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Register of Wills for Montgomery County Maryland

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					Register of Wills for Montgomery County, Maryland
JOSEPH M GRIFFIN REGISTER OF WILLS ROOM 322 50 MARYLAND AVENUE ROCKVILLE, MARYLAND 20850-2397 TELEPHONE (240) 777-9600 FAX (240) 777-9602

INSTRUCTIONS FOR REPORTING PROBATE ASSETS
(INVENTORY) A person filing a SMALL ESTATE PETITION FOR ADMINISTRATION is required to report assets of the decedent at the time of filing the petition. See SCHEDULE B of the petition. INVENTORY Supporting Schedules (form RW 1123) may be used to report these assets. Refer to the APPRAISALS section of these instructions for further directions. Maryland Rule 6-402 requires that within three months after appointment, every personal representative of a Regular Estate must file an INVENTORY SUMMARY (form RW 1122), INVENTORY Supporting Schedules (form RW 1123) when applicable, and appraisals reporting the date of death fair market value of all assets held in the sole name of the decedent or as A tenant in common (probate assets). See the instructions on RW 1123 and note the following:

APPRAISALS
1. Stocks listed on a national or regional exchange and over the counter securities Stocks are to be valued using the average of the high and low as of the date of death. High plus low divided by 2 = average (weekday death). Friday and Monday highs plus lows divided by 4 = average (weekend death). Note: accrued income/dividends prior to and including the date of death must be included. 2. Bonds, notes and other debts due to the decedent Provide a detailed description including face values, issue dates, maturity dates, interest rates and amortization schedules. 3. Bank accounts and money (cash, uncashed checks) Provide the name of the financial institution, type of account (checking, savings, certificate of deposit, etc.), account number and date of death balance for each account. 4. For decedents dying on or after January 1, 1998: In lieu of a formal appraisal, real and leasehold property may be valued at the "full cash value" for property tax assessment purposes. This may also be found on the assessment as "current value" or "total new market value." Use the date of assessment closest to the date of death. Provide copy of assessment. Note: this does not apply to property assessed for property tax purposes on the basis of its use value. 5. For decedents dying on or after October 1, 1998: In lieu of a formal appraisal, a motor vehicle may be valued by a personal representative on the basis of the average value of the motor vehicle as reflected in (a) the National Automobile Dealers' Association official used car guide, or (b) any substantially similar price guide designated by the register. Provide copy of quotation.

INSTRUCTIONS FOR REPORTING PROBATE ASSETS continued
TOLL FREE WITHIN MARYLAND 1-888-892-2180
Instructional Guides

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It is the duty of the personal representative to obtain appraisals by a qualified, disinterested appraiser for any asset not described above. Maryland Rule 6-403 requires each appraisal to include a brief description of the appraiser’s qualifications and a verification signed by the appraiser. The verification is included on form RW 1123.

Maryland law establishes these requirements. The Register of Wills has no authority to excuse appraisals under any circumstances. However, under special circumstances, and upon petition, the Court may accept valuation given in lieu of a formal appraisal.

PROBATE ASSETS INCLUDE:    

all assets in the SOLE name of the decedent the decedent's interest in all assets held as tenants in common with someone other than a spouse all assets titled in the name of the decedent and someone who predeceased the decedent IRAs, pension plans, annuities, and payable on death accounts with no named beneficiary or contingent beneficiary, or with a beneficiary who predeceased the decedent POA accounts when someone else had a power of attorney for the decedent during the decedent's lifetime life insurance policies with no named beneficiary or contingent beneficiary, or with a beneficiary who predeceased the decedent, or with the estate named as the beneficiary

 

LIFE INSURANCES WITH NAMED (SURVIVING) BENEFICIARIES ARE NOT REPORTABLE.

CAUTION Report only probate assets on the INVENTORY. See INSTRUCTIONS FOR REPORTING NON-PROBATE ASSETS for the INFORMATION REPORT or APPLICATION TO FIX INHERITANCE TAX ON NON-PROBATE ASSETS.

Please refer all questions to 240-777-9640.

TOLL FREE WITHIN MARYLAND 1-888-892-2180
Instructional Guides

IN THE ORPHANS' COURT FOR (OR) BEFORE THE REGISTER OF WILLS FOR IN THE ESTATE OF:

MONTGOMERY COUNTY

, MARYLAND

ESTATE NO: Date of Death

INVENTORY
Summary
Schedule Type of Property Appraised Value

A B C D E F G

Real..................................................................................................................... Leasehold............................................................................................................ Tangible Personal................................................................................................ Corporate Stocks................................................................................................. Bonds, notes, mortgages, debts due to the decedent.......................................... Bank accounts, savings and loan accounts, cash................................................ All other interests................................................................................................. Total

$ $ $ $ $ $ $ $

I solemnly affirm under the penalties of perjury that the contents of the foregoing inventory are true to the best of my knowledge, information, and belief and that any property valued by me which I have authority as personal representative to appraise has been valued completely and correctly in accordance with law.

Attorney

Personal Representative

Date

Address

Personal Representative

Date

Personal Representative

Date

Telephone Number

Telephone Number(optional)

TOLL FREE WITHIN MARYLAND 1-888-892-2180

1122
Instructional Guides

Inventory of Estate of Estate No. SCHEDULE
Item No. Description Market Value

Verification of appraiser other than personal representative, if not supplied separately: I solemnly affirm under the penalties of perjury that I appraised the property listed on this schedule on the ______________ day of ______________________, _______, and that the appraisal was done impartially and to the best of my skill and judgement. ________________________________ Signature of appraiser ____________________________________________ Printed Name ____________________________________________ Address
Instructions: Pursuant to Code, Estates and Trusts Article §7-201
1. 2. 3. 4. Describe each item in reasonable detail, and indicate its appraised gross market value as of the date of death of the decedent. If an item is encumbered, show the type and amount of any encumbrance in the description. For real and leasehold property, give a description sufficient to identify the property and the title reference by liber and folio. In listing tangible personal property it is not necessary to list wearing apparel other than furs and jewelry

RW 1123


				
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