Legal Question in Wills and Trusts in Ohio

Re: elective share

I agree with Dale's response as to NJ law, but add the following. If the widow has personal assets, the value of those assets could reduce what she is entitled to receive under NJ law. For example, assuming the augmented estate is $300,000 (entitling the widow to $100,000), but that she has personal assets worth $50,000, she would only be entitled to $50,000. This presumes there were no marital agreements in effect that could change the answer. You should consult an Ohio attorney if this is an Ohio decedent, although many state laws are similar.

Re: elective share

The "Elective Share" of a surviving spouse is 1/3 of the augmented Estate of the decedent.

The augmented Estate is defined in N.J.S.A. 3B:8-3. Meaning of "augmented estate"

The "augmented estate" means the estate reduced by funeral and administration expenses, and enforceable claims, to which is added the value of property transferred by the decedent at any time during marriage, to or for the benefit of any person other than the surviving spouse, to the extent that the decedent did not receive adequate and full consideration in money or money's worth for the transfer, if the transfer is of any of the following types:

a. Any transfer made after May 28, 1980, under which the decedent retained at the time of his death the possession or enjoyment of, or right to income from, the property;

b. Any transfer made after May 28, 1980, to the extent that the decedent retained at the time of his death a power, either alone or in conjunction with any other person, to revoke or to consume, invade or dispose of the principal for his own benefit;

c. Any transfer made after May 28, 1980, whereby property is held at the time of decedent's death by decedent and another with right of survivorship;

d. Any transfer made, after May 28, 1980, if made within 2 years of death of the decedent, to the extent that the aggregate transfers to any one donee in either of the years exceed $3,000.00.

The above is part of the actual Statute which is too long to post here in its entirety. Be aware that words in statutes often have different meanings than in normal usage and interpreting what a statute means is not always as clear as it might seem so you should consult with an attorney experienced in Probate Law for further information and especially before you rely upon the information contained in this response.

Re: elective share

My earlier response was based upon New Jersey law. I inadvertently overlooked the fact that while you may be in NJ, your question pertained to Ohio law which may be very different.

Please disregard my response except the part about getting competent legal advice (from an attorney licensed to practice in Ohio).