Under Tennessee law, a surviving spouse has a right to elect to receive a portion of their deceased spouse’s estate instead of what is left in the will. This elective share is available even if there is no will, or the decedent attempted to disinherit a surviving spouse. So, Tennessee law always protects surviving spouses by allowing them some percentage of the decedent’s estate based on the length of the marriage.
The amount of an elective share varies under law, depending on the length of the marriage and the total amount of the decedent’s net estate. Years of marriage do not need to be consecutive to qualify under the law, and years from separate marriages count toward the total length of marriage. The total percentage of an elective share is provided by Tenn. Code Ann. § 31-4-101 in accordance with the following schedule:
Duration of Marriage Percentage of the Net Estate less than 3 years the elective-share is 10%3 years but less than 6 years the elective-share is 20%6 years but less than 9 years the elective-share is 30%9 years or more the elective-share is 40%To better understand what the amount of the elective share would be it is important to know what the net estate involves. According to the statute, the net estate includes the deceased’s real and personal property subject to the latter’s disposition under the decedent’s will or the laws of intestate succession, reduced by the following:
- secured debts to the extent that secured creditors are entitled to realize on the applicable collateral;
- funeral expenses;
- estate administration expenses;
- an award of exempt property;
- a homestead allowance; and
- a year’s support allowance
The various allowances and other expenses subject to Tennessee law may be confusing, and a King Law attorney will be able to help you identify these and correctly calculate an elective share amount.
A Tennessee Elective-Share Example
An example of what an elective share may look like is helpful to understanding the process. Imagine a surviving spouse was married to the decedent for 6 years. The spouse’s real estate was valued at $400,000 and personal property was valued at $50,000 for a total of $450,000, minus the following:
- Mortgage loans secured by the real estate ($150,000)
- Funeral expenses ($5,000)
- Estate administration
- expenses ($5,000)
- Exempt property ($5,000)
- Homestead exemption ($5,000)• A year’s support ($30,000).
The net estate value is $255,000. The surviving spouse’s elective share is 30% of $250,000 for a total of $76,500 reduced by any assets the surviving spouse received. For example, if the spouse receive $20,000 from an account payable on death, then the final value of the elective-share would be $56,500. Again, one of the experienced attorneys at King Law Offices can help you determine your own elective share entitlement under the law.
If you or someone you know is involved in or may become involved in a legal dispute, it is important to act quickly and seek legal assistance. At King Law Offices, we understand the sensitivity and complexity of these situations and are here to help. Our experienced attorneys can guide you through the legal issues following your spouse’s death, including determining your elective share, as well as the rest of your legal issues. Contact King Law Offices today at (888)-748-KING (5464) for a consultation.