Need help with a review of a will? Chat with an attorney and protect your rights.

Terms Used In Maryland Code, ESTATES AND TRUSTS 7-302

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Decedent: A deceased person.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Personal representative: includes an administrator and an executor. See
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
The initial account of the administration of the property of the decedent shall contain the certificate of the personal representative of:

(a) The total value of property as shown in all inventories made prior to the date of the account;

(b) All receipts of the estate during the period of administration;

(c) The date of each purchase, sale, lease, transfer, compromise, settlement, disbursement, or distribution of assets of the estate, a description of each such transaction, and a statement of the amount by which it affects the amounts referred to in subsections (a) and (b) of this section; and

(d) The value of any assets remaining in the hands of the personal representative.