The Creole state has the dubious distinction of being the last state in the Union to still require designated beneficiaries to submit to probate proceedings in order to gain ownership of securities accounts upon the death of the accounts' original owner.
In August, North Carolina left Louisiana as the lone holdout when it passed a transfer-on-death (TOD) measure, which allows securities accounts to pass on to beneficiaries without court proceedings. New York passed TOD legislation earlier this year.
Prior to the passage of these measures, designated beneficiaries living in those two states could receive cash, bank accounts, certificates of deposit, savings bonds, life insurance and retirement benefit accounts upon the death of the accounts' owners — but not the decedents' securities accounts.
