How do I protect the assets of a deceased parent?

When a parent passes away, it is important to protect the assets of the estate for the benefit of the heirs and beneficiaries. In Maryland, the most common way to ensure assets are distributed according to the wishes of the deceased is through probate. Probate is a legal process overseen by the courts that involves compiling the assets of a deceased person, paying any outstanding debts and taxes, and distributing the rest of the estate to the heirs and beneficiaries. This process is administered according to the wishes of the deceased, as expressed in their will. If the parent did not leave behind a valid will, the estate will be distributed according to the laws of intestacy. It is important to have a qualified probate attorney to guide you through the complexities of the process. An attorney specialized in Elder Law will be able to advise you on the best way to preserve and protect the assets of the estate. They can also provide help with filing the necessary paperwork and representing the estate in court. In addition to going through the probate process, there are other steps you can take to protect the assets of the deceased. Be sure to consult with a financial professional to understand the tax implications of inheriting the estate. You should also review any life insurance policies, bank accounts, and investments in order to make sure they are under the right beneficiary or owner. Finally, if the estate includes real estate, be sure to contact a qualified real estate attorney to ensure that the property is kept in a sound and secure condition.

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How do I protect the assets of a deceased parent?

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