Estates and Trusts Updates

ADDITIONAL LEGISLATIVE UPDATES

Tax General 7-309 (3) (i) The Maryland Estate Tax exclusion amount will increase based on the following schedule:  DOD before 1/1/15 $1,000,000, DOD on or after 1/1/15 $1,500,000, DOD on or after 1/1/16 $2,000,000, DOD on or after 1/1/17 $3,000,000, DOD on or after 1/1/18 but before 1/1/19 $4,000,000.

Estates and Trust 5-708 (2) Revocation of Modified Administration – Filing of a written objection to modified administration by an interested person.

Estates and Trust 5-105 (a) and (2) The law defines “serious crime” as a crime that “reflects adversely on an individual’s honesty, trustworthiness or fitness to perform the duties of a personal representative.”  Serious Crime includes fraud, extortion, embezzlement, forgery, perjury and theft.

Estates and Trust 11-114 (a) and (b) The same standard applies to a person seeking to become guardian, but is expanded to include conviction of a felony, crime of violence, second degree assault and sexual offenses.

 

PAPER REDUCTION INITIATIVE

Effective for estates opened October 1, 2014 and after – E&T 2-209 The Register may comply with section (a) Any will, probated, or any paper filed in the office of the Register may not be delivered out of the office to any person by: (i) Retaining a permanent paper file of a Will and Codicil and a copy of any other file associated with the estate in paper, photographic, micro processed, magnetic, mechanical, electronic, digital, or any other medium if the copy is maintained in a manner that: (1) Is clear and legible; (2) Accurately reproduces the original document in its entirety, including any attachments to the document; (3) Is capable of producing a clear and legible hard copy of the original document; and (4) Preserves evidence of any signature contained on the document and (ii) no sooner than 180 days following the closing of an estate, returning each other file associated with the estate, other than the will and codicil, to the personal representative of the estate.  The Registers’ are presently developing standards in accordance with this law change.