FAQ Friday: Passing without a Will
On Friday, June 9th, Karla Horn discusses what happens if you pass in the state of Maryland without a Will.
There are some rules changes October 1, 2023.
Without a Will, once taxes and estate fees have been paid, the State will decide who will inherit.
If the decedent had a spouse and minor children, then the spouse received one-half and the children receive one-half.
If the decedent had a spouse with adults children, then the current rule is the spouse would receive $40,000 plus half the remaining and the adult children would split the other half remaining.
The new rule on 10/1/23 states that the spouse of the decedent would receive the entire estate and the children would receive nothing.
Another scenario is the decedent is married and has adult children. However, those children are the decedent’s only from a previous relationship. The current rule is the spouse would receive $40,000 plus half the remaining and the adult children would split the other half remaining.
The new rule on 10/1/23 states that the spouse would receive $100,000 and one half of the remaining and the adult children would split the rest of the estate.
If you are married, but less than 5 years the the estate would be split in half between the parents and the spouse. However, if you are married 5 years or more then the entire estate goes to the spouse.
The new rule on 10/1/23 states that the spouse would receive the entire estate regardless of length of marriage.
If the decedent has a spouse with no children or parents, the spouse will receive the entire estate.
If the decedent has children, but no spouse, then the children will receive the entire estate.
If you have adopted children, they would receive a share as if they were biological children. However, foster and step children are not automatically given a share.
Monies inherited by a minor child would go into a trust held by the county. The children would receive the money on their 18th birthday.
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