Things To Be Aware Of When Dealing With A Baltimore Probate Property
- January 15, 2021
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If you are dealing with the probate process in Baltimore, the process can feel confusing, overwhelming, and stressful. Many people don’t know what to expect or how things will be handled. While the process varies state to state and based on the value of the estate, there are a few basic things that you can count on. Keep reading to learn more about the things you should know when dealing with a probate property in Baltimore!
In some cases, the property will be tied up in probate court for months at a time. During this time, the executor will need to attend hearings, validate heirs, discover assets, and pay off any valid creditors that have come forward. The courts can move pretty slowly, making the process drag on and on over time. Some executors will claim a fee for their involvement in the process. This fee covers the time spent as well as any other fees incurred during the process. Many executors will waive the fee in order to make the process move more quickly and to keep the peace with other heirs involved.
You’ll Need To Take Inventory Of The Entire Estate
In addition to real estate, the courts will need to know about other investments such as stocks, bonds, cards, deeds, bank accounts, or any other high-value items. These items will be taken into account when paying off debts from entitled creditors as well as when assets are distributed between beneficiaries. For this part of the process, it is a good idea to work with a probate attorney to ensure everything is properly discovered and accurately recorded.
You Will Need To Notify Creditors and Heirs
After your loved one passes away, you will need to notify all creditors and potential heirs that you are opening a probate case. In some instances, you may even need to put a notice in the paper. You will need to use the estate to pay off all valid debts such as credit cards and personal loans. And don’t forget about Uncle Sam. When handling probate, you’ll need to file tax returns for the deceased and address any inheritance taxes that are due.
You Can Sell The Property While In Probate
A quick and easy solution for a house in probate is to simply sell it. If the estate is “intestate”, meaning no Will is present, the house will need to be sold through the probate courts, which is a highly regulated process. In addition, there are court fees and specific processes that must be followed. These processes vary from state to state.
However, if an estate is “testate”, meaning there is a Will present, the personal representative will be able to petition the courts to sell the property on their own. This is ideal for those who want to avoid court costs while retaining more control of the process. For those who want to save even more money, selling your inherited property to a professional buyer who is familiar with the probate process may be the best way to go. When you work with Maryland Home Buyers, you will not have any of the expenses that routinely incur when working with a Baltimore real estate agent. For example, you won’t be faced with any realtor commissions, repair costs, or marketing expenses to sell the probate house.
In some cases, heirs can be surprised by property left to them in a Will. They may not want to keep the house or be financially prepared to do so. When the latter is the case, spending money on repairs, upgrades, and other costs to sell will likely be out of the question. By selling their inherited Baltimore house directly, they’ll be able to get a quick & easy sale, pay off the debts and divide the sale proceeds amongst the heirs as laid out by the court.
HOW A MARYLAND PROBATE LAWYER CAN HELP
Attorneys can help an individual throughout the entire probate process. An attorney who has handled probate before can advise the nominated personal representative about the fiduciary obligations he or she will have upon appointment and assist the nominated personal representative with the preparation of the initial pleadings required to request appointment from the Orphans’ Court. In addition, attorneys can also assist with marshaling and valuing the assets, preparing any required inventory or accounting, and to make a plan for the distribution of the assets.
Once the decedent’s property has been distributed, a waiting period begins during which creditors and other parties have a last chance to raise objections. This period usually lasts for six months. Once this window passes, the probate process will officially end and the court will consider the estate closed.
Keep in mind that this is just a simplified and streamlined overview of the probate process. The actual probate procedure involves a great deal of paperwork and includes many additional smaller steps along the way. Understanding the process in great detail would require reading an enormous legal text cover-to-cover, which is exactly why you should work with an experienced estate attorney if you’re preparing to act as a personal representative for a loved one’s estate.