Rule 6-455. Modified Administration

(a) Generally. When authorized by law, an election for modified administration may be filed by a personal representative within three (3) months after the appointment of the personal representative. (b) Form of Election. An election for modified administration shall be in the following form: ELECTION OF PERSONAL REPRESENTATIVE FOR MODIFIED ADMINISTRATION 1. I elect Modified Administration. This estate qualifies for Modified Administration for the following reasons: (a) The decedent died on __________ [ ] with a will or [ ] without a will. (b) This Election is filed within 3 months from the date of my appointment which was on __________. (c) [ ] Each of the residuary legatees named in the will or [ ] each of the heirs of the intestate decedent is either: The decedent's personal representative [ ] an individual or an entity exempt from inheritance tax in the decedent's estate under § 7-203(b), (e), and (f) of the Tax--General Article and [ ] 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. (d) Consents of all residuary legatees of a testate decedent and the heirs at law of an intestate decedent [ ] are filed herewith or [ ] were filed previously. (e) The estate is solvent and the assets are sufficient to satisfy all specific legacies. (f) Final distribution of the estate can be made within 12 months after the date of my appointment. 2. Property of the estate is briefly described as follows: Description Estimated Value 3. I acknowledge that I must file a verified Final Report Under Modified Administration no later than 10 months after the date of appointment and that, upon request of any interested person, I must provide a full and accurate Inventory and Account to all interested persons onths after the date of my appointment. 2. Property of the estate is briefly described as follows: Description Estimated Value 3. I acknowledge that I must file a verified Final Report Under Modified Administration no later than 10 months after the date of appointment and that, upon request of any interested person, I must provide a full and accurate Inventory and Account to all interested persons. I acknowledge that if I discover property of the decedent after the time for filing a verified Final Report Under Modified Administration, I must file the verified Report with respect to the after-discovered property within 60 days of the discovery of the property. 4. I acknowledge the requirement under Modified Administration to make full distribution within 12 months after the date of appointment, unless I discover property of the decedent after the time for making full distribution, in which case I must make final distribution of the after-discovered property within 90 days of the discovery of the property. 5. I acknowledge and understand that Modified Administration shall continue as long as all the requirements are met. I solemnly affirm under the penalties of perjury that the contents of this document are true to the best of my knowledge, information and belief. Attorney Personal Representative Address Personal Representative Address Telephone Number Facsimile Number E-mail Address (c) Consent. An election for modified administration may be filed if all the residuary legatees of a testate decedent and the heirs at law of an intestate decedent consent in the following form: CONSENT TO ELECTION FOR MODIFIED ADMINISTRATION I am a [ ] residuary legatee, who is the decedent's personal representative or an individual or an entity exempt from inheritance tax under § 7-203(b), (e), and (f) of Code, Tax General Article, [ ] an heir of the decedent who died intestate, and I am the decedent's personal representative, an individual or an entity exempt from inheritance tax under § 7-203(b), (e), and (f), [ ] or a trustee of a I am a [ ] residuary legatee, who is the decedent's personal representative or an individual or an entity exempt from inheritance tax under § 7-203(b), (e), and (f) of Code, Tax General Article, [ ] an heir of the decedent who died intestate, and I am the decedent's personal representative, an individual or an entity exempt from inheritance tax under § 7-203(b), (e), and (f), [ ] or a trustee of a trust 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. 1. Instead of filing a formal Inventory and Account, the personal representative will file a verified Final Report Under Modified Administration no later than 10 months after the date of appointment, unless the personal representative discovers property of the decedent after the time for filing a verified Final Report Under Modified Administration in which case the personal representative must file the verified Report with respect to the after-discovered property within 90 days of the discovery of the property. 2. Upon written request to the personal representative by any legatee not paid in full or any heir-at-law of a decedent who died without a will, a formal Inventory and Account shall be provided by the personal representative to the legatees or heirs of the estate. 3. At any time during administration of the estate, I may revoke Modified Administration by filing a written objection to Modified Administration with the Register of Wills. Once filed, the objection is binding on the estate and cannot be withdrawn. 