Probate Process in Maryland
Inheriting a home in Maryland can be both a wonderful gift and a challenging burden. If you inherited a home, you most likely just lost a loved one. Working your way through the intricacies of probate procedures, federal tax, state tax, and more while dealing with the loss of a loved one is an incredible challenge.
Step 1 : Starting the process – Decide which probate procedure to use (administrative probate or judicial probate). File the will with the Register of Wills. Decide whether the estate is a small estate or a regular estate. Petition for probate at the Register of Wills or with the correct Orphan’s Court. Obtain letters of administration. Submit appropriate information to the Orphan’s Court or Register of Wills.
Step 2 : Assets-Take an inventory of the decedent’s assets and supply a notice of appointment. The personal representative may also have to provide an Information Report, First Account, and Subsequent Accounts
-Within 3 months the personal representative must supply the Orphan’s Court or Register of Wills with an inventory of the decedents assets, any required appraisals, and a Maryland Information Report. This timeline starts the day the personal representative is appointed.
-Within Nine Months from the date of appointment, a First Account must be filed. This includes the inventory of assets, all activity of the Orphan’s Court or Register of Wills, receipts, and documentation of transactions.
The personal representative must submit a Maryland Information Report. Small and regular estates must supply a Notice of appointment. This is a posting in a newspaper that is intended to inform creditors of the probate and the decedent’s
Step 3 : Pay Debts and Taxes– Determine the decedent’s debts and pay them down. File all applicable tax returns.
These debts can include creditor claims, settlement fees, legal fees, and funeral bills. The taxes can include probate taxes, income taxes, federal estate taxes, and estate taxes.
Step 4 : Distribute Remaining Assets-Distribute any remaining money or assets to beneficiaries. The personal representative will be responsible for distribution.