Probate is the process by which a deceased person’s financial affairs are concluded and their assets are transferred to their legatees (if through a will) or heirs (if without a will). Because many people pass away with minimal probate assets, the State of Maryland provides a less burdensome process by which assets can be transferred for such estates.
When the value of a decedent’s property subject to Maryland probate is less than $50,000 (or less than $100,000 when a surviving spouse will be the sole legatee or heir), the estate under is allowed to be considered a “small estate” and use a simplified set of probate rules.
Continue reading “Probate in Maryland – Small Estates Versus Regular Estates”