Maryland Code, ESTATES AND TRUSTS 7-201
Terms Used In Maryland Code, ESTATES AND TRUSTS 7-201
- Decedent: A deceased person.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- including: means includes or including by way of illustration and not by way of limitation. See
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Intestate: Dying without leaving a will.
- Personal property: All property that is not real property.
- Personal representative: includes an administrator and an executor. See
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Testate: To die leaving a will.
(b) The inventory shall include:
(1) Real property;
(2) Tangible personal property, excluding:
(i) Wearing apparel, other than furs and jewelry; and
(ii) Provisions for consumption by the family;
(3) Corporate stocks;
(4) Debts owed to the decedent, including bonds and notes;
(5) Bank accounts, building, savings and loan association shares, and money;
(6) Debts owed to the decedent by the personal representative; and
(7) Any other interest in tangible or intangible property owned by the decedent which passes by testate or intestate succession.