The right of election of a surviving spouse may be waived, wholly or partially, by a written agreement, or by a waiver signed by the surviving spouse. A valid waiver by a surviving spouse of a right of election against a will must meet three requirements:
1. It must be in the form of a written contract or agreement;
2. It must be signed by the party waiving the right; and
3. There must have been fair disclosure.
Maryland Certification of Waiver by Attorney for Surviving Spouse
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For estates with a value of at least $50,000, there is probate fee to cover the processing costs. The probate fee is based on the value of the assets. Please see the Fees Page for more information. Unless exempted under Maryland statute, there is also an inheritance tax due on distribution of remaining assets.
Property outside of probate include assets like a family home that is owned as Joint Tenants because the surviving joint tenant becomes the owner of the property. Another example is Tenancy by the Entirety where assets are owned by a married couple. Beneficiary Designations on assets is yet another example.
First and foremost, there are a number of asset types that typically do not pass through probate. This includes life insurance policies, bank accounts, and investment or retirement accounts that require you to name a beneficiary.
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.
If only the spouse survives, he/she is entitled to 1/2 of the decedent's augmented estate. Maryland has greatly expanded the types of assets to include when calculating the augmented estate. This broadening of the law is beneficial because the electing spouse may be entitled to receive more assets than before.
In Maryland, you can make a living trust to avoid probate for virtually any asset you own?real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
Ideally, you should be able to close the estate within 13 months of the decedent's death. However, depending on the size and complexity of the estate, it may take longer. In any case, it's important to keep meticulous records throughout the process to prove to the court that you've fulfilled all your fiduciary duties.
Non-probate property ? Property not subject to the terms of a decedent's Last Will and Testament, and which passes to a beneficiary outside of the probate process, such as property that had been transferred into trust prior to death, joint tenants by right of survivorship (or tenants by the entireties), payable on ...
