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.
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