Understanding Maryland’s Year’s Allowance
In Maryland probate, a surviving spouse or minor child can elect to receive a “year’s allowance” from estate assets for support and maintenance during probate. This allowance draws on personal or real property before other creditors are paid. Knowing whether you must list personal property assets depends on whether you are the personal representative preparing an inventory or the surviving family member making the election.
Detailed Answer
1. Who Lists Assets?
– The Personal Representative (formerly called “executor”) must file an inventory of the estate. Under Maryland Code, Estates & Trusts § 6-101, the Personal Representative must list all personal property over $20 in value and any real property. You can view the statute here: E&T § 6-101.
2. Election for Year’s Allowance
– The surviving spouse or minor child seeking a year’s allowance files a petition under Maryland Code, Estates & Trusts § 3-901. That petition does not require you to list every item of personal property but must state the amount of the allowance requested and the estimated value of the estate to ensure the allowance is feasible. See E&T § 3-901.
3. Setting Aside Property
– After the petition, the court orders the Personal Representative to set aside enough assets—either personal or real—to satisfy the allowance. If the inventory already lists the estate’s personal property, the court uses that information to select items for the allowance under E&T § 3-903.
4. Practical Steps
– If you are the representative, prepare a thorough inventory listing all personal assets valued above $20.
– If you are the spouse or child, focus on the petition amount and an estimate of total estate value rather than itemizing each asset.
Helpful Hints
- File the year’s allowance petition within one year after qualification of the Personal Representative to avoid timing objections.
- Review Estates & Trusts § 6-101 for inventory requirements before you prepare documents.
- Estimate the estate’s value by reviewing bank statements, brokerage accounts, and recent appraisals.
- Work with a probate attorney to confirm you meet all Maryland formalities and deadlines.
- Keep copies of all filings and court orders in a dedicated probate folder.
Disclaimer: This article is for educational purposes and does not constitute legal advice. Consult a qualified attorney to address your specific situation.