Spouse Elective Shares Formula
Description
How to fill out Waiver Of Right To Election By Spouse?
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FAQ
Once the petition for the elective share is filed, the court must determine the amount of the elective share by calculating 30% of the fair market value of all of the deceased spouse's property that is subject to the elective estate.
Spousal Right of Election in New York Under the law, a spouse is entitled to an "elective share" of the assets which is defined as the greater of $50,000.00 or one-third of the estate which includes property such as joint bank accounts and certain assets which are known as "testamentary substitutes."
Spousal Right of Election in New York Under the law, a spouse is entitled to an "elective share" of the assets which is defined as the greater of $50,000.00 or one-third of the estate which includes property such as joint bank accounts and certain assets which are known as "testamentary substitutes."
Depending on the facts and circumstances, this would either be half or all of the probate estate. Unlike an elective share, the inheritance to a pretermitted spouse is made up exclusively of probate assets.
By state law, a surviving spouse in Pennsylvania can elect to take one-third of a decedent spouse's property, which includes: Property passing by the will or intestacy: A surviving spouse can take one-third of any property that the decedent included in his or her will.