1. (1) All residuary legatees of a testate decedent and the heirs at law of an intestate decedent are limited to:

   1. (i) The decedent's personal representative;
   2. (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
   3. (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. (2) The estate is solvent and sufficient assets exist to satisfy all testamentary gifts;
3. (3) A verified final report under modified administration is filed within 10 months from the date of appointment;
4. (4) Final distribution of the estate can occur within 12 months from the date of appointment; and
5. (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.

An election for modified administration may be filed by a personal representative of an estate within 3 months from the date of appointment, if:

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.