What is the term for the portion of a decedent's estate entitled to a surviving spouse?

Enhance your knowledge for the Gold Coast Real Estate Test. Study effectively with diverse question formats, detailed explanations, and hints. Prepare confidently!

The term that refers to the portion of a decedent's estate that is entitled to a surviving spouse is known as the elective share. This is a legal right that allows a surviving spouse to claim a portion of the decedent’s estate, particularly if the decedent's will does not provide for the surviving spouse as much as state law allows. The elective share is designed to protect the financial interests of the surviving spouse, ensuring that they receive a minimum level of support after the death of their partner.

In many jurisdictions, the elective share can be a specific percentage of the decedent’s estate, which may vary based on state law. This is particularly important in cases where individuals might attempt to disinherit their spouse by leaving them nothing in their will. The elective share serves as a safeguard against such actions.

Other terms like remainder estate, life estate, and community property refer to different legal concepts within property and estate law. The remainder estate pertains to what remains after a life estate has been fulfilled, a life estate refers to property held for the duration of someone's life without permanent ownership, and community property deals with property acquired during marriage that is owned jointly by both spouses. Hence, these concepts do not relate to the specific rights afforded to a surviving spouse regarding

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy