An election for modified administration shall include:
(1) A statement that the estate qualifies for modified administration;
(2) A brief description of the property subject to administration; and
(3) An acknowledgment that:
(i) A verified final report under modified administration shall be filed no later than 10 months from the date of appointment; and
(ii) Distribution of the estate shall occur no later than 12 months from the date of appointment.
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