Samuel is one of four siblings and was named in his mother’s will as Personal Representative. The Will also specified that her home be sold and the profits divided equally among Samuel and his siblings. However, an inspection of the house revealed some expensive repairs that were needed for it to sell at a profit on the open market. Neither Samuel nor his siblings wanted to spend the time and money necessary to complete the repairs, they wanted to get the house sold as quickly as possible so they would not have to continue paying property taxes and the other financial obligations of owning the home. We pay cash for homes in just about any condition so, Samuel contacted us about buying his mother’s property.
The probate process in Maryland is very specific, both in the tasks required and in the timeframe for completing those tasks. Samuel’s mother made sure the first step of the process was completed when she filed her Will with the Office of the Register of Wills more than a decade ago. She had asked Samuel if he would agree to be her Personal Representative and execute the Will upon her death. He had agreed, and she had given him a copy of the Will. Samuel told us, when he contacted us, that he had not thought about what his responsibilities would be and had not researched the process, mostly because he had not wanted to think about her death. Now the time was here for him to act upon her wishes and he was overwhelmed and uncertain about the process. Because of our extensive network of professionals, we were able to connect him with a probate attorney who could help him successfully understand the process and meet all requirements and deadlines.
Maryland Probate Process
Filling the Will
The process for probate in Maryland beings with the filing of the Will with the Office of the Register of Wills. Samuel’s mother took care of this step long before her death. So the first step Samuel needed to take was filing a Petition to Probate the Estate.
Petition to Probate the Estate
List of Interested Persons
Inventory and Information Report
However, the First Account is not allowed to be filed any sooner than six months after the appointment of the Representative. This document states the value of the estate and reports all financial activity, such as bills that were paid from the estate after the decedent’s death – like mortgage payments, utility payments, funeral expenses, etc. It would also list any income added to the value of the estate, like insurance payments, etc. This account must be approved by the court.
Claims Against the Estate
Samuel After Probate
Once the probate process closed, the home and property were able to be sold. When Samuel came to us early on, we were able to inspect the property and make an offer to purchase it. We knew, at the time, that it would not be sold until the probate process was completed, but it at least gave Samuel a price range to expect.
Had it been necessary to sell the property during the probate process to prevent foreclosure, there is a process to allow that. However, Samuel’s mother had enough in savings at the time of her death that the sale of the house was not necessary. After re-inspecting the property to verify that the condition had not changed, we formally made a fair offer to Samuel. The offer was below market value, but it was still more than it would have been if they needed to pay for the repairs before selling it. Samuel accepted the offer and, he and his siblings were happy with their shares. We at Akin Developers made the repairs to the house and sold the property for a profit. Everyone benefitted.
When making your way through the probate process in Maryland it is a good idea to work with professionals. Akin Developers has a vast network of professionals in place to help you navigate the process.