Maryland has streamlined its probate process for small estates. The new law, SB No. 535, which becomes effective on October 1, 2012, makes it simpler for survivors to deal with property left by a person who has died. You now may be able to convey larger amounts of property using this new shortcut, saving precious time and money.
Under SB No. 535, an executor can file a request with his local probate court asking to use the simplified procedure. The court may permit the executor to disperse the assets of an estate without having to jump hurdles often associated with transferring property.
You can now use the simplified process if the total value of the property in an estate has a value of $50,000 or less – or if the surviving spouse is the only beneficiary and the value of the property is $100,000 or less.
For more information on how to take advantage of this new shortcut or for a consultation regarding your legal issues, please contact McCollum & Associates, LLC, at (301) 864-6070 or firstname.lastname@example.org.