What deadline governs the inventory in a Maryland estate?
Three months from appointment: the personal representative files an inventory with the Register of Wills showing each item's fair market value as of the date of death. Maryland's rules even specify what can be left off, since wearing apparel need not be listed except furs and jewelry.
Which estate items need an individual appraisal in Maryland?
In practice, items worth $500 or more, including jewelry, antiques, collectibles, art, and equipment, while lower-value household goods can be grouped and valued by the personal representative. The representative may hire qualified, disinterested appraisers for any asset whose value is fairly debatable, using different appraisers for different asset types with each identified on the inventory.
Can a vehicle in a Maryland estate be valued without an appraisal?
Yes. Estates and Trusts section 7-202(d) lets the personal representative use the average value in the National Automobile Dealers' Association used car guide or a similar guide designated by the register. Vehicles that are customized, collectible, or damaged fall outside what a price guide fairly captures, and those are the ones we appraise individually.
What are Maryland's small estate limits?
$50,000 in Maryland probate assets, or $100,000 when the surviving spouse is the sole legatee or heir. Small estates still require personal property to be inventoried and valued, but the simplified procedure reduces the filing burden and often the depth of appraisal support needed.
What happens if assets are discovered after the Maryland inventory is filed?
Estates and Trusts section 7-203 requires a supplemental inventory or reappraisal showing the date-of-death market value, or a corrected value, along with the appraisals or data relied on, whenever new property surfaces or an original value proves erroneous or misleading. Keeping the valuation file organized makes those corrections straightforward.