If you’ve stayed with us through this series, you’re well on your way to having a solid understanding of the probate process in Maryland! If you’ve missed any of our previous articles, see our index to all of the articles in this series. The Gormley Law Office is pleased to present this information to our fans and clients and we hope you find this information useful. Call us today at 1.240.514.2358 for help with your probate matter!
The Personal Representative is responsible for filing accounting forms in probate proceedings, which ensures transparency around the estate administration. The accounting forms tell the court about costs, distributions and other expenses related to the administration of the estate.
Within nine months after the appointment of a personal representative the personal representative shall prepare and file an account. The account should include:
- The beginning balance (represents the value of the assets as reported on the Inventory);
- Miscellaneous principal receipts;
- Change in assets from date of death;
- Distribution and taxes; and
- Balance retained for future accounting, if not a final account.
There is no required form for these accounts, but the Register of Wills does have a sample account that may be used as a guideline.
If the account is not a final, then subsequent accounts must be filed at intervals of the first to occur of: six months after the prior account is approved or nine months after the prior account is filed.
If an estate has had no assets during an accounting period, the personal representative may file an affidavit of no assets in lieu of an account.
The account or affidavit must be verified and notice of the account or affidavit served on all interested persons who have not waived notice.
In our next article, we’ll discuss how assets are distributed when the decedent has a will and when a decedent dies intestate. You will definitely want an estate plan when you learn how your assets are distributed when you don’t have a plan! Call the Gormley Law Office today to get started with your estate plan!