The Maryland probate process is a process by which an estate’s affairs are resolved following a death. It is an official court process which, in Maryland, takes place in the Orphan’s Court. Learn more about probate process in Maryland in this presentation.
How the Maryland Probate Process Can Affect Your Family
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HOW THE MARYLAND PROBATE PROCESS
CAN AFFECT YOUR FAMILY
Understanding the Impact of the Maryland
Probate Process
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What is the Maryland
Probate Process?
The Maryland probate process is a process by
which an estate’s affairs are resolved following a
death.
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It is an official court process which,
in Maryland, takes place in the
Orphan’s Court.
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The family members of the
deceased are affected by the
probate process in many ways.
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Some of the ways that the probate
process can impact the family of the
person who passed away include
the following:
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The executor has many obligations
during the probate process.
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Often, the executor is someone who
is a close family member of the
deceased.
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The deceased person names an
executor in a will and the court
appoints the chosen executor.
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An executor may experience a lot of
stress from taking care of the
property of the deceased and doing
all the tasks required of him.
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The probate process takes a long
time and those who stand to inherit
from the will cannot access estate
assets during the probate process.
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Financial hardship sometimes
results from the delay in receiving
an inheritance.
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POSSIBLE LOSS OF VALUE
OF ESTATE ASSETS
During the probate process, the executor is
expected to manage property and prevent loss.
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Sometimes, however, assets do lose
value because of the delay in
transferring ownership to new
owners.
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For example, a family business
could lose value because there is
uncertainty surrounding the
transition to the new company’s
owner.
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A Maryland estate planning lawyer
can help to create a plan that
allows you to avoid probate if you
do not want your family to have to
cope with this process.
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A probate lawyer can also guide
families through the probate
process to try to reduce the stress.