Legal Question in Wills and Trusts in Louisiana

I live in LA. My father died in LA with no will. His estate was named beneficiary for his retirement account. My questions are: 1) How does process of establishing and managing his estate work? 2) Will I as his only surviving child and no wife be named his executor? 3) His debts far exceed his estate, could I be held legally financially responsible for his debts, even if I didn't contract into them, if I am named executor? I don't expect to benefit from the estate, I just am concerned for certain business friends be paid, nor do I want to find myself financially overwhelmed.


Asked on 2/21/10, 8:12 am

1 Answer from Attorneys
Nick Pizzolatto, Jr. Pizzolatto Law Office

If you open the succession and accept it, you get the assets AND YOU GET THE DEBTS! So, if the debts out weigh the assets, walk away. However, a retirement plan could have certain provisions built in or under the law that shield it from seizure by debtors. You need to see an attorney and or a CPA who specializes in that field. It may cost a few dollars but it may entitle you to some benefits that cannot be touched by creditors. Then if you choose to share the benefits, that is your decision.

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Answered on 2/26/10, 3:06 pm


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