Many individuals sit down to draft their wills as they get older and see some of their friends pass away, divorce or pay off their mortgages. Countless others die prematurely, experience a sudden decline in their health or think that they're of means enough to warrant them drafting a will. It's because of situations like the latter that intestate succession laws are in place.
If you've ever lost someone close to you, then you've probably heard of the probate court. What you may not know unless you've served as their personal representative is what exactly that court is responsible for doing. One of its primary responsibilities is to supervise the multi-faceted probate process. It sounds easier than it is. There's a lot that goes into this. One of the court's first responsibilities is validating a decedent's will.
Maryland executors have a single obligation to responsibly manage a decedent's estate. It's the personal representative's responsibility to pay off any creditors, to preserve the value of the estate's assets, to file the decedent's final tax return and to distribute any remaining property to the rightful heirs. While many executors successfully carry out their role, there are plenty of others that end up in legal or financial hot water for not doing so.
If you find yourself serving as a decedent's personal representative or the executor of their estate for the first time, then it's likely that you're not exactly sure of all the responsibilities that you need to fulfill. There are many. The first step that you should take is to open the estate.
For many, it's an honor for your friend to appoint you as the executor of their estate. Knowing what to do in your role likely doesn't come naturally though. You'll need to inventory of all their assets soon after you file the testator's will with your local county probate court in Maryland. There are some tips that you can follow to identify all of a testator's assets.
When someone passes away, it's the obligation of the executor, or the personal representative as it's known in Maryland, to settle the testator's estate in probate court. There are certain key pieces of information that every Maryland personal representative should know.
It's been more than two years since actress Carrie Fisher died suddenly just after Christmas 2016 at the age of 60. Shocked fans were in for yet another blow when her mother, movie icon Debbie Reynolds, died just a day later. She was 84.