An election for modified administration may be filed by a personal representative of an estate within 3 months from the date of appointment, if:
(1) All residuary legatees of a testate decedent and the heirs at law of an intestate decedent are limited to:
(i) The decedent's personal representative;
(ii) Individuals or entities exempt from inheritance tax in the decedent's estate under § 7-203(b), (e), and (f) of the Tax--General Article; and
(iii) Trusts under which each person who has a current interest in the trust is an individual or entity exempt from inheritance tax in the decedent's estate under § 7-203(b), (e), and (f) of the Tax--General Article;
(2) The estate is solvent and sufficient assets exist to satisfy all testamentary gifts;
(3) A verified final report under modified administration is filed within 10 months from the date of appointment;
(4) Final distribution of the estate can occur within 12 months from the date of appointment; and
(5) All residuary legatees of a testate decedent and the heirs at law of an intestate decedent consent to a modified administration as required under § 5-706 of this subtitle.
Credits
Added by Acts 1997, c. 596, § 1, eff. Oct. 1, 1997. Amended by Acts 2003, c. 232, § 1, eff. Oct. 1, 2003; Acts 2004, c. 477, § 1, eff. Oct. 1, 2004; Acts 2013, c. 645, § 1, eff. Oct. 1, 2013.
MD Code, Estates and Trusts, § 5-702, MD EST & TRST § 5-702
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.
