What is the Process for Probate of an Estate?
The probate of estates can be a very simple and streamlined procedure in Louisiana. However, it does require the cooperation of all of the heirs and legatees in valuing the assets of the deceased and accounting for his debts and obligations. An important result of the probate process is that the heirs and legatees are given an income tax basis in the assets that they receive, according to the value determined in the probate process. This income tax basis will be the number used for determining gain or loss if an asset is later sold as well as the basis for depreciation, if an asset is used for business.
