§ 3-410. Payment of elective share
West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2020
Effective: October 1, 2020
MD Code, Estates and Trusts, § 3-410
§ 3-410. Payment of elective share
(a) This section does not apply if payment of the elective share of a surviving spouse is otherwise provided for in:
(b)(1) Subject to paragraph (2) of this subsection, the elective share of a surviving spouse shall be paid:
(iii) To the extent the elective share is not fully paid as provided in items (i) and (ii) of this paragraph, by the recipients of any other portions of the estate subject to election that do not constitute any part of the spousal benefits, prorated among the recipients in proportion to the value of the assets received by each recipient.
(2) If any payment required by this subsection is preempted by federal law or is to be made from either a trust established under § 1917(c)(2)(B)(iii), (c)(2)(B)(iv), (d)(4)(A), or (d)(4)(C) of the Social Security Act, an account established under § 529A of the Internal Revenue Code, or a special needs trust for the benefit of an individual who is disabled as defined in § 1614(a)(3) of the Social Security Act, the portion of the elective share payable under this subsection shall be apportioned among those recipients whose benefits are not preempted under federal law or who are not beneficiaries of those trusts or accounts.
(c) Unless the surviving spouse and the payor agree otherwise in writing, each person required to pay a portion of the elective share under this section shall make payment:
(d) A payor or any other third party, other than the personal representative of the decedent, the trustee of any revocable trust of the decedent, or the person responsible for filing the estate tax return, is not liable for having made a payment or transferred an item of property, or any other benefit from which the elective share might be paid, to a beneficiary designated in a governing instrument or beneficiary designation if the payment or transfer is made:
Credits
Added by Acts 2019, c. 435, § 1, eff. Oct. 1, 2020.
MD Code, Estates and Trusts, § 3-410, MD EST & TRST § 3-410
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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