4. If Modified Administration is revoked, the estate will proceed under Administrative Probate and the personal representative shall file a formal Inventory and Account, as required, until the estate is closed. 5 ke Modified Administration by filing a written objection to Modified Administration with the Register of Wills. Once filed, the objection is binding on the estate and cannot be withdrawn. 4. If Modified Administration is revoked, the estate will proceed under Administrative Probate and the personal representative shall file a formal Inventory and Account, as required, until the estate is closed. 5. Unless I waive notice of the verified Final Report Under Modified Administration, the personal representative will provide a copy of the Final Report to me, upon its filing which shall be no later than 10 months after the date of appointment. 6. Final Distribution of the estate will occur not later than 12 months after the date of appointment of the personal representative, unless the personal representative discovers property of the decedent after the time for making full distribution, in which case the personal representative must make final distribution of the after-discovered property within 90 days of the discovery of the property. Signature of Residuary Legatee or Heir State Relationship to Decedent Type or Print Name Signature of Residuary Legatee or Heir State Relationship to Decedent Type or Print Name Signature of Trustee Signature of Trustee Type or Print Name Type or Print Name (d) Final Report . (1) Filing. A verified final report shall be filed no later than 10 months after the date of the personal representative's appointment, unless the personal representative discovers property of the decedent after the time for filing a verified final report in which case the personal representative must file the verified report with respect to the after-discovered property within 90 days of the discovery of the property. (2) Copies to Interested Persons. Unless an interested person waives notice of the verified final report under modified administration, the personal representative shall serve a copy of the final report on each interested person. ort in which case the personal representative must file the verified report with respect to the after-discovered property within 90 days of the discovery of the property. (2) Copies to Interested Persons. Unless an interested person waives notice of the verified final report under modified administration, the personal representative shall serve a copy of the final report on each interested person. (3) Contents. A final report under modified administration shall be in the following form: BEFORE THE REGISTER OF WILLS FOR __________, MARYLAND Date of Appointment of Personal Representative FINAL REPORT UNDER MODIFIED ADMINISTRATION (Must be filed within 10 months after the date of appointment) I, Personal Representative of the estate, report the following: 1. The estate continues to qualify for Modified Administration as set forth in the Election for Modified Administration on file with the Register of Wills. 2. Attached are the following Schedules and supporting attachments: Total Schedule A: Total Schedule B: Total Schedule C: Distribution of Net Reportable Property 3. I acknowledge that: (a) Final distributions shall be made within 12 months after the date of my appointment as personal representative, unless I discover property of the decedent after the time for making final distributions in which case I must make final distribution of the after-discovered property within 90 days of the discovery of the property. le C: Distribution of Net Reportable Property 3. I acknowledge that: (a) Final distributions shall be made within 12 months after the date of my appointment as personal representative, unless I discover property of the decedent after the time for making final distributions in which case I must make final distribution of the after-discovered property within 90 days of the discovery of the property. (b) If Modified Administration is revoked, the estate shall proceed under Administrative Probate, and I will file a formal Inventory and Account, as required, until the estate is closed. I solemnly affirm under the penalties of perjury that the contents of this document are true to the best of my knowledge, information, and belief and that any property valued by me which I have authority as personal representative to appraise has been valued completely and correctly in accordance with law. Attorney Signature Personal Representative Address Personal Representative Address Personal Representative Telephone Number Facsimile Number E-mail Address CERTIFICATE OF SERVICE OF FINAL REPORT UNDER MODIFIED ADMINISTRATION I hereby certify that on this ___ day of __________, I delivered or mailed, postage prepaid, a copy of the foregoing Final Report Under Modified Administration and attached Schedules to the following persons: Names Addresses Attorney Signature Personal Representative Address Personal Representative Address Personal Representative Telephone Number Facsimile Number E-mail Address FOR REGISTER