Bethesda Estate Administration Lawyer
Estate administration is the comprehensive process of closing an individual’s affairs after death. Often, it involves a probate proceeding so any assets in the individual’s sole name can be marshaled. It also involves valuing all of the assets, sometimes during the course of the court, but other times for estate or income tax purposes. It involves paying any of the legally enforceable debts and making distributions pursuant to the terms of a decedent’s last will and testament or pursuant to the laws of Maryland intestacy.
Administrating an estate in Bethesda can be an involved process, and should be left in the care of an attorney. If you are currently in need of estate administration in Bethesda and are overwhelmed, it is important to contact an estate planning attorney immediately.
Administering an Estate
The exact natures of the proceedings that are involved with the Bethesda estate administration are dependent on the facts of the case. Much like no two individuals have the exact same assets or issues during their lifetime, often they do not have those same assets or issues at death. Every estate administration process in Bethesda is unique to the individual who passed away. Their assets may be still plaguing the winding down of the estate.
Bethesda law or Maryland law with regard to estate administration is very case specific. Every state has different procedures for probate administration and requirements and Maryland is no different. What is unique about Maryland that differs from other local jurisdictions is that it has both a state estate tax and an inheritance tax. That is not common in many of the other local jurisdictions.
Unclaimed Property
Unclaimed property is part of the decedent’s estate assets. Unclaimed property is property that is turned over to the state because of inactivity or the fact that it has been uncollected for several years. Typically, what happens with unclaimed property is that an individual must be appointed to serve on behalf of the estate to have the authority to claim the unclaimed property to be included in the estate administration in Bethesda.
Role of an Attorney
Bethesda estate administration attorneys will be as efficient as possible with the estate administration procedures. They can handle everything from assisting with the sale of real estate, assisting with cleaning out the real estate, handling personal properties, to contacting all of the financial institutions and being the first step in winding down a decedent’s affairs. They can also be active in reviewing the work that a personal representative has done and helping in filing the required estate pleadings or accounting this to court.
An estate lawyer can advise a personal representative about their duties. They can also use their vast knowledge from previous estate administrations in Bethesda to assist with finding real estate agents, accountants, or appraisers. They can assist with valuing all of the assets of the estate, and preparing and filing any Maryland or federal estate tax returns that are due. They can also assist with preparing an inventory of all of the assets, an accounting of those assets, and completing any of the required court filings as necessary.