Legal Question in Wills and Trusts in Maryland
unusual situation??
gentleman recently passed away with no will,leaving stocks, bonds,retirement,a car,life ins. all with no ''named'' beneficiary so that all of the above will pass to his estate (regular). There is no debt aside from final taxes,and only 1 adult child (non-resident of MD)that inherits.Is probate necessary? Or can taxes be done and remainder distributed to heir?
Asked on 1/19/07, 2:31 pm
1 Answer from Attorneys
Richard Abraham
Abraham & Bauer, LLC
Re: unusual situation??
A estate must be opened. The IRS, MAryland Comptroller, MVA, life insurance co., stock company transfer agents and bond companies will not deal with anyone other than the executor/PR appointed to represent the estate> The son can still be appointed as such even tho he lives out of state
Answered on 1/19/07, 2:58 pm
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