Being appointed the personal representative of an estate in Maryland is a hefty role. Personal representatives are fiduciaries, with all of the obligations and requirements that go with it. One task they may need to handle is the inventory of assets and estate valuation.
Per Maryland statutes, the personal representative of an estate must compile an inventory of assets owned by the deceased when the deceased passed away. The personal representative has three months starting from the date of his or her appointment to do so. Each asset needs to be described in reasonable detail and indicate its fair market value along with any encumbrances if there are any.
What types of property can such an inventory include? First of all, real property such as land or homes can be included. In addition, tangible property can be included. There are exclusions here for clothing, except for furs and jewelry, which must be included.
In addition, if the deceased owned stock in any corporations, this can be included. In addition, if the deceased was owed money, including notes and bonds, these can be included. Bank accounts and money must also be listed. Finally, if the deceased has any other interest in any other assets, tangible or intangible, that could be passed through a will or through intestate succession, this can also be included in the inventory of assets.
Determining what to include in the inventory of assets is an important role that the personal representative of an estate is tasked with carrying out. Since this is such an important role, those who are appointed as personal representatives may not want to assume it alone. They may want to enlist the aid of an attorney to help them carry out their tasks. Since this post cannot serve as legal advice for any specific case, seeking legal representation may be necessary.