OF WILLS USE Distributions subject to __________ Tax thereon __________ tax at __________ % Exempt distributions to (Identity of the recipient) Exempt distributions to (Identity of the recipient) Exempt distributions to (Identity of the recipient) Total Inheritance Tax due Total Inheritance Tax paid Gross Estate _______________________ Probate Fee & Costs FINAL REPORT UNDER MODIFIED ADMINISTRATION SUPPORTING SCHEDULE A REPORTABLE PROPERTY Item No ax thereon __________ tax at __________ % Exempt distributions to (Identity of the recipient) Exempt distributions to (Identity of the recipient) Exempt distributions to (Identity of the recipient) Total Inheritance Tax due Total Inheritance Tax paid Gross Estate _______________________ Probate Fee & Costs FINAL REPORT UNDER MODIFIED ADMINISTRATION SUPPORTING SCHEDULE A REPORTABLE PROPERTY Item No. Description Basis of Valuation Value TOTAL REPORTABLE PROPERTY OF THE DECEDENT $ ______ (Carry forward to Schedule C) INSTRUCTIONS ALL REAL AND PERSONAL PROPERTY MUST BE INCLUDED AT DATE OF DEATH VALUE. THIS DOES NOT INCLUDE INCOME EARNED DURING ADMINISTRATION OR CAPITAL GAINS OR LOSSES REALIZED FROM THE SALE OF PROPERTY DURING ADMINISTRATION. ATTACHED APPRAISALS OR COPY OF REAL PROPERTY ASSESSMENTS AS REQUIRED: 1. Real and leasehold property: Fair market value must be established by a qualified appraiser. In lieu of a formal appraisal, real and leasehold property may be valued at the full cash value for property tax assessment purposes as of the most recent date of finality. This does not apply to property tax assessment purposes on the basis of its use value. 2. The personal representative may value: Debts owed to the decedent, including bonds and notes; bank accounts, building, savings and loan association shares, money and corporate stocks listed on a national or regional exchange or over the counter securities. 3. All other interests in tangible or intangible property: Fair market value must be established by a qualified appraiser. ATTACH ADDITIONAL SCHEDULES AS NEEDED FINAL REPORT UNDER MODIFIED ADMINISTRATION SUPPORTING SCHEDULE B Payments and Disbursements Item No. Description Basis of Valuation Value (Carry forward to Schedule C) INSTRUCTIONS 1. Itemize all liens against property of the estate including mortgage balances. 2 n tangible or intangible property: Fair market value must be established by a qualified appraiser. ATTACH ADDITIONAL SCHEDULES AS NEEDED FINAL REPORT UNDER MODIFIED ADMINISTRATION SUPPORTING SCHEDULE B Payments and Disbursements Item No. Description Basis of Valuation Value (Carry forward to Schedule C) INSTRUCTIONS 1. Itemize all liens against property of the estate including mortgage balances. 2. Itemize sums paid (or to be paid) within twelve months from the date of appointment for: debts of the decedent, taxes due by the decedent, funeral expenses of the decedent, family allowance, personal representative and attorney compensation, probate fee and other administration expenses of the estate. ATTACH ADDITIONAL SCHEDULES AS NEEDED FINAL REPORT UNDER MODIFIED ADMINISTRATION SUPPORTING SCHEDULE C Distributions of Net Reportable Property 1. SUMMARY OF REPORTABLE PROPERTY (Schedule A minus Schedule B) 2. SPECIFIC BEQUESTS (If Applicable) Name of Legatee or Heir Distributable Share of Reportable Estate Inheritance Tax Thereon 3. DISTRIBUTION OF BALANCE OF ESTATE Name of Legatee or Heir Distributable Share of Reportable Estate Inheritance Tax Thereon Total Reportable Distributions Inheritance Tax ATTACH ADDITIONAL SCHEDULES AS NEEDED (4) Inventory and Account. The provisions of Rule 6-402 (Inventory) and Rule 6-417 (Account) do not apply. (e) Revocation. (1) Causes for Revocation. A modified administration shall be revoked by: (A) the filing of a timely request for judicial probate; (B) the filing of a written objection by an interested person; (C) the personal representative's filing of a withdrawal of the election for modified administration; (D) the court, on its own initiative, or for good cause shown by an interested person or by the register; (E) the personal representative's failure to timely file the final report and make distribution within 12 months after the date of appointment, or to comply with any other provision of this Rule or Code, Estates and Trusts Article, §§ 5-701 through 5-710. election for modified administration; (D) the court, on its own initiative, or for good cause shown by an interested person or by the register; (E) the personal representative's failure to timely file the final report and make distribution within 12 months after the date of appointment, or to comply with any other provision of this Rule or Code, Estates and Trusts Article, §§ 5-701 through 5-710. (2) Notice of Revocation. The register shall serve notice of revocation on each interested person. (3) Consequences of Revocation. Upon revocation, the personal representative shall file a formal inventory and account with the register pursuant to Rules 6-402 and 6-417. The inventory and account shall be filed within the time provided by Rules 6-402 and 6-417, or, if the deadline for filing has passed, within 30 days after service of the register's notice of revocation.