Preparing an Estate Accounting in Maryland
Personal representatives have an essential role to play in the administration of a decedent’s estate. Not only do they have the lone power to pay the decedent’s debts and distribute the remaining property, but they are also accountable to the orphan’s court. In fact, state law creates a special duty to file accounts of the management process and distribution of the property. Submitting these reports to the court is a requirement under the law, and a failure to do so could result in official sanctions or even lawsuits from the estate.
If you are a personal representative with questions concerning your duty to prepare an estate accounting in Maryland, speak with a lawyer. A knowledgeable attorney could provide more information about this duty and assist you with the preparation and submission of these documents to the court.
The Duties and Powers of Personal Representatives in Maryland
A personal representative plays a huge role in the probate process, as this party has the sole authority to administer a decedent’s estate. This involves taking temporary possession of property, paying the decedent’s debts, and distributing the remaining property to the heirs in the will.
To give a party this authority, the orphan’s court can issue letters of administration. These letters allow the personal representative to open bank accounts, take temporary control of estate assets, and take any other step that the representative deems necessary for the administration of the estate. A local estate accounting attorney could provide more information about the powers and duties of personal representatives during probate.
Personal Representatives Must Submit Reports Concerning their Activities
The Annotated Code of Maryland, Estates and Trusts § 7-301 requires the personal representative to submit reports concerning their management and distribution of property to the members of the estate. This begins with an initial accounting that includes the estate’s value prior to the beginning of administration.
Additionally, personal representatives must be sure to document their sale, transfer, settlement, and other actions concerning the assets of the estate. The initial accounting must occur no more than nine months from the date of appointment. After this submission, additional submissions must occur every six months until the estate comes to a close. A failure to provide these recordings could result in the court removing the representative and the representative being personally liable for all damages that affect the value of the estate. An attorney in Maryland could with preparing the estate accounting and other necessary submissions.
Reach Out to a Maryland Attorney for Estate Accounting Preparations
It is crucial to properly track one’s steps when serving as a personal representative. Not only do these steps inform the members of the estate about the progress of the administration, but they also protect personal representatives against any allegations of malfeasance.
Properly preparing an estate accounting in Maryland is also a requirement under the law. The state’s laws require representatives to submit these reports no more than nine months after appointment and for every six months afterward. An experienced attorney could help you better understand these rules and assist with the proper submission of these reports. To get the help you need for fulfilling your obligations toward the estate, give us a call today and set up a consultation.