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New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 38A-7

Current as of January 01, 2024 | Updated by Findlaw Staff

In an action for an elective share,

a. The amount of the surviving spouse's elective share shall be satisfied by applying:

(1) The value of all property, estate or interest therein, owned by the surviving spouse in his own right at the time of the decedent's death from whatever source acquired, or succeeded to by the surviving spouse as a result of decedent's death notwithstanding that the property, estate or interest or part thereof, succeeded to by the surviving spouse as the result of decedent's death has been renounced by the surviving spouse, and

(2) The value of property described in subsection b(2) of section 2 of this act.

b. Remaining property of the augmented estate is so applied that liability for the balance of the elective share of the surviving spouse is equitably apportioned among the recipients of the augmented estate in proportion to the value of their interests therein.

c. Only original transferees from, or appointees of, the decedent and their donees, to the extent the donees have the property or its proceeds, are subject to the contribution to make up the elective share of the surviving spouse. A person liable to contribution may choose to give up the property transferred to him or to pay its value as fixed in the manner provided in section 2a. of this act.

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Cite this article: FindLaw.com - New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 38A-7 - last updated January 01, 2024 | https://codes.findlaw.com/nj/appendix-former-title-3a-administration-of-estates-decedents-and-others/nj-st-sect-3a-38a-7/

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