Process of Marshaling Assets in Bethesda Probate

A Personal Representative must understand that the probate process can be paperwork intensive and time-consuming. A skilled attorney can assist with alleviating this burden, but a lot of responsibility is still expected to fall on the Personal Representative. Therefore, a Personal Representative should be prepared for the fact that, often, a decedent was unable to tend to all loose ends of their estate prior to death. Not all issues can be anticipated or planned for. As such, a Personal Representative should know that unforeseen complications may arise during the probate process.

As the process of marshalling the assets of an estate in Bethesda probate cases can be time-consuming and complicated, an experienced probate attorney can play a significant role in facilitating the process.

Factors Facilitating the Process

Generally, the process of marshalling an estate’s assets in Bethesda probate is eased when the decedent engaged in estate planning during their lifetime. If a decedent took the time to work with an attorney to create an estate plan, the probate process of their estate will generally be much smoother. Similarly, the process of marshalling an estate’s assets is eased when the decedent maintained detailed and adequate record keeping of their assets during their lifetime, or consolidated their assets to just a few accounts and holdings.

After a decedent has passed away, an experienced Bethesda attorney can help to alleviate the burden faced by the Personal Representative of an estate by doing some of the legwork involved in marshalling the assets. While the Personal Representative will always have to sign on behalf of the estate, all of the paperwork can be completed by their attorney.

Common Misunderstandings

There are few common misunderstandings about the process of marshalling the assets of an estate in Bethesda. Many individuals mistakenly believe that the Personal Representative of an estate can collect the estate assets and then keep them. Generally, this is not the case, unless the Personal Representative is also the sole beneficiary or sole heir of the estate. It is important to note that a Personal Representative acts in a fiduciary capacity to collect and administer an estate’s assets pursuant to either the decedent’s last will and testament or to the Maryland laws of intestacy. This fiduciary obligation does not permit the Personal Representative to keep assets to which they are not entitled.

Another common misunderstanding is that, when an individual dies, there is a retrievable registry of all of their assets. This is not the case. As such, the process of marshalling the assets of an estate in Bethesda generally requires that the Personal Representative meticulously analyze and review the decedent’s files, mailings, and accounts to identify and locate all assets and debts. This process can be time-consuming and labor-intensive, and typically takes approximately one year to complete.