Understanding the Difference Between Succession “With Administration” vs. “Simple Possession”
While succession is the legal procedure performed in order to ensure that an estate is properly transferred to the appropriate parties, there are varying levels of complexity to the process.
When is Succession with Administration Required?
In the absence of infighting between the heirs of a Decedent, most often the complexity of One’s Estate will typically determine whether or not a succession needs to be “opened”, or started with administration. This complexity may present itself by way of the Decedent’s assets, debts, or both.
Administration of one’s estate involves opening succession and court appointment of a succession representative, in the form of either an executor (if the Decedent left a valid will) or an administrator (if Decedent died intestate, or without a will).
In the case of appointing an executor, most often this choice is made by the Decedent in his Will. If there is no Will, then the Decedent’s heirs can agree to have an individual appointed or one or several heirs may petition the Court to be appointed with the Court ultimately making the decision.
Once a succession representative is officially appointed with court approval, that person can then work in conjunction with an attorney to consolidate the Decedent’s assets and debts so that the Decedent’s net estate can be distributed to his/her heirs.
What is Simple Possession?
If an estate does not consist of complex assets such as a family business or other items which require technical evaluation, and the estate is relatively free of debt, then often a succession may be completed fairly quickly culminating with the heirs of the Decedent being put into “simple possession” of Decedent’s estate.
Using this process, appointment of an executor or admistrator is unnecessary.
If you’re interested in learning more about how the Law Firm of Ryan S. McBride can assist you with the succession process, please contact us today for a free consultation.
We will determine how succession applies to your situation and provide you with a quick solution at the lowest cost possible.
Contact us today at 504-265-1705 or by filling out our online form.