What does an executor of an estate do in Maryland?
An executor, called personal representative in Maryland, has an important role in the estate administration process. A personal representative’s primary duties include marshaling the estate assets upon the decedent’s death, paying, debts, expenses and taxes, and then making distribution pursuant to Maryland law or…
How is the Maryland estate tax calculated?
The Maryland estate tax is based on the maximum credit for state death taxes allowable under § 2011 of the Internal Revenue Code. The credit used to determine the Maryland estate tax cannot exceed 16% of the amount by which the decedent’s taxable estate exceeds the Maryland estate tax exemption amount for the year of the decedent’s death.
How can a Maryland probate attorney help with estate administration?
Maryland attorneys with experience in probate administration can assist personal representatives with all aspects of the estate administration. For example, they can assist personal representatives with estates who live outside of the state of Maryland so that they do not need to travel to Maryland to administer the estate.
What are the rules for filing a will in Maryland?
Maryland law requires that the custodian of a document appearing to be the last Will (including Codicils, if any) of the decedent shall file it promptly with the Register of Wills in the county where the decedent was domiciled at the time of death, even if it is not to be offered for probate.
Is it illegal for an executor to manage estate property?
Managing estate property to enrich herself, for example, would be illegal. The executor must maintain the highest standard of care when managing the property. Being honest but negligent can leave her legally liable. Maryland law allows executors to claim a fee of 9 percent of the estate’s value.