Simplifying the Probate Process in Bethesda

There are generally two ways that probate can be simplified in Bethesda. The first happens well before somebody has passed away and long before the probate process is actually instituted.  That is often by doing careful estate planning and keeping that estate planning up to date to reflect any life changes or lifestyle changes. In the estate planning process, careful thought should be given to who will serve as a fiduciary or Personal Representative for the estate.

Often, issues can be planned for before death. Some of those issues cannot be addressed after death. In addition, estate planning to help simplify probate in Bethesda can often help in minimizing family disputes, in reducing exposure to estate taxes, and generally in lowering administrative costs after death. A skilled probate attorney can help to streamline the process for anyone wanting to find ways to simplify the probate process and estate planning process.

Modified Administration

At death, in the State of Maryland, there is an opportunity for some estates to qualify as modified administration to simplify probate in Bethesda. Only some estates are eligible to qualify for the modified administration procedure. Even if an estate qualifies, all of the residuary beneficiaries or heirs must consent to the election of modified administration and the Personal Representative must elect for the estate to be qualified as modified administration before the process is initiated.

The modified administration procedure simplifies the probate administration in Bethesda because it reduces or eliminates the need for there to be a stand-alone inventory and an accounting that accounts for all of the income gains, losses and general expenses or other transactions that occurred from the date of death to the date of distribution. Instead, it requires just the filing of a final report which is due in nine months.

The final report will list all of the assets as to the date of the death and all of the expenses that have been paid but eliminates the need to account for all interest gains or losses. This greatly reduces the preparation time and also reduces some of the filing burdens of regular estate administration. But that process is not available to all estates and it does depend on the nature and the specific case facts of an estate.

Steps to Take Early On

There is never a bad time to begin estate planning. Early planning for estate administration can help to simplify the probate process later on in Bethesda. Individuals over the age of 18 can likely benefit from some estate planning whether it is a simple will or a more complex plan for individuals with a high net worth. For many, it may be important to address issues such as family disputes or transfer assets to the next generation or preserve assets for future generations or eliminate or reduce exposure to estate taxes or any other taxes that may be due.

Estate planning for Bethesda probate attorneys is typically a two-meeting process. Prior to the meeting, they send out a questionnaire which gathers all of the information from a client that they will need to counsel and then they present them with an estate plan in their first meeting. Their first meeting is a substantive meeting where they review the questionnaire, review the assets of the client to determine how they are titled, and determine whether or not there can be any reduction of exposure to estate taxes.

Attorneys also typically present a client with their opportunities for estate planning and what options are available to them and that will be based on the goals of the client and how they would like their estate planning to proceed. After that meeting, usually, clients have made enough decisions for them to begin the draft or documents. They will draft documents, the client reviews them, they may go back and forth in a few rounds of drafts, and then the client comes back in for a final execution of their documents where they review all their documents and then execute them before witnesses and notary.

Contacting an Attorney

Understanding estate administration can be difficult. The concepts and the term throughout the estate planning process are not easily discernible, and understanding what assets are subject to probate, what assets are not, as well as understanding how to properly value assets and how to marshal the assets van be confusing. Contacting or working with a probate attorney can alleviate or at least minimize the burden for a Personal Representative. That can often reduce the administrative burden on the Personal Representative. Attorneys can also advise the Personal Representative of their fiduciary duties. In difficult cases, such as when there is a family dispute, attorneys can be the point person for family members and shield the Personal Representative from having to deal with those often uncomfortable and emotional concerns.

There are a lot of advantages of working with a probate attorney to assist throughout the process. The experience of the probate attorney with the required court reporting and the experience in administering several estates can often greatly reduce the administration for burden and streamline the probate administration for both the Personal Representative and the family.