Bill > S748

This bill, titled "Relative to the elective share of surviving spouses," modifies existing Massachusetts General Laws concerning the rights of a surviving spouse to claim a portion of a deceased spouse's estate, known as the "elective share." The core of the bill is to redefine and expand what constitutes the "augmented estate," which is the total value of assets considered when calculating the elective share. This augmented estate now includes not only the deceased's probate estate (assets that pass through a will or intestacy) but also various nonprobate transfers to others, such as certain joint tenancies, life insurance proceeds, and property over which the decedent held a power of appointment, as well as transfers made during marriage that retained certain rights for the decedent. The bill also introduces a sliding scale for the elective share percentage based on the duration of the marriage, with longer marriages entitling the surviving spouse to a larger portion of the marital-property portion of the augmented estate. It clarifies procedures for making an election, including time limits and extensions, and outlines how the elective share is satisfied from various sources, with provisions for personal liability of recipients of nonprobate transfers. Additionally, the bill addresses situations involving incapacitated surviving spouses and the enforceability of waivers of elective share rights, establishing specific requirements for such waivers to be considered informed and not obtained through fraud or duress. Finally, it provides protections for payors and other third parties who distribute assets before receiving notice of an elective share claim.