ARE THERE DIFFERENT TYPES OF ESTATES?
Yes. In Maryland there are generally three different types of Estates. The difference is determined based upon the assets of the Probate Estate.
A Will of No Estate is when your loved one dies with no assets, or, no Probate assets. If this is the case, the decedent’s Last Will & Testament is simply filed with the Register of Wills in the decedent’s county of domicile. No further action is required.
A Small Estate is an Estate with total Probate assets of less than $50,000. If the decedent’s spouse is the only heir, then that threshold is total Probate assets of less than $100,000. Small Estates enjoy an abbreviated Probate process in regard to the amount of required administration and filings.
A Regular Estate is an Estate with total probate assets of $50,000 or more. If the decedent’s spouse is the only heir, then that threshold is $100,000 or more. Regular Estates require full administration.
Much more on Estate administration to come.