INCOME OF THE ESTATE – Generally, anything that is paid to an Estate during the Probate process is considered Income to the Estate.  This might include interest, dividends or capital gains paid after death as well as refunds for unused insurance or subscriptions, final paychecks, or any number of other payments into the Estate.  Income to an Estate should be deposited into the Estate Bank Account.

INFORMATION REPORT - In Maryland, the Information Report is a document filed with the Court that details assets that pass outside of the Probate Estate (non-probate assets). This report is crucial for determining if any Inheritance Tax is due on these assets, which are not distributed according to the will or the Rules of Intestacy

INFORMATION REPORT DELINQUENCY NOTICE – A Notice issued by the Register of Wills to either remind the Personal Representative and/or attorney that an Information Report is soon due or, a Notice that an Information Report is past due.  Note that some Counties send Reminder Notices and others send Delinquency Notices.  A delinquency Notice generally includes or is followed by a Show Cause Order to Remove the Personal Representative.

INFORMATION REPORT REMINDER NOTICE – A Notice issued by the Register of Wills to either remind the Personal Representative and/or attorney that an Information Report is soon due or, a Notice that an Information Report is past due.  Note that some Counties send Reminder Notices and others send Delinquency Notices.  A delinquency Notice generally includes or is followed by a Show Cause Order to Remove the Personal Representative.

INHERIT – To receive money, property or title as an Heir from the previous deceased holder or owner.

INHERITANCE – The receipt of property, money or title as an Heir from the previous deceased holder or owner.

INHERITANCE TAX – In Maryland, non-lineal descendants of the Decedent are taxed at a rate of 10% on their Inheritance.  Lineal descendants (spouse, parents, children, grandchildren) are not subject to the Maryland Inheritance Tax.  

INTERESTED PERSON – In a Maryland Probate matter, an Interested Person is an Heir At Law.  An Heir at Law is someone who MAY inherit from a Probate Estate.  Under Maryland’s Rules of Intestacy, which are complex, anyone who MIGHT inherit under the Rules of Intestacy is considered an Heir at Law.  This does NOT mean they will actually inherit anything from an Estate.  Heirs receive, by law, a Notice that an Estate has been opened for a Decedent.  The Notice clearly states that this does not mean they will actually inherit.  The Rules in this area are complex.  It is advisable to speak with an Estates & Trusts attorney if you may be an Heir to an Estate or if you are a Personal Representative who is unsure who the actual Beneficiaries of the Estate are.

INTERIM ADMINISTRATION ACCOUNT - An Administration Account is an accounting of all financial activity of a Probate Estate beginning with Assets Inventoried as of date of death, adjusting for Actual Sale Values, Income received, Expenses of Administration, Disbursements and Distributions to Heirs.  If an Administration Account will be followed by another Account, generally because the business of Administering the Estate is not yet complete, then the Account is known as an Interim Administration Account.

INTESTACY – An Intestacy occurs when an individual dies without a Last Will and Testament (Will).  In Maryland, there is a complex statute, the Rules of Intestacy, that define who the Heirs are in an Intestate Estate.

INTESTATE – One is Intestate if they die without a Last Will & Testament (Will).  In Maryland, there is a complex statute, the Rules of Intestacy, that define who the Heirs are in an Intestate Estate.

INVENTORY REPORT – A Report due to the Court within 90 days of opening Probate Proceedings and appointment of a Personal Representative.  The Report lists all Assets of the Probate Estate at their precise value on Date of Death.

INFORMATION REPORT DELINQUENCY NOTICE – A Notice issued by the Register of Wills to either remind the Personal Representative and/or attorney that an Inventory Report is soon due or, a Notice that an Inventory Report is past due.  Note that some Counties send Reminder Notices and others send Delinquency Notices.  A delinquency Notice generally includes or is followed by a Show Cause Order to Remove the Personal Representative.

INFORMATION REPORT REMINDER NOTICE – A Notice issued by the Register of Wills to either remind the Personal Representative and/or attorney that an Inventory Report is soon due or, a Notice that an Inventory Report is past due.  Note that some Counties send Reminder Notices and others send Delinquency Notices.  A delinquency Notice generally includes or is followed by a Show Cause Order to Remove the Personal Representative.

IRREVOCABLE TRUST - An Irrevocable Trust is a legal arrangement where assets are transferred to a Trustee to be held for the benefit of designated Beneficiaries, but unlike a Revocable Trust, the Grantor cannot modify or terminate the Trust after it is established. Essentially, once assets are placed into an Irrevocable Trust, the Grantor relinquishes control over those assets, and they are managed according to the terms of the Trust document. This type of Trust is often used for Estate Planning to reduce Estate Taxes, Medicaid Planning, protect assets from creditors, and to avoid Probate

IRS FORM 4506-T - Formally known as "Request for Transcript of Tax Return," is a document used to obtain tax transcripts from the IRS. A tax transcript provides a summary of a taxpayer's tax return information, rather than a full copy of the filed return

IRS FORM SS-4 – Formally known as "Application for Employer Identification Number (EIN)," is used to apply for an Employer Identification Number from the Internal Revenue Service (IRS)

IRS FORM 1041 – IRS Form 1041 is an Internal Revenue Service (IRS) income tax return filed by the Trustee or Personal Representative of a Decedent’s Estate or Trust.  Derived from Section 1041 of the Internal Revenue Code (IRC), Form 1041 is used to declare any taxable income that an Estate or Trust generated after the Decedent passed away and before designated assets were transferred to beneficiaries.  The form is due by the 15th day of the fourth month after the Estate’s or Trust’s tax year ends.
IRS FORM 706 – IRS Form 706 ensures that estate taxes are adequately assessed for larger estates, while Form 1041 helps report the estate's income during the settlement process.