistency is key. Some families choose to use a binder with labeled tabs for each type of asset. Others create a spreadsheet to track values, account numbers, and contact information. In Louisiana, this organized list of assets and debts can later be used to prepare a Sworn Descriptive List or Detailed Descriptive List, which may need to be filed with the court during succession. Having everything in one place makes it easier for the executor or succession attorney to review. It also helps family members stay informed and reduces the chance of something being missed.
Work With a Succession Attorney Early
You don’t have to figure it all out alone. Working with an attorney early in the process can save time and reduce stress. At Kallio Law Firm, LLC, we help families review their asset lists, locate missing items, and make sure everything is in order.
Here’s how we can support you:
- Review your inventory and point out anything that might be missing
- Help determine which assets go through succession and which don’t
- Coordinate with banks, insurance companies, and financial institutions
- File required documents with the court
- Guide you through each step so nothing is left unfinished
Our goal is to make the process easier for you, especially during a time that’s already emotionally challenging.
A Little Preparation Goes a Long Way
Succession doesn’t have to be a drawn-out or confusing process. With a clear asset inventory and the right legal support, families can move forward with fewer delays and more peace of mind. If you need help getting started or have questions about succession in Louisiana, contact us today to schedule a consultation. At Kallio Law Firm, LLC, we take the time to listen and help you through each step.
