Spousal Share
Overview
A spousal share refers to the portion of a deceased person's estate that their surviving spouse is legally entitled to receive. This concept is fundamental to estate planning and is designed to protect surviving spouses from being completely disinherited.
Key Components of Spousal Share
Elective Share
- The elective share is the minimum portion of the deceased spouse's estate that a surviving spouse can claim by law
- Typically ranges from 30-50% of the estate, depending on state laws
- Applies even if the deceased spouse's will provides for less or completely disinherits the spouse
Statutory Share
- Also known as the statutory forced share
- Represents the legally mandated minimum inheritance rights
- Varies by jurisdiction and length of marriage
Types of Property Included
Probate Assets
- Real estate held individually
- Personal property
- Financial accounts in deceased spouse's name only
- Business interests
Non-Probate Assets (in some states)
- Life insurance proceeds
- Retirement accounts
- Joint accounts
- Trust assets
Common Considerations
Factors Affecting Spousal Share
- Length of marriage
- State of residence
- Presence of children
- Prenuptial agreements
- Total value of the estate
Rights and Limitations
- Time limits for claiming elective share
- Impact of prenuptial agreements
- Effect on other beneficiaries
- Tax implications
Frequently Asked Questions
Can a spouse be completely disinherited?
Generally no. Most states protect surviving spouses through spousal share laws, though the exact protection varies by jurisdiction.
How is the spousal share calculated?
The calculation typically involves:
- Determining the total estate value
- Identifying includable assets
- Applying state-specific percentages
- Considering marriage duration
Can a prenuptial agreement override spousal share rights?
Yes, in most cases. A valid prenuptial agreement can modify or waive spousal share rights.
Does spousal share apply in community property states?
Community property states handle marital property differently, with each spouse automatically owning half of all marital property.
Summary
Understanding spousal share is crucial for effective estate planning. It provides essential protection for surviving spouses while potentially impacting other estate planning objectives. Consulting with a qualified estate planning attorney is recommended to navigate these complex provisions and ensure proper planning.
Key Takeaways
- Protects surviving spouses from disinheritance
- Varies significantly by state
- Can be modified through proper legal documentation
- Requires careful consideration in estate planning
- May impact other beneficiaries' inheritances
Note: This information is general in nature and may vary by jurisdiction. Consult with a qualified attorney for specific legal advice.
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Related Terms
Here are some related terms that are relevant to the estate planning term "spousal share":
Synonyms:
- Marital share
- Surviving spouse's share
- Widow's/Widower's share
Antonyms:
- Disinheritance
- Pretermission
Frequently Used Terms:
- Elective share
- Statutory share
- Probate assets
- Non-probate assets
- Prenuptial agreement
- Community property
- Estate planning
- Inheritance rights
- Testamentary disposition
These terms cover the key concepts, legal provisions, and estate planning considerations surrounding the spousal share. They can be useful in providing context, clarifying related ideas, and addressing common questions or concerns about this topic.
