Maryland Sample Letter Explaining the Purposes of the Waiver and Consent regarding an Estate
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How to fill out Sample Letter Explaining The Purposes Of The Waiver And Consent Regarding An Estate?
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FAQ
What are Letters of Administration in Maryland? Obtaining Letters of Administration grants the personal representative the authority to handle the deceased person's assets, pay off their debts, address any tax liability, and distribute their remaining assets to the rightful heirs.
In granting letters, the register observes an order of priority as established by Maryland law. Priority of appointment begins with person(s) named in the will to serve, surviving spouse, children, etc., to creditors or any other person.
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.
Children in Maryland Inheritance Law Intestate Succession: Spouses and ChildrenInheritance SituationWho Inherits Your PropertyChildren but no spouse? Children inherit everythingSpouse but no children or parents? Spouse inherits everythingSpouse and children who are minors? Spouse inherits half ? Children inherit half2 more rows ?
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.
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.
If the person named in the will cannot act or there is no will, then there's an order of priority for who may be appointed a personal representative. The order of priority is any surviving spouse or domestic partner, then a child, then a grandchild, then a parent, and then a sibling.
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.