Maryland Code, ESTATES AND TRUSTS 5-702
Terms Used In Maryland Code, ESTATES AND TRUSTS 5-702
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Decedent: A deceased person.
- Intestate: Dying without leaving a will.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Personal representative: includes an administrator and an executor. See
- Testate: To die leaving a will.
(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.