Md. Code, Est. & Trusts § 5-702

Current with changes from the 2024 legislative session from Chs. 2 through 1049, effective on or before 6/1/2024
Section 5-702 - Election for modified administration

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.

Md. Code, ET § 5-702

Amended by 2013 Md. Laws, Ch. 645,Sec. 1, eff. 10/1/2013.