The probate process can be confusing and intimidating. Unfortunately, real estate transactions can still be very risky propositions! Especially if you aren’t sure how to avoid probate scams.
Understanding the probate process for a house in Essex Maryland helps!
This article will provide readers with the basics of what probate is and how it works.
What is Probate?
Probate is the legal process of transferring ownership of property from a deceased person to their heirs, paying debts and taxes, and resolving any disputes.
If you live in Maryland and are inheriting a house, you will likely need to go through the probate process. The process of probate can be complicated and time-consuming, but it is important to understand what is involved so that you can be prepared.
Here are some things you need to know about the probate process of a house in Maryland.
What Real Estate Assets are Subject to Probate in Maryland?
All real property is subject to probate in Maryland. Real property includes land, buildings, and anything attached to the land. Personal property, such as cars, boats, furniture, jewelry, and bank accounts, can also be subject to probate.
Who Manages the Probate Process in Maryland?
The first step in probate is filing a petition with the court to designate a personal executor of the estate.
The petitioner usually is the individual who becomes the executor of the estate, but it can also be a beneficiary or someone with a financial interest in the estate.
The petition starts the probate process and gives the executor authority to settle the estate.
Once the petition is filed, notice must be given to all interested parties. This includes beneficiaries, creditors, and anyone else who has a financial interest in the estate.
After notice is given, interested parties have a certain amount of time to file any claims against the estate.
How Long Does the Probate Process Take in Maryland?
In Maryland, the probate process will typically take anywhere from six months to two years.
Ultimately, the length of time the probate process takes in Maryland depends on a number of factors, including the size and complexity of the estate, whether or not there are any disputes among the heirs, and how quickly the executor completes all of the required tasks.
What Are the Expenses Associated with Probate in Maryland?
In Maryland, the expenses of probate fees can be significant.
In addition to probate fees, there are also other costs that can be associated with probate in Maryland. These costs can include attorney’s fees, appraisal fees, and bond premiums.
Probate fees in Maryland are set by statute and are based on the value of the estate. For example, the fee for an estate valued at $50,000 or less is $175. The fee for an estate valued at $500,001 to $1 million is $6,000.
The best way to avoid these expenses is to plan ahead by creating a trust or transferring ownership of assets outside of probate.
Can you Avoid Probate in Maryland?
Most people want to avoid probate because it can be time-consuming and expensive. There are a few ways to avoid probate in Maryland:
One way to avoid probate is to create a revocable living trust. This type of trust allows you to transfer ownership of your assets to the trust while you are alive. The trustee will manage the assets according to your instructions. When you die, the trustee will distribute the assets according to the terms of the trust.
Another way to avoid probate is to name a beneficiary for your assets. Assets with named beneficiaries, such as life insurance policies and retirement accounts, do not have to go through probate. The beneficiary can claim the asset without going through any legal process.
Some types of property can be transferred outside of probate through beneficiary designations or transfer on death deeds. For example, life insurance policies and retirement accounts typically have beneficiary designations that will supersede the wishes stated in a will.
Successfully Sell Your House During Probate in Maryland
The probate process in Maryland is not as complicated as one might think. With the help of knowledgeable professionals, the dealing with the probate can be completed relatively easily and quickly.
If you are thinking about selling your house in Maryland for cash while it’s in probate, reach out to us to receive a fair cash offer to buy your house in Maryland regardless of what condition it is in. Whether you are looking to inherit a house or sell it in order to pay off debts, let’s take a look at the options you have when selling your probate house.
Call us today at (410) 870-9228 to get a cash offer on your inherited house today!