Maryland Nominal Bond of Personal Representative
Description
How to fill out Maryland Nominal Bond Of Personal Representative?
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FAQ
The Estate Administration Act states that a personal representative must have a probate bond.The court may also require a bond, at its discretion, if any interested party applies to the court to request one. In such cases, a bond is required whether or not the personal representative is an Alberta resident.
The Maryland statutes say that the maximum personal representative fee is 9 percent of the estate's value if the estate is worth $20,000 or less. That would equal $900 on a $10,000 estate. The fee is $1,800 for estates greater than $20,000, plus 3.6 percent of the estate's value over $20,000.
A nominal bond of personal representative, also known as a bond of personal representative, is a type of protection to ensure the person fulfilling the job of a personal representative of an estate will do so lawfully and rightfully.
A nominal bond (also referred to as a conventional bond in Canada and the U.K.) is a bond which makes payments of a fixed amount, rather than a fixed real (inflation-adjusted) value. Most bonds are nominal, so the term is normally used only when contrasting nominal bonds with real-return bonds such as I Bonds or TIPS.
