South Dakota Notice of Election by Surviving Spouse

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Description

An elective share is a term used relating to inheritance, which describes a proportion of an estate which the surviving spouse of the deceased may claim in place of what they were left in the decedent's will. It has also been called a widow's share, statutory share, election against the will, or forced share.


The election rights of a spouse are governed by state laws, which vary by state. Under such laws, the surviving spouse has historically had the option of either:
1. Accepting what was provided to him or her pursuant to the decedents will; or
2. Electing to take a fixed portion of the decedents probate estate property.


The rationale for granting an election to the surviving spouse is to ensure that the surviving spouse receives at a minimum amount of the decedents wealth which, in many cases, was accrued during the marriage.


Currently, the amount to be reserved for a spouse is determined by the law of the state where the estate is located. In most states, the elective share is between 1/3 and 1/2 of all the property in the estate, although many states require the marriage to have lasted a certain number of years for the elective share to be claimed, or adjust the share based on the length of the marriage, and the presence of minor children. Some states also reduce the elective share if the surviving spouse is independently wealthy.

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FAQ

You may be able to avoid probate in South Dakota using any of the following strategies: Establish a Revocable Living Trust. Title property in Joint Tenancy. Create assets/accounts that are TOD or POD (Transfer on Death; Payable on Death)

A person's next of kin is their closest living blood relative, including spouses and adopted family members. The designation as next of kin is important in the context of intestate succession, as a decedent's next of kin is prioritized in receiving inheritance from the decedent's estate.

Under a joint tenancy with the right of survivorship, each owner effectively owns the whole asset. In other words, each owner shares ownership equally. If one owner dies, the other owner acquires the deceased owner's interest automatically.

The court will appoint a personal representative to administer the estate and distribute the property. This person is often a surviving spouse or another beneficiary. Because there is no will, state law will be used to distribute property. Property will usually go to surviving spouses and other heirs.

Codified Laws § 34-20A-2.2. For the purposes of this chapter, the term, next of kin, means, in order of priority stated, the person's: (1) Spouse, if not legally separated; (2) Adult son or daughter; (3) Parent; and (4) Adult brother or sister.

However, it is possible to skip probate in South Dakota if the entire value of an estate is less than $50,000. In that case, the estate would pass through what's called a simplified probate process.

Codified Laws § 34-20A-2.2. For the purposes of this chapter, the term, next of kin, means, in order of priority stated, the person's: (1) Spouse, if not legally separated; (2) Adult son or daughter; (3) Parent; and (4) Adult brother or sister.

The person most closely related to the casualty is considered the PNOK for notification and assistance purposes. This is normally the spouse for married persons and the parents for unmarried Soldiers/individuals.

In South Dakota, when a person dies without leaving a will, the surviving spouse is entitled to receive the entire intestate estate unless the decedent was survived by descendants of a prior marriage or other relationship, in which event, the spouse receives $100,000.00 plus half of the remaining estate, plus certain ...

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South Dakota Notice of Election by Surviving Spouse