Closing A Small Estate In Maryland Without A Will
Description
How to fill out Maryland Small Estate Affidavit For Estates Not More Than $50,000 Or $100,000 If Spouse Is Sole Heir?
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FAQ
Estate Administration ? Step-by-Step Guide and Timeline Decedent dies. Locate Estate Planning Documents. File Petition to Probate the Estate. List of Interested Persons. File Inventory and Information Report. File First Account. Claims Against the Estate. File Subsequent Accounts.
Code of MD, Estates and Trusts § 5-601, the main factor to consider is the value of the estate. If the estate contains property values of $50,000 or less at the date of death of the decedent, the estate will always qualify for small estate status. The second factor is the identity of the decedent's heirs.
Depending on the number of claims and the state of the deceased's financial affairs, this process can take a few months to over a year. Distributing the Remaining Assets: The final step in the estate settlement process is distributing the remaining assets to the beneficiaries as outlined in the will.
This is done by filing a ?Petition for Declaration of Completion of Administration? along with any supporting documentation. The court will review your petition and, if everything ticks, will issue an Order Closing Estate. With this order, you can distribute any remaining assets to the rightful heirs and beneficiaries.
Generally, the Intestacy statutes provide for property to be distributed to a decedent's closest living relatives, i.e., to a surviving spouse and children, if there are any; to children in equal shares if there is no surviving spouse; to parents if there are no spouse and children; and so on to more distant relatives.