Probate is the court-supervised process for proving the validity of a Will and distributing the probate property either per the Will (if you left a Will behind) or per the laws of intestate succession (if you did not leave a Will). Assets owned individually are generally known as probate assets. Probate is a time consuming and expensive process.The executor (if you are named in the Will) or court-appointed administrator (if you died without a Will) must inventory all assets, appraise all property, pay debts and taxes of the estate, sell property (if needed), settle claims against the estate, and distribute the remainder estate according to the Will.
Maryland Law requires that anyone who has an original Will and/or Codicil(s) must file it with the Register of Wills immediately even if there are no assets.The process depends on the value of assets you own at the time of your death. For small estates, the probate process may be less complicated and more streamlined than regular estates.
Small Estate –If property of the decedent has a value of $50,000 or less ($100,000 or less if the spouse is the sole heir) the probate process is simpler than regular estate.
Regular Estate –If property of the decedent has a value in excess of $50,000 (in excess of $100,000 if spouse is sole heir) the probate process is more complicated, expensive, and time consuming.
Probate process can be completely avoided if you have a Trust appropriately set up in your estate plan. In those instances, distribution of assets can be made without court intervention and any of the process involved in the probate.
Probate Process
The Probate process can often get complicated, confusing, time consuming, and frustrating if you are not aware of the minutiae of the whole process. It is always good to take professional help to have a smooth and effective administration of the estate. Generally, a brief overview of the probate process includes the following steps:
- File Decedent’s Last Will and Testament (including other Wills, if any) in the county where the decedent was domiciled at the time of death
- Select a Personal Representative (PR), petition to appoint the PR, and receive Letters of Administration (do not dispose any assets prior to this step)
- File the appropriate documents:
- Petition to probate with schedule A or B (depending on the estate size)
- Complete Inventory and approximate value (through appraisal) of assets and debts in the decedent’s name alone such as motor vehicle, corporate stocks, debts, bank accounts, IRAs, annuities, life Insurance, and real estate (personal and rental)
- Information report
- Notice of Appointment
- Nominal Bond or Bond of PR
- Waiver of Bond
- Death Certificate
- Funeral Contract/Bill
- Names, relationship, and addresses of persons interested in the estate including heirs at law even if they are not named in Will
- If the PR is a foreign person then must appoint a resident agent
- Any other applicable filing fee
- Accounts within 9 months and subsequent accounts until estate is completely closed.
- Administer the remainder estate
Note: If you do not file the documents properly or file wrong documents, the process will take more time to be administered, increasing the time and cost of the probate.
If you are the executor of a Will or have been nominated as administrator by the court, contact us today. We can provide invaluable assistance for a smooth and cost-effective probate process.
We are Maryland Probate attorney serving Howard County and throughout Maryland.