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.