Section 5-702 - Election for modified administration.
§ 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 the:
(i) Decedent's personal representative; and
(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;
(2) All trustees of each trust that is a residuary legatee are limited to the decedent's:
(i) Personal representative;
(ii) Surviving spouse; and
(iii) Children;
(3) The estate is solvent and sufficient assets exist to satisfy all testamentary gifts;
(4) A verified final report under modified administration is filed within 10 months from the date of appointment;
(5) Final distribution of the estate can occur within 12 months from the date of appointment; and
(6) 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.
[1997, ch. 596; 2003, ch. 232; 2004, ch. 477.]