STEVE RIDZON
STEVE RIDZON
By Alexander M. Pagnotta, Managing Attorney
If a loved one dies today and they have an estate, chances are you need an Estate Administration Attorney to guide you through the probate process.
Probate is the legal process by which assets in a decedent’s sole name are identified, valued and eventually distributed to the legal heirs or legatees of the estate. If the decedent leaves a valid Will, the individual named as the Personal Representative is responsible for overseeing the probate process and the terms control how the assets are distributed.
Most people leave behind an estate when they die. Things to consider: did your loved one have a home? Was there any court probate process after their passing? If not, no one can legally sell or distribute that home until the probate process is completed. Do not wait until you have a buyer for the home, as the probate process takes time.
At some point in your life, you will likely be involved in the probate of an estate. You may be the Personal Representative for a loved one’s estate, or perhaps you are a legatee under the decedent’s Last Will and Testament. Regardless of the reason for your involvement, you will undoubtedly have questions about the process and how long it takes.
The administration course of the assets depends on how they are titled. If the decedent died intestate, or without a Will, someone typically petitions to become the executor and state intestate succession laws dictate the distribution.
Every estate is unique, making the probate process different in every case. Numerous factors impact the process, but the following are five steps that remain common for most estates:
- Starting the probate process. An Estate Attorney will guide the Personal Representative to initiate the probate of the estate by filing a petition and the original Last Will and Testament with the Court.
- Inventorying, securing and valuing assets. An Estate Attorney will guide the Personal Representative in completing an inventory of the decedent’s assets, including both tangible and intangibles. Those assets must also be secured and maintained throughout the process.
- Notification of creditors and payment of valid claims. All potential creditors of the estate must be notified that probate is underway. Typically, publication of the probate is in a local newspaper of general circulation.
- Prepare, file and pay taxes. An Estate Attorney will guide the Personal Representative through these steps. All estates are potentially subject to federal estate and gift taxes. In addition, some states, including Maryland, impose an estate tax and inheritance tax. All returns must be prepared and filed with both the state and federal government and any taxes paid.
- Transfer of assets. An Estate Attorney will play a role in making sure that the assets are transferred to the intended beneficiaries or heirs.
Given the numerous factors that can impact the probate process for a particular estate, it is impossible to know exactly how long it will take ahead of time. In Maryland, probating even a relatively modest and uncomplicated estate will take a minimum of seven to nine months due to creditor filing periods. Only once that window passes, accountings filed and all claims addressed can probate be concluded. If the estate included valuable or complex assets, or there is litigation, it can take several years. As there are always unknowns that can occur in the process and as court authority is needed for distribution, many people choose to include probate avoidance tools and strategies in their estate plan.
Sinclair Prosser Gasior Estate Planning Attorneys are your trusted advisors through every step of the probate process. Call our office today at (410) 573-4818 to schedule a meeting with one of our Award-Winning Attorneys to discuss your specific needs.
Sinclair Prosser Gasior Estate Planning & Elder Law Attorneys 183 Harry S. Truman Parkway, Suite 104 Annapolis, Maryland 21401 (410) 573-4818 | www.spgasior.com
