Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a qualified attorney for guidance.
Detailed Answer
Court-Ordered Bond Requirements
Under Maryland law, the court generally requires a personal representative (administrator or executor) to post a bond before receiving Letters of Administration or Letters Testamentary. The court sets the bond amount at no less than double the value of the personal property plus the value of real property that will come into the representative’s hands. See Estates & Trusts §7-204.
Surety Bond Protection
A surety company issues the bond, guaranteeing estate distribution according to the law and the will of the decedent. If the administrator mismanages assets or fails to perform duties, interested parties can file a claim against the bond to recover losses. The bond remains in force until the court approves the final account and discharges the administrator.
Inventory and Accountings
The personal representative must file an inventory and periodic accountings with the Orphans’ Court. Maryland Rules require annual or final account filings under Estates & Trusts §7-403. Interested persons may request a review or petition for an accounting under §7-407. The court examines these records for accuracy and compliance.
Judicial Oversight and Enforcement
The Orphans’ Court oversees the entire estate administration. Parties in interest may petition for removal of a non-compliant administrator under Estates & Trusts §7-309. The court can surcharge the representative for losses and, if necessary, remove and replace them. This oversight ensures compliance with statutory duties and bond conditions.
Helpful Hints
- Choose a reputable surety company when posting bond.
- Keep detailed records of all estate transactions.
- File inventories and accountings on time to avoid court objections.
- Communicate regularly with beneficiaries and creditors.
- Consult the Orphans’ Court rules in your county for local procedures.