Maryland Nominal Bond of Personal Representative
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What Is the Nominal Bond of Personal Representative in Maryland?
A nominal bond of personal representative is a type of protection to ensure the representative of an estate will act lawfully and ethically. This surety bond guarantees the representative will pay all estate taxes once they take over the deceased party’s affairs.
How Much Does a Bond of Personal Representative Cost?
The cost for a nominal bond of personal representative in Maryland starts at just $100. However, the exact cost is largely dependent on the applicant’s credit and the bond amount required by the court.
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What Is the Maryland Law for Personal Representatives?
Maryland Law defines a personal representative as being “…under a general duty to settle and distribute the estate of the decedent in accordance with the terms of the will and the estates of decedents law…”
The personal representative is not entitled to receive all of the decedent’s assets, but rather to manage those assets on behalf of the beneficiaries or the heirs. They will evaluate and appraise all financial assets and ensure income and estate taxes are properly paid. Also, they typically oversee funeral planning.
How Does a Personal Representative Bond Work in Maryland
The surety bond amount matches the value of the estate. The estate value is calculated as the fair market value of the property minus the debts of record secured by the property as of the date of death.
A Maryland personal representative bond remains in effect and cannot be canceled until released in writing by the court.
Who is Qualified to Manage an Estate?
A personal representative is most commonly appointed in the decedent’s will. However, courts can also appoint a personal representative if there is no will or the original representative is absent or refuses the obligations.
Certain individuals are prohibited from serving, including:
- Minors
- Those deemed mentally incompetent
- Individuals with legal convictions
- Non-citizens of the U.S., unless the person is a permanent resident and is the spouse, ancestor, descendent or sibling of the deceased
How to Become a Personal Representative in Maryland
Upon appointment, a personal representative shall file a statement of acceptance of the duties and obtain the required surety bond.
Next, the personal representative must file a report with the department containing the following:
- The immediate balance of the estate
- Miscellaneous principal receipts
- Change in assets from date of death
- Income
- Disbursements
- Distribution and taxes
- Balance retained afterward
Within three months of the appointment, a representative must file another report containing information on the following:
- Jointly held assets
- Transfers of any assets within the two years before death
- Any interest in which the deceased retained dominion while alive
- Payable on death (P.O.D.) accounts
- Any interest in an annuity or other public or private employee pension or benefit plan
- Any interest in real or personal property for life or a term of years
- Any other interest in the property, in trust or otherwise
Each estate will also come with a required filing fee. Review the different tiers of fees in the Administering Estates in Maryland Instructional Guide.
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