Bill > H2145

This bill modifies existing law regarding a surviving spouse's right to an "elective share," which is a portion of a deceased spouse's estate that a surviving spouse can claim even if the will leaves them less. Key provisions include clarifying that certain agreements or transfers made by both spouses, or with one spouse's written consent, act as a waiver of this elective share, and that agreements made in anticipation of or during divorce proceedings can also relinquish these rights. The bill also details how the elective share is calculated, with amounts varying based on the length of the marriage and the size of the estate, and specifies what property is included in the "elective estate" for these calculations, such as assets held in joint tenancy or certain transfers made before death. It further outlines procedures for making an election, including time limits and the right to information, and establishes protections for third parties who make payments or transfer property in good faith before receiving notice of an elective share claim. Importantly, if a surviving spouse is incapacitated, their conservator or guardian can make the election with court approval, and the share can be placed in a custodial trust for the incapacitated spouse's benefit.