Probate is the legal process of administering a deceased person's estate and distributing their assets to the beneficiaries according to the terms of the will or, if there is no will, according to state laws.
The process and timeline of probate in Maryland can vary depending on the complexity of the estate and the type of probate proceeding.
1. Filing of the probate petition: The probate process begins when a petition for probate is filed with the appropriate court. This is typically done by the executor (if there is a will) or the administrator (if there is no will) of the estate. The petition includes information about the deceased person, their assets, and the proposed distribution of their assets.
2. Notice to interested parties: After the probate petition is filed, notice of the probate proceedings must be given to all interested parties, including the beneficiaries, heirs, and any creditors of the estate.
3. Appointment of the personal representative: The court will appoint a personal representative (executor or administrator) to manage the estate during the probate process. The personal representative is responsible for identifying and collecting the assets of the estate, paying any debts and taxes, and distributing the remaining assets to the beneficiaries.
4.Inventory and appraisal of assets: Within three months of appointment, the personal representative must file an inventory of all assets of the estate that are subject to probate with the court.
5. Payment of debts and taxes: The personal representative must pay any debts and taxes owed by the estate before distributing the assets to the beneficiaries.
6. Distribution of assets: Once all debts and taxes have been paid, the personal representative can distribute the assets of the estate to the beneficiaries according to the terms of the will or, if there is no will, according to state laws.
7.Closing the estate: After all assets have been distributed and any remaining debts and taxes have been paid, the personal representative must file a final accounting with the court and petition for the discharge of the personal representative.
The court will then issue an order closing the estate.
If you have lost a loved one or are overwhelmed with the Probate process call or message today to schedule a consultation to see how we can protect what’s important to you and your family.