Maryland Code, ESTATES AND TRUSTS 11-107
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Terms Used In Maryland Code, ESTATES AND TRUSTS 11-107
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fiduciary: A trustee, executor, or administrator.
- including: means includes or including by way of illustration and not by way of limitation. See
- Legacy: A gift of property made by will.
Whenever a will or other governing instrument:
(1) Specifically authorizes a fiduciary to satisfy a legacy or transfer by selection and distribution of assets in kind; and
(2) Provides that the value of the assets to be distributed shall be determined by reference to their value for purposes of payment of federal estate taxes, the fiduciary shall distribute assets, including cash, having an aggregate fair market value at the date or dates of distribution amounting to no less than the amount of the legacy or transfer as finally determined for federal estate tax purposes unless the will or other governing instrument expressly directs to the contrary.