Welcome back to Part 6 of our probate series for Maryland! The Gormley Law Office is pleased to present this information! We are a full service probate law firm in Kensington, Maryland. Call us today at 1.240.514.2358 for a free consultation to discuss your probate matter. We can help!
In this post, we’re discussing two types of estate proceedings in Maryland. An estate proceeding is essentially opening a probate case.
And by the way: If you missed any of our previous posts, please see our index to the whole probate in Maryland series.
The value of the assets only in the name of the decedent alone or as tenants in common determines the type of case that is opened. This is because probate assets are only assets held in the name of decedent alone or as tenants in common. Assets owned by a trust are not probated.
Regular Estate: If the property of the decedent subject to administration in Maryland is valued in excess of $50,000 (or $100,000 if spouse is the sole legatee or heir) the estate shall be administered as a regular estate. In establishing the value of an estate only the assets held in the name of a decedent alone and/or an interest held as tenants in common are considered. The value is determined by the fair market value of property less debts of record secured by the property, as of the date of death, to the extent that insurance benefits are not payable to the lien holder or secured party for the secured debt.
Small Estate: If the property of the decedent subject to administration in Maryland is established to have a value of $50,000 or less (or $100,000 if the spouse is the sole legatee or heir) the estate may be administered as a small estate. In establishing the value of an estate only the assets held in the name of a decedent alone and/or an interest held as tenants in common are considered. The value is determined by the fair market value of property less debts of record secured by the property as of the date of death, to the extent that insurance benefits are not payable to the lien holder or secured party for the secured debt. The value of the assets in the name of the decedent alone or a tenant in common determines the type of estate that is required.
Either type of case is opened in the county in which the decedent had his domicile at the time of death. And, if a person dies owning any property in his or her name alone or as tenants in common it is required that an estate be opened in the Register of Wills office.
Brian Gormley, Esq. is an attorney licensed in Maryland and the District of Columbia specializing in real estate, probate, estate litigation and other matters. If you need assistance, please use the Contact Feature at the bottom of this page.Probate, Estate Planning and Real Estate AttorneyBrian Gormley, Esq. is an attorney licensed in Maryland and the District of Columbia specializing in real estate, probate, estate litigation and other matters. If you need assistance, please use the Contact Feature at the bottom of this page.
