Legal Question in Wills and Trusts in Louisiana
Under Louisiana law, are there assets that do not need to be included in the Judgment of Possession? For example, a mutual fund with the mother listed as the usufructuary and her four children listed as naked owners. Is this considered outside of the estate since the children are already "in possession" of this asset and the rights of usufructuary are extinguished upon her death?
1 Answer from Attorneys
Those things that by their terms automaticly pass to another do not have to be in the succession. Life insurance is the most common since by the terms of the contract, when the insured dies, a named beneficiary becomes the owner without having to prove any relationship to the deceased. So, if by the terms of the mutual fund, the mother gets the use and the children the naked owner, I would say with that limited knowledge it did not have to be included.
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